New York, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global polyurethane foam market size is slated to expand at ~8% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 100 billion by the end of 2035, up from a revenue of ~USD 47 billion in the year 2022.Rising demand for energy-efficient buildings is expected to drive the market growth. The government all across the world is planning to boost the development of green buildings. Building Life is an initiative that brings together ten European Green Building Councils in order to implement the European Green Deal.
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These Green Building Councils will galvanize climate action using national and local decarbonization strategies that address the building and construction sector's whole-life environmental implications. Through good energy management practises that include examining energy performance, establishing energy-savings goals, and frequently evaluating progress, local governments can boost building energy efficiency by 10, 20, and 30%.
Rising Preference for Sustainable Goods is to Boost the Growth of Polyurethane Foam Market
The customer has been the primary driver of the sustainability requirement. The preference of Gen X consumers for sustainable companies climbed by approximately 25%, and their keenness to pay extra for items that are environmentally friendly increased by 42%. The demand for sustainable products will further increase since the younger member of GEN Z will grow into adulthood and they will represent the major share of the world’s income. Polyurethane is a sustainable material since its manufacturing process emits relatively little CO2, reducing its environmental impact. When we consider that its use as an insulator saves far more energy than it creates, we have no question that we are dealing with a sustainable substance.
Polyurethane Foam Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Production of Automotives and its Components is to Boost the Market Growth in the Asia Pacific Region
Growing desire for vehicle upgrades, combined with digitization of distribution channels, has increased vehicle demand in India, China, Japan, South Korea, Australia, and Southeast Asia. In 2021, China was expected to produce not only the most passenger automobiles in the Asia-Pacific region, but also the highest passenger cars worldwide. It is also expected that Chinese manufacturers such as BYD Auto Co. Ltd. will overtake American manufacturers such as Tesla. In the automotive business, foam is extensively employed. It plays a crucial role in both the safety and overall comfort of passengers, from automotive seating to carpet underlay. In reality, polyurethane foam is used in the car industry for trims, seats, headrests, sound insulation, and ventilation filters.
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Growing Development of Infrastructures to Elevate Market Growth in North America
Infrastructure is the cornerstone for economic activity, but the pace of investment in the United States has grown, which will promote economic growth and competitiveness. The 117th Congress invested USD 1.25 trillion over the next five to ten years in transportation, energy, water resources, and broadband under the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA). To put all of that federal money to work, leaders in state and local governments, utilities, and qualifying sectors will face a variety of difficult economic conditions. This will boost the development of infrastructures and will significantly increase the demand for polyurethane foam.
Polyurethane Foam, Segmentation by Product Type
- Rigid Foam
- Flexible Foam
- Spray Foam
Polyurethane Foam, Segmentation by Application
- Sound Insulation
- Heat Insulation
- Electricity Installations
- Industrial Roof Insulation
- Sports Equipment
- Automotive Interior
On the basis of application, the automotive interior segment in polyurethane foam market is expected to garner the significant market revenue by the end of 2035. The growth of the market is attributed to rising demand for fuel-efficient vehicles. Increasing fuel economy standards for vehicles and vans is critical since, even in the Net Zero Emissions by 2050 Scenario, approximately 80% of cars and vans on the road in 2030 continue to be powered by internal combustion engines. In 2022, sales of heavier, less efficient SUVs will account for approximately 46% of global sales. Specialized polyurethane foam in current automobiles allows for better mileage than was previously possible. This is due to the fact that polyurethane foams as a whole are both durable and extremely lightweight, lowering the overall weight of a car and, as a result, increasing fuel efficiency and lowering the impact on the environment. According to recent data, polyurethane foam suppliers expect that up to 11.5 kilograms of the material will eventually be replaced into new cars by removing components carrying unnecessary weight.
Polyurethane Foam, Segmentation by Density
- High Density
- Medium Density
- Low Density
Polyurethane Foam, Segmentation by End Use Industry
- Furniture & Bedding
- Construction
- Electronics
- Packaging
- Footwear
- Automotive
On the basis of the end-use industry, the construction segment in polyurethane foam market is expected to gain the highest market revenue over the forecasted period. The rising development of new buildings is expected to drive the market growth. There are approximately 100 million high-rise structures in the world, with newer estimates claiming as many as 500 million. With nearly one million high-rise buildings, the United States has the most of any country. China comes in second, with slightly more than 700,000. Furthermore, infrastructural development is gonna grow as the economic conditions are uplifted and urbanization expands at an even faster rate.
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A few of the well-known industry leaders in polyurethane foam market that are profiled by Research Nester are The Dow Chemical, BASF SE, Future Foam, Vita Holdings Limited, Covestro AG, Saint-Gobain SA, CRS Holdings LLC, Rogers Corporation, FXI, and UFP Technologies, Inc.
Recent Developments in the Polyurethane Foam Market
- The Dow Chemical Company has announced the extend the product line of VORASURF Sillicone Surfactants. This will help to meet the growing demand for improved energy efficiency and long-term solutions in the rigid polyurethane foam sector, with a particular emphasis on spray and construction applications. Dow silicone polyethers for spray and construction applications deliver the essential performance benefits our customers need by combining our superior production integration and global presence with a thorough understanding of the sector.
- The White Willow (TWW), India's top pillow brand, recently introduced a "Work from Home" product line that includes pillows and cushions developed with BASF's CosyPUR Visco (CosyPUR), a polyurethane mould flexible foam. This new collection was created to assist individuals in maintaining an enjoyable working posture at home while also providing solid support for all sleep positions.
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