Polyurethane Foam Market Size, Growth Forecasts 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

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.

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Polyurethane Foam Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~8%
Base Year Market Size (2022)	~ USD 47 Billion
Forecast Year Market Size (2035)	~ USD 100 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Polyurethane Foam Market: Growth Drivers and Challenges

Growth Drivers

Growing Production of Footwear: Global footwear manufacturing reached about 21 billion pairs in 2021. In order to offer a stable and comfortable base, footwear, particularly athletic footwear, requires the unique qualities of polyurethane. Its flexible qualities enable it to be easily bent and stretched by the natural action of the foot, which is why it is frequently found in the midsole.
Surge in the Use of Polyurethane Foam in Straps: There are numerous applications for polyurethane straps. Polyurethane is the perfect material for products such as watch straps due to its overall strength and elasticity, which satisfy the wearer's needs both in terms of convenience and adaptability. A very thin, very long cord may withstand the weight of quite heavy objects, demonstrating the potential strength of polyurethane compounds in bungee cords.
Rise in the Production of Furniture: With the rise in the production of furniture, the polyurethane foam market demand is also estimated to rise. Commercial furniture, particularly that is utilized in workplaces (including home offices), classrooms, hotels, and restaurants, frequently uses flexible polyurethane foam (FPF). Foam is employed for upholstery components which include seat cushions, armrests, backs, leg rests, and others.

Challenges

Stringent Environment Regulations
High Cost of Raw Materials
Presence of Substitute - Polyurethane is a flexible substance having an array of applications and end uses. However, there are other alternatives in the polyurethane foam market that function better than the product in some circumstances. Linseed oil, for instance, is employed to cure wood in the furniture business rather than harmful substances. In marine applications, polysiloxane coatings are utilized rather than PUR coatings (based on isocyanates). Furthermore, polysiloxane coatings are an excellent alternative to PUR coatings due to their suitable endurance and weathering characteristics for maritime uses. This would limit market expansion.

End-Use Industry (Furniture & Bedding, Construction, Electronics, Packaging, Footwear, Automotive)

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:

Product Type	Rigid Foam Flexible Foam Spray Foam
Density	High Density Medium Density Low Density
Application	Sound Insulation Heat Insulation Electricity Installations Industrial Roof Insulation Sports Equipment Automotive Interior
End-Use Industry	Furniture & Bedding Construction Electronics Packaging Footwear Automotive

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Polyurethane Foam Industry- Regional Synopsis

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.

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Companies Dominating the Polyurethane Foam Market

The Dow Chemical Company
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
BASF SE
Future Foam
Vita Holdings Limited
Covestro AG
Saint-Gobain SA
CRS Holdings LLC
Rogers Corporation
FXI
UFP Technologies, Inc.

In The News

With an emphasis on spray and construction applications, The Dow Chemical Company recently announced a new product extension of VORASURF Silicone Surfactants to satisfy the growing demand for improved energy efficiency and sustainable solutions in the rigid polyurethane foam sector.
CosyPUR, a cutting-edge, high-performance polyurethane (PU) foam from BASF SE, has been launched by Backrobo Wellness (BackRobo) in the mattress topper of its most recent line of smart bedding solutions. Compared to higher density visco elastic foams, the open-celled structure of the foam allows air to move through it, dissipating body heat in the process. This makes the foam more breathable and comfortable.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the polyurethane foam market?

Ans: The major factors driving the growth of the market are growing production of footwear, surge in use of polyurethane foam in straps, and rise in production of furniture.

2) What would be the CAGR of the polyurethane foam market over the forecast period?

Ans: The market size of polyurethane foam is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the polyurethane foam market?

Ans: The major players in the market are The Dow Chemical Company, BASF SE, Future Foam, Vita Holdings Limited, and others.

4) Which segment captures the largest market size in the product type segment in the polyurethane foam market?

Ans: The rigid foam segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the polyurethane foam market in the future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.