“The polyurethane foam market is projected to grow at a CAGR of 8.0% from 2018 to 2023.”
The polyurethane foam market is projected to grow from USD 54.19 billion in 2018 to USD 79.77 billion by 2023, at a CAGR of 8.0% from 2018 to 2023. Increase in the consumption of polyurethane foam in emerging Asian countries is expected to drive the growth of the polyurethane foam market. Due to the growing concerns regarding the dependence on fossil fuels and the impact of plastics on the environment, the polyurethane foam industry is continuously striving for sustainability in business practices. Polyurethane foam is expensive due to the fluctuating raw material prices, which act as a major restraint for the market. Changes in the demand and supply of these raw materials could have a major impact on the polyurethane foam industry.
“The spray foam segment of the polyurethane foam market is expected to grow at the highest CAGR during the forecast period.”
Spray foams are basically low-to-medium density foams primarily used for insulation, flotation, and roofing applications. They are also used in packaging applications. The spray foam segment of the polyurethane foam market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased demand for spray foams from various end-use industries in emerging economies, such as India and China.
“The polyurethane foam market in the Middle East is projected to grow at the highest CAGR during the forecast period.”
The polyurethane foam market in the Middle East is projected to grow at the highest CAGR from 2018 to 2023. This growth can be attributed to the increased demand for polyurethane foam from the building & construction industry in Middle Eastern countries.
China is the largest market for polyurethane foam in the Asia Pacific region, in terms of value. The polyurethane foam manufacturing industry in China has undergone massive globalization and consolidation with increasing capital investments and ongoing infrastructure development projects.
Profile break-up of primary participants for the report:
• By Company Size: Tier 1 – 35 %, Tier 2 – 30%, and Tier 3 – 35%
• By Designation: C-level – 25%, Director-level – 30%, and Others – 45%
• By Region: Asia Pacific – 51%, Europe – 20%, Middle East & Africa– 15%, North America – 12%, and South America- 2%
As a part of qualitative analysis, the research provides a comprehensive overview of key market drivers, restraints, opportunities, and challenges influencing the growth of the polyurethane foam market. It also discusses competitive strategies adopted by market players, such as BASF SE (Germany), Covestro (Germany), The Dow Chemical Company (US), and Huntsman Corporation (US).
The report defines, segments, and projects the polyurethane foam market based on type, end user, and region. It provides detailed information regarding major factors influencing the growth of the market. It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments, such as partnerships, contracts, and joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities undertaken by key players to achieve growth in the market.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the polyurethane foam market and its subsegments. This report will help stakeholders understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, opportunities, and challenges.