LONDON–(BUSINESS WIRE)–The global polyurethane foam market is expected to post a CAGR of more than 3% during the forecast period 2019-2023, according to the latest market research report by Technavio.
The economic and industrial development in China has increased the demand for polyurethane (PU) foams in the country. The growing number of residential projects across China is increasing the need for floor carpets, insulation, sealants, and roofing. The growth in other sectors such as the automotive and packaging industries is also driving the demand for PU foams. China is the leading country in APAC in terms of production and sale of automobiles. The need for PU foams in automobiles to manufacture seats and cushions, armrests, and headrests will further increase the demand for PU foams in the country. The rising demand for PU foams in China is one of the key factors that will drive global polyurethane foam market growth during the forecast period.
This market research report on the global polyurethane foam market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
In this report, Technavio highlights the emergence of bio-based PU foams as one of the key emerging trends in the global polyurethane foam market.
Global polyurethane foam market: Emergence of bio-based PU foams
The growing concerns over the environment have encouraged many researchers to develop biodegradable PU foams. For instance, researchers at the Centre for Sustainable Energy in Food Chains (CSEF) are developing bio-based PU foams for packing food and pharmaceutical products. These foams are made from renewable and plant-based materials. Other forms of bio-based PU foams are made of natural rubber, waste tire crumbs, and polycaprolactone oil. PU foams made of such bio-based materials are biodegradable and environmentally friendly. The emergence of bio-based PU foams is one of the key trends that will positively impact the growth of the global polyurethane foam market.
Globally, many vendors are expanding their production capacities to meet the demand for PU foams. BASF SE has already announced its plan to expand its thermoplastic PU manufacturing plant in Gujarat, India to meet its consumer demands in South Asia. Similarly, Covestro AG expanded its thermoplastic PU production capacity in West Virginia, US. The expansion of many such production capacities will boost the growth of the global polyurethane foam market.
Global polyurethane foam market: Segmentation analysis
This market report segments the global polyurethane foam market by type (flexible PU foams, rigid PU foams, and molded PU foams), application (furniture and bedding, building and construction, transport, appliances, and others) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018 with a market share of more than 35%, followed by Europe, North America, MEA, and South America respectively. The dominance of APAC can be attributed to the growing population in the region that is leading to the high demand for furniture and bedding. In addition, increasing construction activities and the high demand for electronic appliances in APAC are also contributing to the growth of polyurethane foam market in the region.
Looking for more information on this market? Request for a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.