The vendor landscape of polyurethane foam market is showcasing an intensified competition due to the existence of large and small players, mentions Transparency Market Research in a recent published report. In order to offer innovative products, many key vendors have started expanding in different geographical regions. Some of the prominent key players in the global polyurethane foam market are Nitto Denko Corporation, Trelleborg AB, Tosoh Corporation, BASF SE, Compagnie DE Saint Gobain SA, and The Dow Chemical Company.
As per TMR predictions, the opportunity in global polyurethane foam market is expected to grow to US$74 bn by 2024, rising from US$51.4 bn in 2015. The market is prognosticated to reflect a robust CAGR of 7.6% in the forecast period. Based on product type, the market dominated by flexible polyurethane foam in 2017 with a larger market share of 50.2%. This segment is expected to be worth US$36 bn by 2024, from US$25.5 bn in 2017. Based on region, the polyurethane foam market is more likely to excel in regions like Europe, Asia Pacific except Japan. Asia Pacific is the dominant market regionally which contributed to 40% of the overall revenue of polyurethane market in 2017. This region is estimated to become a prominent contributor to this market regionally by the end of forecast period. The polyurethane foam market in Europe is projected to showcase a solid CAGR of 7.2% from 2017-2024 and is expected to rise at a revenue of US$17.8 bn by 2024.
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Flexible Polyurethane Foam Market Accounts for the largest Share in Polyurethane Foam market in 2017
The global polyurethane foam market comprises of various diverse sectors such as the automotive industry, packaging industry, and the construction industry, witnesses Transparency market research in a recent market report. Due to its lightweight property, it has an upper hand and puts an advantage over conventional goods for few end use industries. It operates as an ideal agent for insulation and is therefore, expected to propel in demand in the forecast period 2017-2022. TMR says that a lot of companies are planning to take over small scale businesses so as to gain more experience and manpower resulting into expansion.
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Oil and gas Sector to Augment the Polyurethane Foam Market
Polyurethane foams are flexible, durable, chemically stable, and provide resistance to heat, moisture, and electricity. In addition to this, they have the qualities to maintain enhanced cushioning and sealing. As a result of these properties, industries like oil and gas, automotive, and others make optimal use of polyurethane foams. In the oil and gas industry, use of polyurethane foams in the insulation of pipelines guarantees smooth operational functioning. In automotive sector, vehicle equipment like armrests, dashboards, and other exteriors are expected to increase the utilization of polyurethane foam. The usage of these foams support residential buildings in maintaining the noise levels and uniform temperature.
The polyurethane market provides environmental benefits which include recyclability, reduction in wastage, and higher sustainability. However, some federal and government agencies are concerned with the adverse health issues of isocyanates used in the production of polyurethane foam.
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