Global polyurethane foam market expected to reach USD 86.47 billion by 2024, growing at a CAGR of 8.1% between 2018 and 2024. Polyurethane foam is being progressively utilized in our daily lives. Polyurethane is a prime member of the highly diverse family and the wide-range of polymers.
Sarasota, FL -- (SBWIRE) -- 10/23/2018 -- Zion Market Research has published a new report titled "Polyurethane Foam Market by Product (Spray Foam, Rigid Foam, and Flexible Foam), by End-User (Automotive, Bedding & Furniture, Packaging, Electronics, Transportation, Bedding & Furniture, Footwear, Textile & Apparel, and Other End-User Industries): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, global polyurethane foam market was valued at USD 50.13 billion in 2017 and is expected to reach USD 86.47 billion by 2024, growing at a CAGR of 8.1% between 2018 and 2024.
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Polyurethane foam is being progressively utilized in our daily lives. Polyurethane is a prime member of the highly diverse family and the wide-range of polymers.
Polyurethane foam is generally known as carbon-carbon composites that are extensively utilized in different end-user industries. In 2017, polyurethane foam was utilized in various end-user industries thus generating a huge demand. The rising demand for the polyurethane foam by different end-user industries is anticipated to propel the market growth. Strong growth witnessed across the automotive industry globally is expected to be the prime driver for the polyurethane foam market growth. Polyurethane foam offers superior insulation and protection from corrosion so highly utilized in the construction of the roofs and the walls. It helps to maintain constant temperature and minimize noise level inside the building. Enough raw material accessibility is also one of the factors that will help to lift the market. The variable prices of the raw materials may obstruct the growth of the market. The manufacturing companies are focusing on innovative products which are likely to open new opportunities for the market.
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Based on the products, the global polyurethane foam market includes spray foam, rigid foam, and flexible foam. Flexible foam segment is estimated to grow at the highest CAGR within the forecast period. Flexible foam is more preferable in various end-user industries. In 2017, flexible foam accounted for more than half share of the total polyurethane foam market. The building & construction segment was the largest end-user of the market in 2017. It accounted for above 35% share of the market in 2017, as polyurethane foam contains different mechanical properties such as corrosion resistance and better strength. Hence, it is expected to maintain its superiority in the upcoming years. Moreover, rising demand for polyurethane foam in the construction industry is expected to propel the market growth over the years to come.
The Asia Pacific was the leading market for polyurethane foam in 2017. Furthermore, Asia Pacific is predicted to be the fastest growing market for polyurethane foam in the near future. In 2017, Europe was the second largest market for polyurethane foam with around 27% share followed by North America which held for around 21% market share. The Middle East & Africa and Latin American markets for polyurethane foam are supported by government rules and environmental factors. Brazil and South Africa are the emerging markets for polyurethane foam during the years to come.
Some of the major players of the global polyurethane foam market are Bayer AG, Saint-Gobain S.A., Huntsman Corporation, Chemtura Corporation, Reciticel, BASF, Trelleborg AG, Dow Chemical, UFP Technologies, Foamcraft, Inc., Sekisui Chemicals, Elliot Co., Evonik, Future Foam, Woodbridge Group, and Rogers Corp., among others.
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This report segments the global polyurethane foam market as follows:
Global Polyurethane Foam Market: Product Analysis
Global Polyurethane foam market: End-User Analysis
Bedding & Furniture
Bedding & Furniture
Textile & Apparel
Global Polyurethane Foam Market: Regional Analysis
The Middle East and Africa