The Global Polyurethane (PU) Foam Market is anticipated to reach USD 39.68 billion in 2028, with a CAGR of 6.0% during the forecast period from 2020 to 2028. Polyurethane foam is widely used in making seats, mattresses, pressure reducing mattresses, cushions, filters, carpets, insulation panels, automotive headliners, air filters, clothes, shoes, and cosmetics, among others.
Polyurethane foam is manufactured by the reaction between polyols and diisocyanates, which are generally derived from crude oil. Increasing demand for smart homes, rising awareness about energy conservation, growing automotive industry, and superior chemical and mechanical benefits offered by polyurethane compared to other competing materials have made polyurethane foam market a lucrative market.
In terms of foam type, the rigid type polyurethane foam segment has captured major market share in 2020 and is anticipated to remain the largest segment till the forecast period. Rigid foams are widely used for noise reduction, as well as vibration-proof and heat-proof applications in the commercial and industrial construction sector. Rigid foam is also widely used in making cooling equipment, freezers, and heating machinery. The increasing demand for these products is, therefore, anticipated to drive the demand for rigid polyurethane foam in the coming years.
In terms of region, the Asia Pacific region has captured nearly 45% of the global polyurethane foam in 2020 and is anticipated to maintain its dominance till the forecast period. The growth of construction activities, government initiatives towards the development of public infrastructure, and growing demand for energy-efficient houses along with the increasing demand from the automotive industry are contributing to the growth of the polyurethane foam market in the region. The Middle East & Africa region is also exhibiting a bright prospect for the polyurethane market among different regions.
COVID-19 Impact on Global Polyurethane Foam Market:
The QMI research team is constantly monitoring the COVID-19 impact on the polyurethane foam market across regions and countries. The imposition of lockdowns in major countries across the globe has caused huge economic losses in terms of spending power, job loss, closing down of many manufacturing segments, and weak market demand for various products and services across different polyurethane foam applications.
Weak vehicle sales, slow construction activities, and poor demand from the electronics and furniture industry have impacted polyurethane foam demand, mainly in Asia Pacific and Europe regions. All the recent and future developments associated with COVID-19 are considered while analysing market trends and making forecast in this study.
Global Polyurethane Foam Market Segmentations:
Global Polyurethane Foam Market, By Foam Type:
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Global Polyurethane Foam Market, By Region:
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