Polyurethane Foam Market Size

Global Polyurethane Foam Market Overview

Polyurethane Foam Market Size was anticipated at USD 43.95 billion in 2023. The Polyurethane Foam industry is projected to grow from USD 47.11 Billion in 2024 to USD 76.65 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.27% during the forecast period (2024 - 2032). Increased consumption of polyurethane foam in the automotive sector and rising production of bio-based polyol are the key market drivers contributing to market expansion.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Polyurethane Foam Market Trends

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  Increased consumption of polyurethane foam is driving the market growth

  
  

The market CAGR for polyurethane foam is driven by increased consumption of polyurethane foam in the automotive sector. Polyurethane foam has huge demand in the automobile industry. Car bodies, interiors, and seats are just a few applications requiring PU foam. The product improves corrosion, insulation, and noise absorption by reducing overall weight and providing energy efficiency. This product has high levels of recycling and cleans the burning process for pollution filtration, decreasing waste production and improving sustainability. However, several federal entities and governments are concerned about the unfavorable health impacts due to PU manufacturing. The market has expanded due to the increasing need for electric and passenger cars and the desire to enhance the efficiency of vehicles. Polyurethane foam significantly contributes to market demand because of the constantly changing way of life.

Additionally, the polyurethane foam sector has consistently searched for environmentally friendly business practices to lessen its effect on the surroundings concerning fossil fuels and plastics. Soy-based polyols have substantial advantages over traditional polyols primarily used in PU foam manufacturing, as soy-based polyols are more sustainable and affordable. Furthermore, lowering the cost of polyurethane foams and the dependence on petroleum-based raw ingredients required in their production. The production of polyols using renewable resources through the study and invention of polyurethane foam to create recycling films will spur market expansion during the projection period.

Recycled films are particularly helpful since they can be used to make hard products like bumpers. Businesses are attempting to turn recycled material into Foam to expand the range of products that can be made using this method. In light of ongoing efforts to develop a tin-free catalyst that is more ecologically friendly, it is hoped that this research will offer fresh ideas for handling various crosslinked plastics with different chemical compositions. The COVID-19 pandemic disrupted the polyurethane foam industry worldwide. Key end-user industries, such as Construction and the automotive sector, that create demand for PU foam were completely shut down during the lockdown, significantly reducing demand for the material.

Additionally, restrictions on both import and export could have improved the raw materials supply. Several countries delayed procuring polyurethane foam at the peak of COVID-19, which caused significant market losses. Post-pandemic, after all, operations started, especially for automobiles and Construction, with increased demand for PU foam. For instance, the International Organization of Motor Vehicle Manufacturers has reported that revenues generated from passenger vehicles worldwide are anticipated to reach USD 711 billion in 2020. Therefore, it is anticipated that the worldwide demand for polyurethane foam will continue to be driven by its use in the automobile industry. Thus, driving the Polyurethane Foam market revenue.

Covestro and Poland-based Selena Group, a manufacturer of construction chemicals, are working together in 2023 to develop a line of more environmentally friendly polyurethane (PU) foams that will improve the thermal insulation of buildings. Selena has improved its Ultra Fast 70 one-component foam, which is mostly used for window and door installation, by incorporating Covestro's bio-attributed methylene diphenyl diisocyanate (MDI). With the mass balancing method, the material is ISSC Plus approved to incorporate plant-based feedstocks, supposedly resulting in a 60% reduction in carbon footprint when compared to counterparts sourced from fossil fuels.

Polyurethane Foam Market Segment Insights

Polyurethane Foam Type Insights

The Polyurethane Foam market segmentation, based on Type, includes Flexible, Rigid, and Spray. The Rigid segment dominated the market, accounting for 49% of market revenue (USD 20.1 billion) in 2022. Rigid foams are utilized for various insulation purposes in building and refrigeration; it is energy efficient and contributes to lower energy expenses. Rigid foams are being used more frequently in packaging applications, driving demand and overall market growth.

Figure 1:  Polyurethane Foam Market by Type, 2022 & 2032 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Polyurethane Foam Application Insights

The Polyurethane Foam market segmentation, based on Application, includes Building & Construction, Bedding & Furniture, Automotive, Electronics, Packaging, Footwear, and Others. The Building & Construction category dominated the market by contributing 59% of the market share in 2022. Due to the durability, insulation properties, and high strength ratio of Polyurethane Foam, it has become the primitive choice for Construction and reduces energy consumption.

Polyurethane Foam Regional Insights

By Region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region dominates this market, owing to growth and development in the electronic and transportation sectors in this Region. In addition, this Region has a growing number of vehicles and electronic gadgets sales.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  Polyurethane Foam Market Share by Region 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North American Polyurethane Foam market accounts for the second-largest market share due to the increased standard of living and high disposable income upsurge the polyurethane foams.

The Europe Polyurethane Foam Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to spreading awareness of the environment and rising per capita disposable income. Further, the German Polyurethane Foam market and the UK Polyurethane Foam market was the fastest-growing market in the European Region.

 Moreover, China’s Polyurethane Foam market dominated the market share, and the Indian Polyurethane Foam market is expected to grow at a fast CAGR in the Asia-Pacific region.

For instance, The European Commission reports that in 2021, the annual average construction output climbed by 4.8% in the EU and 5.2% within the eurozone compared to 2020. Additionally, compared to the prior month, the UK's monthly construction output climbed by 2% in December 2021. Therefore, as building and construction activity expands, so will the need for polyurethane foam.

Polyurethane Foam Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to produce new products and services to capture untapped markets, which will also help the Polyurethane Foam market grow. Market participants are also undertaking strategic approaches in an organic or inorganic way to strengthen their footprint, with important market developments including product launches, partnerships, mergers and acquisitions, Capex, and strategic alliances with other organizations. The Polyurethane Foam industry must offer affordable and environment-friendly solutions to expand and survive in a partially fragmented market.

Manufacturing locally to minimize operational expenses and follow strict governmental regulations is one of the key business strategies used by organizations in the Polyurethane Foam industry to benefit consumers and cater to untapped markets. The Polyurethane Foam industry has offered significant advantages to the environment and technology. Major players in the Polyurethane Foam market, including LANXESS (Germany), NITTO DENKO Corporation (Japan), SEKISUI CHEMICAL CO. LTD. (Japan, Wanhua Chemical Group Co.Ltd, Covestro AG (Germany), Tosoh Corporation (Japan), BASF SE (Germany), Recticel (Belgium), DowDuPont Inc. (US), Huntsman International LLC (US), and Trelleborg AG (Sweden), are attempting to increase market demand by investing in research and development and reduce the raw material cost to produce cost-effective solutions.

BASF SE headquarters is in Ludwigshafen am Rhein, Germany, and it was established on April 6, 1865, as a chemical products provider. It functions through the following divisions: Chemicals, Materials, Agricultural Solutions, Commercial Solutions, Surfaces Technologies, Nutritional and Treatment, and Others. The Chemicals section provides petrochemicals and intermediates. Specialty inorganic goods for the plastics and plastics processing sectors are part of the Materials category. Using BASF's Elastopor Cryo polyurethane rigid foam system, Harvest Insulation Engineering Co. Ltd. and BASF integrated into a Joint Development Agreement (JDA) to manufacture prefabricated cryogenic pipes in June 2021.

Covestro is one of the top producers of premium polymers. They have developed materials and applications that are used in almost routine life. The constant improvement of facilities, processes, and products is driven by technology and sustainability. Convestro AG and Recticel NV/SA began working together to create mattresses from old mattresses in January 2020. This partnership aims to develop a sustainable economy in the polyurethane foam industry, which is anticipated to assist both businesses in using fewer raw materials to make polyurethane foams.

Key Companies in the Polyurethane Foam market include.

• LANXESS (Germany)


• NITTO DENKO Corporation (Japan)


• SEKISUI CHEMICAL CO. LTD. (Japan)


• Wanhua Chemical Group Co.Ltd


• Covestro AG (Germany)


• Tosoh Corporation (Japan)


• BASF SE (Germany)


• Recticel (Belgium)


• DowDuPont Inc. (US)


• Huntsman International LLC (US)


• Trelleborg AG (Sweden)

Polyurethane Foam Industry Developments

March 2022: Perma-Pipe International Holdings, Inc., a US-based provider of engineered pipeline services, announced a contractual agreement for fifteen million US dollars in March 2022 to use Perma-Pipe's XTRU-THERM insulation technology in Egypt and Saudi Arabia.

June 2021: Using BASF's Elastopor Cryo polyurethane rigid foam system, Harvest Insulation Engineering Co. Ltd. and BASF integrated into a Joint Development Agreement (JDA) to manufacture prefabricated cryogenic pipes in June 2021.

January 2020: Convestro AG and Recticel NV/SA began working together to create mattresses from old mattresses in January 2020. This partnership aims to develop a sustainable economy in the polyurethane foam industry, which is anticipated to assist both businesses in using fewer raw materials to make polyurethane foams.

Polyurethane Foam Market Segmentation

Polyurethane Foam Type Outlook

• Flexible


• Rigid


• Spray

Polyurethane Foam Distribution Channel Outlook

• Building & Construction


• Bedding & Furniture


• Automotive


• Electronics


• Packaging


• Footwear


• Others

Polyurethane Foam Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America