The polyurethane foams market is projected to grow from USD 37.8 billion in 2020 to USD 54.3 billion by 2025, at a CAGR of 7.5% from 2020 to 2025. The key factors for the growth of the polyurethane foams market include growing end-use industries in emerging economies, increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams are driving factors for growth of polyurethane foams market.
The stringent environmental regulations related to the manufacturing of polyurethane foams is expected to slow down the growth of polyurethane foams. For instance, the National Emission Standards for Hazardous Air Pollutants (NESHAP) environmental regulations formulated by the US Environmental Protection Agency (EPA) include some rules for new and existing plant sites that manufacture flexible polyurethane foams. These rules were implemented in 1998 to control the emissions of methylene chloride, 2,4-toluene diisocyanate (TDI), methyl chloroform, methylene diphenyl diisocyanate (MDI), methanol, diethanolamine, propylene oxide, methyl ethyl ketone, and toluene. worldwide.
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The rigid polyurethane foam segment has promising growth potential due to several factors, including the reduced energy costs, that enable energy efficiency by these foams. Rigid foams are primarily used for as insulating foams and structural foams in commercial and residential constructions.
They are used in foam roofing boards and laminate insulations. These foams are also used as insulations in various electrical appliances such as water heaters, refrigerators, coolers, vending machines, and freezers. Rigid foams are the best insulation materials available in the market.
The automotive end-use industry is projected to record the highest growth in the global polyurethane foams market, during the forecast period. The high growth of the automotive end-use industry segment is majorly attributed to the surge in demand for lightweight vehicles, which in -turn encourages the use of polyurethane foams in this segment.
Polyurethane foams are majorly used as cushion overlays, seat foams, in door panels, as energy absorbers, for sound absorption and vibration dampening applications in automotive. These foams are also used in interior trims, door handles, gear knobs, dashboards, and truck sandwich panels in automotive. Thus, the growing global automotive industry is expected to support the overall growth of the polyurethane foam market. Thus, the wide application of polyurethane foams in the automotive end-use industry is considered as a major factor for this segment growth. Also, the average consumption of seating foam per car has increased in line with the fall in the production of small or mini cars over the last few years, and the increased popularity of large vehicles, including sport utility vehicles (SUVs) and crossover utility vehicles (CUVs).
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Asia Pacific is projected to be the fastest-growing market for polyurethane foams during the forecast period. The growing demand for polyurethane foams from various industries and increasing footprint of the global players dealing in polyurethane foams in the region have propelled the growth of polyurethane foams. Moreover, the growing middle-class population in Asia Pacific is also leading to the increasing demand for various consumer products, which, in turn, is leading to the growth of several end-use industries in the region. This is expected to fuel the growth of the polyurethane foam market in Asia Pacific.
The awareness to use bio-derived materials as polyols in production of polyurethane foams and concerns regarding the use of fossil fuels and the impact of plastics on the environment have led the polyurethane foam industry to continuously strive for sustainable business practices. Some of the key benefits offered by bio-based polyols include significant advantages over conventional polyols in terms of sustainability and cost-effectiveness. They reduce dependence on petroleum-based raw materials. Bio-derived materials are also characterized by higher thermal stability and lesser sensitivity to hydrolysis as compared with conventional polyols. Thus, the demand for bio-based polyols is anticipated to grow during the forecast period. This in-turn in anticipated to reduce the production cost of polyurethane foams during the forecast period.
Companies such as Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Dow Inc., and Huntsman Corporation, fall under the winners’ category. These are leading players in the polyurethane foams market, globally, and are some of the leading players operating in the polyurethane foams market. These players have adopted the strategies of expansions, agreements, mergers & acquisitions, partnerships, new product launches, joint ventures, investments & contracts, collaborations, and new technology & new process developments ,to increase their presence in the global market.
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