Polyurethane is a common type of polymer with great heat resistance characteristics. Products made using these polymers have many uses and strong characteristics. Flexibility, heat resistance, low density, and such other physical and chemical characteristics make polyurethane foam products versatile, durable, and safe. Global polyurethane foams market is making steady growth across different industrial verticals. Increase in the versatility and strengthening physical characteristics of these products are making the industry gain slow yet steady momentum.
Market Drivers
Diverse applications of polyurethane foam make it stand apart in comparison with many of its counterparts. These products are known for their safety, durability, support, and comfort of usage. Products made using these foams are lightweight than polyolefin foams, which makes them highly popular across different industries. Rising demand is the strongest driver for polyurethane foams market. The industry is going through frequent changes in order to contain the rising demand. Rapidly evolving production and manufacturing technology in the industry is driving the global industry.
Segmentation
Global market for polyurethane foams is segmented into different types, end user industries, and geographic demand. On the basis of demand and revenue prospects across the world, the market is categorized into Asia Pacific, West Europe, North America, and rest of the world. Types of polyurethane foams include flexible foam and rigid foams. Both these types have diverse applications, which reflect on the revenue and volume of the growth. End user industries for these products majorly include bedding and furniture, automotive products, footwear, packaging, building, construction, engineering, packaging, and many other industries.
Forecasting
According to the market research reports for the industry, polyurethane foams market is projected to grow at an estimated CAGR of 6.9% from 2013 to 2018. At the estimated CAGR, the market is poised to become worth more than $61.9 billion by the end of the forecasting period. The reports also claim that bedding and furniture market of the end user industry is expected to maintain maximum growth in terms of demand and revenue. It is followed by construction industry. Flexible polyurethane foam products are projected to dominate the global market. Geographically, Asia Pacific region is expected to dominate the global market. Rising demand from automotive and construction markets are estimated to be strong drivers for the industry.
Growing competition, environment concerns, scarcity of affordable raw materials, price competitiveness, and government regulations are some of the major issues for the growth of global polyurethane foams market.
