Albany, NY -- (SBWIRE) -- 09/11/2018 -- A cutthroat competition exists in the global polyurethane foam market owing to the presence of many small as well as large vendors, says Transparency Market Research in a recently published report. To survive such intensified competition, several key players have expanded geographically. New entrants have, realizing the lucrativeness of the market on account of the application of polyurethane in many industrial applications, have entered the fray. Many companies are also trying to acquire other smaller businesses, as a means of getting their hands on more manpower and other resources, thus broadening their reach. Key companies in the global polyurethane foam market are Recticel SA, Compagnie DE Saint-Gobain SA, Trelleborg AB, Chemtura Corporation, BASF SE, Covestro AG, Tosoh Corporation The Dow Chemical Company, Nitto Denko Corporation, and UFP Technologies Inc.
The global polyurethane market is prognosticated to acquire a valuation of US$74 bn, by registering an impressive CAGR of 7.6% during the forecast period ranging from 2017 to 2022. This rise is expected to start from an initial valuation of US$51.4 bn recorded in 2017.
Rapid Development of Construction Industry Stokes Market
A key driving factor of the global polyurethane market is the rapid growth of the construction industry. This is mainly due to the usage of foam or insulation, sound absorption, padding, and for strengthening the structures being built. The global polyurethane market is expected to tread through steady waters, with the foam used in modern houses and other commercial construction projects. Using polyurethane foam is known to improve acoustic comfort and ambience mainly in residential spaces. This benefit has lead towards increased demand of the product, thus boosting the global polyurethane market.
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Using the foam products also is ecologically beneficial for constructed structures, as they help interior noise pollution levels. This characteristic is a primary reason why polyurethane can be used in high-noise environments to maintain optimum sound levels. Doing this has resulted in an increased uptake of the foam product, and hence has proven to be beneficial to the global polyurethane market's growth. The foam helps reduce the total energy expenditure of constructed structures, which led to its increasing preference by builders to save energy. Consequently, such a rise in preference has generated substantial profits in the global polyurethane market, thus posing as prominent propelling agent. Rapid increase in the automotive industry has also caused a surge in foam sales, owing to extensive use of the products in this industry.
Environmental Foam Hazards Dampen Product Sales
In contrast to the above mentioned driving factors, the global polyurethane market is hindered as a result of few obstacles. A chief hindrance deals with rising concerns about environmental degradation that might take place due to the use of synthetic polyurethane foam products. Most synthetic varieties may cause environmental pollution after being disposed, thus being a restraint to the market. However, this picture is soon expected to change as many nations are highly focusing on developing bio-polyurethane foam products, thus reversing the negative effects of hindrances caused on the market.
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