Polyurethane Foam Market to Hit USD 61.5 Billion by 2028, at a CAGR of 7.5% from 2022–2028, owing to Its Diverse Application in Multiple Industries

SkyQuest’s latest research on the polyurethane foam market offers comprehensive details on market estimates, growth dynamics, segment analysis, market trends, and lucrative business possibilities. The research report results from implementing a cutting-edge methodology that comprises technology assessment, SWAT analysis, economic evaluation, product benchmarking, recent innovations, and reliable forecasts.

Westford, USA, Feb. 03, 2023 (GLOBE NEWSWIRE) — Asia Pacific region’s rising use of polyurethane foams in building insulation for energy conservation is fueling the growth of the polyurethane foam market. Polyurethane foam can assist in lowering energy consumption in buildings. Additionally, polyurethane foam (PU) is employed in many packaging applications, which will cause the market for polyurethane foam to develop exponentially. The adaptability of PU foam is advantageous to both the automotive and construction industries. It supports automakers in addressing issues like weight loss, stress reduction, improved fuel efficiency, and durability. Throughout the forecast period, this is anticipated to fuel the expansion of the foam market.

According to SkyQuest, the first half of 2022 had a projected total expenditure on building activities of USD 1,834.3 billion, a 13.7% increase over the first half of 2021, which boosted demand for paints and coatings. As a result, it has increased demand for the market under study. Flexible chemical material polyurethane foam can be used for insulation, filling, sealing, and bonding in various building applications.

Browse in-depth TOC on “Polyurethane Foam Market”

  • Pages – 251
  • Tables – 70
  • Figures – 66

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A thermoset material called polyurethane is created by heating in a typically irreversible reaction. Polymeric foams are practically ubiquitous due to their advantageous qualities over competing materials. Polyurethane foam (PUF) is the most used type of polymeric foam because of its low thermal conductivity, low thickness, and intriguing mechanical characteristics, making them great thermal and acoustic insulators and structural and comfort materials.

Prominent Players in Polyurethane Foam Market

  • UFP Technologies
  • NITTO DENKO Corporation
  • Covestro AG
  • Woodbridge Group
  • Wanhua Chemical Group Co. Ltd
  • Tosoh Corporation
  • DowDuPont Inc.
  • Sekisui Chemicals
  • Recticel
  • Trelleborg AG
  • Dow Chemical
  • Huntsman International LLC

Spray Foam Segment Register Higher Growth Rate owing to Increased Adoption during Infrastructure Developments

The spray foams segment accounted for 37% of revenue share in 2022 and is anticipated to take this lead ahead to take a dominant role in the polyurethane foam market. Spray foams are frequently used for flotation, roofing, thermal and acoustic insulation, and other applications. The building and construction industry uses these foams for both open-cell and closed-cell foam insulations, and they are largely employed for heat and sound insulation, which is driving up market demand.

The foam industry in North America is anticipated to increase at the fastest rate during the forecast period. The amount of wind energy created in the United States increased by a record 16,836 Megawatts (MW) in 2020, bringing the total to 121,955 MW. Wind power installations have surpassed solar power installations, with an investment of USO 24.6 billion. The increasing usage of foam in wind turbines, cars, and building and construction projects, particularly in the United States and Canada, is credited with the region’s rise.

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Building and Construction Segment Drive Substantial Sales Thanks to High Reliance on Polyurethane Foams

The building and construction segment experienced a 16.3% CAGR in 2022 and is projected to take a huge leap during the forecast period. The building and construction sector uses polyurethane foam most frequently for domestic, industrial, and commercial purposes. Flexible chemical material polyurethane foam can be used for insulation, filling, sealing, and bonding in various building applications. It is perfect for uses including water pipe insulation, roof and wall bonding and sealing, and, most crucially, door and window frame installation because of its great thermal and acoustic insulation qualities.

Asia-Pacific dominates the polyurethane foam market with 42% of the share in 2022 due to the presence of significant key players. Due to their rapidly expanding manufacturing sectors and easy access to raw materials, the developing economies of China, South Korea, and India are major consumers of PU foam. In addition, innovation, price deflation, and rising family incomes, particularly in developing Asian nations, have created a high demand for consumer electronics, which has fueled the growth of the polyurethane foam industry in this region.

Leading players use a variety of business strategies to increase their market share in the polyurethane foam market. These tactics include mergers and acquisitions, forming partnerships, collaborating, and setting up joint ventures. In addition, developing new product lines, introducing innovations to existing products, and creating novel production techniques are key steps that market players can take to strengthen their foothold in the market.

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Key Developments in Polyurethane Foam Market

  • Using microwave technology, Mitsui Chemicals and Microwave Chemical has started a new endeavor to commercialize chemical recycling of flexible polyurethane (PU) foam. The project entails directly synthesizing PU raw ingredients from leftover mattresses and other foam manufacturing waste. The two companies had previously worked together to create recycling technologies for car shredder residue (ASR). Additionally, they are collaborating to create microwave-based eco-friendly carbon fiber manufacturing technology.
  • Owens Corning has signed an agreement to acquire the Cortland, Illinois-based Natural Polymers LLC, which produces spray polyurethane foam insulation that is mostly used in building and construction applications. The transaction is expected to complete in the third quarter, subject to regulatory clearances and other usual circumstances. The acquisition is intended to promote Owens Corning’s plan to enhance our essential building and construction products and broaden our market reach into faster-growing industries.
  • Covestro, SK Geocentric, a South Korean petrochemical business, and Neste announced a partnership to enable the mass-scale production of a significant polyurethane raw material based on renewable raw materials. Neste will supply SK geocentric with renewable Neste RE, an ISCC-certified feedstock for polymers and chemicals manufactured from 100% renewable raw materials such as waste, leftover oil, and fats. Neste will supply SK geocentric with renewable Neste RE as part of the collaboration. The partnership serves as a springboard for potential future partnerships to switch the production of polymers and chemicals in the APAC area and elsewhere from fossil feedstocks to more environmentally friendly alternatives.
  • Pure Methyl Formate (MeFo) from BASF’s Chemical Intermediates has been assigned to Univar Solutions, a top global provider of solutions to customers of specialty ingredients and chemicals, as its only distributor in the United States and Canada. With the signing of this agreement, BASF and Univar Solutions broadened their partnership to provide customers with various environmentally friendly solutions for multiple uses.

Key Questions Answered in Polyurethane Foam Market Report

  • Which are the major trends and noteworthy trends in the global market?
  • What are the anticipated growth rate and CAGR of the polyurethane foam market?
  • Which are the key drivers and major hurdles for the target market?
  • What challenges are market players likely to face during the forecast period?
  • What has been the impact of major global events on the global market?

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