Polyurethane Foam Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Polyurethane Foam Market is Segmented by Type (Rigid Foam, and Flexible Foam), End-User Industry (Building & Construction, Bedding & Furniture, Footwear, Automotive, Electronics, Packaging, and Other End- User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market size and forecasts for Polyurethane Foam in terms of volume (kilotons) for all the above segments.

Market Snapshot

Spray Polyurethane Foam Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >5 %
Spray Polyurethane Foam Market Key players

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Market Overview

The Global Polyurethane Foam Market is projected to register a CAGR of more than 5% during the forecast period (2022-2027).

The market was negatively impacted by COVID-19 in 2020. Due to the COVID-19 outbreak in the first half of 2020, the various end-user industries automotive, transportation, building & construction were significantly affected. However, the situation became stable in 2021 and the market is projected to grow steadily.

  • Over the short term, rising demand in the construction industry in the Asia-Pacific region, and the growing furnishing industry are some of the driving factors which are stimulating the market demand.
  • Strict environmental regulations for the manufacturing of PU foam are hindering the market's growth.
  • Increasing the production of bio-based polyols products is likely to create opportunities for the market in the coming years.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Polyurethane foam is a linear polymer made up of organic units connected by carbamate linkages. It is widely used in the construction, automotive, and household appliance industries, among other applications. Their interior structure is responsible for their low weight and superior mechanical and thermal insulation properties. The Polyurethane Foam Market is segmented by type, end-user industry, and geography. By type, the market is segmented into rigid foam and flexible foam. By end-user industry, the market is segmented into building & construction, bedding & furniture, footwear, automotive, electronics, packaging, and others. The report also covers the market size and forecasts for the Polyurethane Foam Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Type
Rigid Foam
Flexible Foam
End User Industry
Building & Construction
Bedding & Furniture
Footwear
Automotive
Electronics
Packaging
Other End-user Industries
Geography
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Argentina
Brazil
Rest of South America
Middle East and Africa
South Africa
Saudi Arabia
Rest of Middle East and Africa

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Key Market Trends

Building & Construction Segment Dominates the Market

  • Polyurethane foam finds its largest application in the building and construction industry, where it is used in various household, commercial, and industrial applications 
  • Polyurethane foam is a flexible chemical product that can be used for bonding, filling, sealing, and insulation in a variety of building applications. Its strong thermal and acoustic insulation capabilities make it ideal for applications such as water pipe insulation, roof, and wall bonding and sealing, and, most critically, door and window frame installation.
  • According to US Censor Bureau, the total spending on construction in April 2022 was estimated to be USD 1,744.8 billion, which is 12.3 % above the April 2021 estimate of USD 1,5553.5 billion. which has stimulated the consumption of paints and coatings. This has enhanced the demand for the market studied.
  • According to European Commission, in comparison to 2020, annual average construction production increased by 5.2% across the euro region and 4.8% in the EU in 2021. Furthermore, in December 2021 the UK monthly construction output increased by 2% as compared to the previous month. Thus, with the increasing building and construction activities, the demand for polyurethane foam will also significantly increase.
  • Owing to all these factors, the market for Polyurethane Foam is likely to grow globally during the forecast period.

Spray Polyurethane Foam Market Share

Asia Pacific Region to Dominate the Market

  • The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
  • China is the largest consumer of PU as it is the largest producer of footwear globally. China is the world's largest footwear manufacturer and exporter, dominating worldwide. China shipped more than 8 billion pairs of shoes and boots in 2021.
  • On the other hand, China is the world's greatest producer and purchaser of automobiles. According to OICA, China has the largest automotive production base in the world, with a total vehicle production of 26.08 million units in 2021, registering an increase of 3% compared to 25.23 million units produced last year.
  • Furthermore, the footwear sector in India, which is the world's second-largest maker of shoes after China, is anticipated to generate USD 23.97 billion in revenue in 2022, up 32.62% from 2021.
  • Moreover in India, the government aims to boost the construction of buildings in the country. In the union budget of 2022, the government has allocated USD 6.4 billion for PM Awas Yojna and 60,000 houses will be identified as beneficiaries under the scheme in rural and urban areas, which is expected to stimulate the demand for the Polyurethane Foam Market in the country.
  • Due to all such factors, the market for Polyurethane Foam in the region is expected to have a steady growth during the forecast period.
Spray Polyurethane Foam Market Growth rate

Competitive Landscape

The Polyurethane Foam market is consolidated in nature. Some of the major players in the market include (not in any particular manner) Arkema, BASF, Dow, Huntsman Corporation, Covestro AG, and others.

Recent Development

  • In June 2021, BASF and Shanghai Harvest Insulation Engineering Co., Ltd (Harvest) signed a Joint Development Agreement (JDA) to create prefabricated cryogenic pipes using BASF's Elastopor Cryo polyurethane rigid foam system.
  • In July 2020, Dow and Eco-Mobilier had established a new partnership for the RENUVATM Mattress Recycling Program's collection and supply of post-consumer polyurethane foam.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rising Demand in the Construction Industry in Asia-Pacific Region

      2. 4.1.2 Growing Furnishing Industry

    2. 4.2 Restraints

      1. 4.2.1 Strict Environmental Regulations for Manufacturing of PU Foam

      2. 4.2.2 High Cost of Raw Materials

    3. 4.3 Value Chain / Supply Chain Analysis

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Rigid Foam

      2. 5.1.2 Flexible Foam

    2. 5.2 End User Industry

      1. 5.2.1 Building & Construction

      2. 5.2.2 Bedding & Furniture

      3. 5.2.3 Footwear

      4. 5.2.4 Automotive

      5. 5.2.5 Electronics

      6. 5.2.6 Packaging

      7. 5.2.7 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 India

        2. 5.3.1.2 China

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Argentina

        2. 5.3.4.2 Brazil

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Arkema

      2. 6.4.2 BASF

      3. 6.4.3 Convestro AG

      4. 6.4.4 Dow

      5. 6.4.5 Foamcraft Inc.

      6. 6.4.6 Henkel Ag & Co. Kgaa

      7. 6.4.7 Huntsman International LLC.

      8. 6.4.8 INOAC Corporation

      9. 6.4.9 Recticel NV/SA

      10. 6.4.10 Rogers Corporation

      11. 6.4.11 Saint Gobian

      12. 6.4.12 SEKISUI CHEMICAL CO., LTD.

      13. 6.4.13 UFP Technologies Inc.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing the Production of Bio-Based Polyols

**Subject to Availability

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Frequently Asked Questions

The Polyurethane Foam Market market is studied from 2017 - 2027.

The Polyurethane Foam Market is growing at a CAGR of >5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Arkema, BASF, DOW, Huntsman International LLC., Covestro AG are the major companies operating in Polyurethane Foam Market.

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