Global Polyurethane Foam Market: Snapshot
The polyurethane foam market has become a key part of various sectors in recent years due to the diverse applicability of polyurethane foam. The polyurethane foam market has gained demand from such diverse end use sectors as the construction industry, the automotive industry, and the packaging industry due to the favorable physical properties of polyurethane foam. Polyurethane foam is lightweight, which instantly puts it at an advantage against conventional materials in many end use sectors. In addition, polyurethane foam is chemically stable, flexible, and acts as an ideal insulating agent. The polyurethane foam market is thus likely to gain from the solid rise in demand from its numerous end use sectors over the 2017-2024 forecast period.
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According to Transparency Market Research, the global polyurethane foam market is likely to rise from US$51.4 bn to US$74 bn over the 2017-2024 forecast period. The strong growth prospects of the polyurethane foam market between 2017 and 2024 are illustrated in its robust 7.6% CAGR therein.
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Flexible Polyurethane Foam to Hold Slender Lead over Rigid Foam
The global polyurethane foam market is segmented by product type into flexible and rigid polyurethane foam. Of these, flexible polyurethane foam is the dominant contributor to the global polyurethane foam market. The flexible polyurethane foam segment accounted for 50.2% of the global market in 2017, with a valuation of US$25.5 bn, and is likely to rise to a valuation of US$36 bn by 2024. The flexible polyurethane foam segment is expected to account for 50.6% of the global market by 2024, exhibiting a 7.2% CAGR over the 2017-2024 forecast period.
APEJ to Remain Dominant Regional Market for Polyurethane Foam
Geographically, the report studies the performance of the polyurethane foam market in Japan, Asia Pacific except Japan, the Middle East and Africa, Europe, Latin America, and North America in order to present readers with a clear picture of how the market is likely to fare in various regions over the coming years. Of these, Asia Pacific except Japan is the dominant regional market for polyurethane foam, accounting for close to 40% of the global polyurethane foam market’s revenue in 2017. The Asia Pacific except Japan market for polyurethane foam is likely to gain 59 BPS in its share in the global polyurethane foam market over the 2017-2024 forecast period to reinforce its position as the dominant regional contributor to the global polyurethane foam market.
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Europe, North America to Retain Significant Shares; MEA, Japan to Rise in Global Market Share
The Europe market for polyurethane foam is expected to exhibit a strong 7.2% CAGR over the 2017-2024 forecast period to emerge at a valuation of US$17.8 bn by the end of 2024. The polyurethane foam market is also likely to exhibit the same CAGR in North America between 2017 and 2024, with the North America polyurethane foam market expected to rise from a 2017 valuation of US$9.5 bn to US$13.4 bn by the end of 2024. The Japan polyurethane foam market is likely to exhibit a robust 8.1% CAGR over the 2017-2024 forecast period, rising to a valuation of US$1.9 bn by 2024. Meanwhile, the Middle East and Africa market for polyurethane foam is also likely to rise in estimation in the global market over the 2017-2024 forecast period, with the regional market set to gain 16 BPS by 2024 over its 2017 share in the global 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.
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