The global polyurethane foam market is likely to exhibit strong growth over the 2017-2022 forecast period due to growing demand from a number of end use industries. Polyurethane foam has become vital in numerous industries due to its combination of light weight, lack of significant chemical reactivity, and excellent insulating properties, which are likely to drive demand from the global polyurethane foam market at a strong rate over the 2017-2022 forecast period. The diversity of end use applications of polyurethane foam is one of the crucial factors responsible for growth of the global polyurethane foam market and is likely to enable smooth growth of the global market over the 2017-2022 forecast period. The rising availability of advanced forms of polyurethane that enhance its structural as well as environmental viability is also likely to remain a major driver for the polyurethane foam market over the coming years.
According to Transparency Market Research, the global polyurethane foam market is likely to exhibit a strong 7.6% CAGR between 2017 and 2022, with the market likely to rise to a valuation of US$51.4 bn by the end of 2017 and further rise to US$74 bn by the end of 2022.
Here are the key insights into the growth prospects of the global polyurethane foam market:
Growth of the construction and automotive industries is likely to remain a vital driver for the global polyurethane foam market over the 2017-2022 forecast period. One of the most important applications of polyurethane foam is as an insulating agent. This is particularly important in modern houses, which utilize insulation on an unprecedented scale to enhance the resident’s comfort levels as well as to make the building more ecologically viable. Rising awareness about the ecological benefits of using insulation to minimize the energy expenditure of a building is thus likely to be a key driver for the global polyurethane foam market over the 2017-2022 forecast period. The automotive industry has also become a major consumer of insulation materials over the last few years due to the growing sophistication of modern automotive design and is likely to remain a major end user for the global polyurethane foam market in the coming years.
The polyurethane foam industry has also got in tune with the growing support for environmental conservation in recent years, with the development of bio-based polyurethane serving to make the industry more viable in current economic and regulatory dynamics, which focus on environmental viability as a key aspect. Bio-based polyurethane is thus likely to be a major part of the global polyurethane foam market in the coming years.
The global polyurethane foam market is dominated by Asia Pacific except Japan, which accounted for close to 40% of the global market in 2017 and is likely to remain similarly dominant through the 2017-2022 forecast period. The rapid growth of the construction sector in developing APEJ countries such as China, India, Korea, Taiwan, Indonesia, and Malaysia is thus likely to remain a key driver for the global polyurethane foam market. Rising urbanization in these countries is likely to remain a pillar for the construction industry in the region, which will enable steady growth in demand from the polyurethane foam market.
Global Polyurethane Foam Market: Competitive Dynamics
Key companies in the global polyurethane foam market include BASF SE, The Dow Chemical Company, Nitto Denko Corporation, Compagnie DE Saint-Gobain SA, Trelleborg AB, Recticel SA, Tosoh Corporation, Chemtura Corporation, UFP Technologies Inc., and Covestro AG.