According to the new market research report “Polyurethane Foam Market by Type (Flexible, Rigid, Spray Foam), End User (Bedding & Furniture, Building & Construction, Electronics, Automotive, Footwear, Packaging), and Region (Asia Pacific, Europe, North America) – Global Forecast to 2027″, published by MarketsandMarkets™, the polyurethane foam market is estimated to be USD 54.19 billion in 2018 and is projected to reach USD 108.68 billion by 2027, at a CAGR of 8.0% from 2018 to 2027
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Polyurethane foam is a widely used polymer and plastic. It is composed of a chain of organic units joined by urethane links. Polyurethane foam is commonly formed by reacting a di- or polyisocyanate with a polyol and is available in flexible, rigid, and spray forms.
The growth of the polyurethane foam market is primarily driven by the rising demand for polyurethane foam from the building & construction industry. Polyurethane foam is also used in the bedding & furniture, electronics, automotive, and packaging industries. However, polyurethane foam is expensive due to the fluctuating raw material prices, which act as a major restraint for the market.
BASF SE (Germany), Covestro (Germany), The Dow Chemical Company (US), and Huntsman Corporation (US) are key players operating in the polyurethane foam market. These companies are focused on broadening their product portfolios to compete with other players and expanding their customer base.
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BASF is a leading supplier of polyurethane solutions for systems, specialties, and PU basic products. The company has a global network of 39 polyurethane system houses with a comprehensive product and service portfolio. BASF provides immediate local support for technical services as well as sales, production, and marketing support during the development of customized solutions. Over the years, BASF has secured its market position as a leading producer of polyurethane products.
In January 2018, BASF established a new MDI synthesis unit in Geismar, Louisiana. MDI is a basic raw material for polyurethanes. The annual capacity of MDI will increase from 300,000 metric tons to 600,000 metric tons. In November 2017, BASF expanded its manufacturing capacity of Cellasto and ceased thermoplastic polyurethane manufacturing at its Dahej plant in Gujarat. This expansion strategy enabled the company to cater to the automotive market for both, 2 wheeler and 4 wheeler vehicles in India.
Covestro is one of the leading manufacturers of premium polymers. The company is engaged in various business activities that focus mainly on the manufacture of high-tech polymer materials and the development of innovative solutions. It has adopted key growth strategies, such as expansions and new product launches to strengthen its foothold in the polyurethane foam market. In December 2017, Covestro invested approximately USD 220 million to expand its operations at the Tarragona site by 2020. This expansion strategy enabled the company to increase its MDI production capacity from 50,000 metric tons to 220,000 metric tons per year. In June 2016, Covestro introduced a new product, Bayseal CCX closed-cell Spray Polyurethane Foam (SPF) insulation. It is an ideal insulation material for residential and commercial projects.
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