Global Polyurethane foams Market is anticipated to grow at a 8.2% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Polyurethane Foams Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global polyurethane foam market was valued at over US$ 50.0 Bn in 2018 and is anticipated to grow at a CAGR of 8.2% from 2019 to 2030.
Rising demand from various end-use industries is the major factor driving the market growth. Moreover, rise in per capita income and economic growth in the emerging economies is another factor propelling the market growth.
Rising demand from various end-use industries
Polyurethane foams market is witnessing growth owing to rising demand from various end use industries. Polyurethane foams due to their low density, thermal conductivity and mechanical properties make them an excellent insulators and comfort materials. Therefore, it is widely used in broad range of end-use industries. Construction, bedding & furniture, electronics, footwear, packaging and automotive industries are the major consumers of polyurethane foams. Thus, rise in these industries will subsequently spur the adoption of polyurethane foams in numerous applications which in turn will drive the market growth.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Polyurethane Foams Market by Type (Flexible Foams and Rigid Foams), End Use Industry (Building & Construction, Bedding & Furniture, Electronics, Automotive, Packaging & Others) - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/polyurethane-foams-market/54
Rising demand from various end use industries in Asia Pacific region is boosting the demand for polyurethane foams
In 2018, Asia Pacific region accounted for the significant share of the market. India, China, Indonesia, South Korea and Malaysia are the chief contributors towards the market growth. Growing construction, electronics and automotive industries in these regions is the major factor propelling the market growth. Moreover, rise in demand from furniture and bedding industry is another factor boosting the growth of the market. China is not only the major consumer but also major producer of polyurethane foams. Furthermore, rapid urbanization, rise in capital investments and ongoing construction projects in China is propelling the market growth.
In spite of, polyurethane foams being used in various industries, the manufacturing of polyurethane foams is still highly petroleum-dependent. So this industry has to adopt the stringent government regulation. This is acting as a major factor hampering the market growth. Moreover, rise in environmental concerns and volatility in the prices of raw materials are some of the other factors restraining the growth of the market.
BASF SE, The Dow Chemical Company, Trelleborg AB and Covestro are the large players present in this market. Geographical expansion and production capacity expansion are two major strategies adopted by market players to strengthen their market position. Some of the other prominent players in this market are The Dow Chemical Company, Huntsman Corporation, Chemtura Corporation and Rogers Corporation among others.
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