Polyurethane Foam Market size is poised to cross USD 100 billion by the end of 2035, growing at a CAGR of approximately 8% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of polyurethane foam was USD 47 billion. This growth of the sector is anticipated to be influenced by the growth in construction activities. Around the world, there were reportedly about 794,431 built-up areas (BUAs) in 2016. By 2022, this number is projected to rise to approximately 849,406 residents. Moreover, about 2 million buildings are expected to be constructed by 2050. Hence, the market for polyurethane foam is anticipated to increase since it is utilized in insulating walls of buildings during construction with low-density rigid polyurethane.
Additionally, the prevalence of global warming is also on surge all around the globe. According to the Global Monitoring Lab's yearly report, the mean amount of carbon dioxide in the atmosphere across the world reached a new record high in 2022 of 417.06 ppm. As a result, the installation of polyurethane foam is growing. This polyurethane foam is expected to cut down carbon emission, hence further influencing the trend of green building.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 47 Billion |
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Forecast Year Market Size (2035) |
~ USD 100 Billion |
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Regional Scope |
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The construction segment is projected to gather the highest share of 30% over the projected period. Polyurethane foam is used in buildings to reduce energy consumption since of its excellent strength-to-weight ratio, insulating properties, durability, and versatility. In order to provide design flexibility and boost energy efficiency, polyurethane foam is commonly used in this segment for walls, entry doors, garage doors, and rooftops.
Our in-depth analysis of the global polyurethane foam market includes the following segments:
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Product Type |
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Density |
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Application |
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End-Use Industry |
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APAC Market Forecast
The polyurethane foam market in Asia Pacific is projected to gather share of about 35% over the projected period. China and India are the main drivers for growth in the region. The growing popularity of the electronic and transportation industries throughout the region is the primary factor promoting the expansion of the regional market.
North American Market Analysis
The North America polyurethane foam market is also set to have noteworthy growth over the forecast period. The need for non-residential construction projects, including hospitals, office buildings, and colleges, is expected to grow, which is projected to have a substantial impact on the growth of the North American construction industry. The Northeast area claimed the most office space under construction nationwide in US in the second quarter of 2022. At that time, there were approximately 29 million square feet of offices being built in the Northeast. In addition, government programmes supporting the construction sector's recovery are probably going to have a positive impact on the way buildings are constructed in the future. Over the forecast period, infrastructure expansion in Canada and Mexico, along with reconstruction activities in the United States, is projected to create a sizeable North American polyurethane foam market.
Author Credits: Smruti Ranjan, Rajrani Baghel
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