The global Polyurethane Foam Market is
expected to reach USD 91.96 billion by 2024, according to a new report by Grand
View Research, Inc. Increasing construction spending coupled with high demand
from bedding & furniture industry for cushioning and insulation is
estimated to drive industry growth.
Polyurethane foams
consumption is anticipated to increase significantly owing to reduced wastage,
elevated recyclability, greater sustainability, and reduce energy consumption
throughout their life cycle. Growing requirement in end-use industries such as
packaging and footwear is anticipated to further compliment growth.
Various governments and
federal agencies are increasingly being concerned with detrimental health
effects of isocyanates utilized in PU production. Recent trends in PU
production include the elimination of chlorinated fluorocarbon blowing agents,
due to toxicity & sustainability concerns.
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Research :
Further key findings from the report suggest:
·
Global polyurethane foams market demand was
9.46 million tons in 2015 and is expected to reach 12.74 million tons by 2024,
growing at a CAGR of 3.3% from 2016 to 2024
·
Flexible foam was the leading product
segment and accounted for over 55% of the global volume in 2015. Strong demand
from end-use industries such as transportation and furniture for cushioning
applications is expected to drive the segment growth over the forecast period.
·
Construction accounted for over a quarter
of overall volume in 2014. Increasing construction spending coupled with
regulatory intervention are expected to remain key driving factors for this
segment.
·
Transportation is expected to witness the
highest growth of 4.1% over the forecast period. Increasing automobile
production in Asian countries such as India, China, Indonesia, and Thailand is
expected to remain a key driving factor for this segment. Recovery of
automotive industry from financial crisis in the U.S and parts of Europe are
also expected to fuel demand growth.
·
Asia Pacific emerged as the leading
consumer with demand share estimated at 44.6%in 2015. Asia Pacific is also
expected to witness the highest growth over the forecast period. Emerging economies
of China and India are major consumers of PU foam and are characterized by
rapidly expanding manufacturing sector along with adequate raw material
availability.
·
Global Polyurethane Foam Market is
fragmented in nature with considerable presence of integrated companies as well
as independent manufacturers. Key industry participants include BASF S.E.,
Huntsman Corporation, Trelleborg AG, The Dow Chemical Company and Recticel
S.A.
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Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
Grand View Research has
segmented the polyurethane foams market on the basis of product, application
and region:
Global Polyurethane Foams Product Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2014 - 2024)
·
Rigid Foam
·
Flexible Foam
Global Polyurethane Foams Application Outlook (Volume,
Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Bedding & furniture
·
Transportation
·
Packaging
·
Construction
·
Electronics
·
Footwear
·
Others
Polyurethane Foams Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
North America
o U.S
o Canada
o Mexico
·
Europe
o Germany
o France
o UK
o Russia
·
Asia Pacific
o China
o India
o Japan
o South Korea
·
Central & South America
o Brazil
·
Middle East & Africa
o Saudi Arabia
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-polyurethane-foam-market
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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