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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Further key findings from the study 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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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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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