Polyurethane Foam Market Size, Share, Growth Analysis, By Application (Bedding, Furniture, Building & Construction, Automotive), By Type (Rigid Foam, Flexible Foam, Spray Foam.), By Region - Industry Forecast 2024-2031

Polyurethane Foam Market size was valued at USD 42.8 billion in 2022 and is poised to grow from USD 46.01 billion in 2023 to USD 82.06 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Polyurethane foam is an extensively used polymer and plastic. They are available in two forms i.e., Rigid and flexible foams. Rigid polyurethane foams are used for various insulation applications pertaining to refrigeration and construction. Its energy efficient and help in cutting energy costs. Flexible polyurethane foams are used mainly as a cushioning substance in end-use industries such as packaging, furniture, bedding and transportation.

Environmental benefits of this product include high recyclability and clean incineration for pollutant filtration, reduced wastage, and greater sustainability. However, several governments and federal agencies are increasingly being concerned with the detrimental health effects of isocyanates utilized in PU production. Growing need in automotive components including dashboards, armrests, airbags, other vehicular components, and exteriors is anticipated to drive consumption. Strengthening economies, improvements in sovereign balance sheets, and positive demographic outlook, mainly in Southeast Asian countries such as India, Vietnam, Indonesia, and Thailand are likely to contribute to high growth in demand. Polyurethane foams are anticipated to witness increased market penetration owing to properties such as superior insulation that is ideal for roofs and walls in new houses. Their usage in buildings helps to maintain uniform temperature and reducing noise levels. Increasing construction spending in countries such as India, Indonesia, Korea, UAE, and Qatar due to strong industrial sector growth coupled with rising urban population is anticipated to fuel growth. Governmental support in the form of tax incentives and subsidy schemes to encourage the manufacturing sector in countries such as China and India are also likely to promote bio-based Polyurethane to replace conventional polymers.

US Polyurethane Foam Market is poised to grow at a sustainable CAGR for the next forecast year.