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Albany, New York, May 21, 2019 (GLOBE NEWSWIRE) -- The global polyurethane foam market features an intense competitive vendor landscape, Transparency Market Research (TMR) examines during their detailed study. A large number of players holding a significant share in the global revenue may lead to an increasing competition among players in the coming years. Nitto Denko Corporation, Tosoh Corporation, Trelleborg AB, BASF SE, Saint Gobain SA, Compagnie DE, and The Dow Chemical Company are some of the key players in the global polyurethane foam market. In order to gain a profitable edge, the key players are trying to expand their geographical reach and offer products at a competitive pricing.
TMR’s report based on the global polyurethane foam market estimated the growth with a striking CAGR of 7.6% over the forecast period from 2018 to 2026. With the vigorous CAGR, the market is expected to attain a value of US$74 bn by 2022 from a value of US$51.4 bn in 2015.
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On the basis of product type, the flexible polyurethane foam segment dominated the global polyurethane foam market in 2017 by accounting a major share of 50.2%. This segment stood at a value of US$25.5 bn in 2017 and is estimated to reach a value of US$36 bn by 2022-end. On the basis of the region, Europe dominated the global polyurethane foam market followed by the Asia Pacific except for Japan. The region contributed 40% of the overall revenue of the polyurethane market in 2017.
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Excellent Properties of Polyurethane Foam Boosts Market Growth
A type of polymer or plastic that shows solid and open-structured foam, is polyurethane foam. The polyurethane foam is available in a flexible and rigid form. The polyurethane foam has the potential to solve challenges due to shapes and applications. It offers excellent dielectric and adhesives properties along with resistance to abrasion, temperature, and water. These properties help improve the shelf life of products and thus boosting its applications. This is a key factor propelling growth of the global polyurethane foams market.
However, the environmental concerns over the harmful and adverse effect of isocyanides in the global polyurethane foams are restraining growth of the market. Additionally, due to some of the concerns over the health of workers during production is restraining its growth to some extent. Nonetheless, demand for the polyurethane foams is increasing rapidly from numerous chemical and production industries. As the material is extensively used as an insulating material to reduce the leakage and lower the carbon emission. These factors help to lower global warming and its effects; thus, the material is generally considered as safe. This is a key factor fuelling growth of the global polyurethane foam market.
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Widening Applications of Polyurethane Foam Augments Market Growth
Moreover, the polyurethane foam reduces waste and enhances recyclability, which improves the life of product and equipment. Swift industrialization globally and especially in the developing countries is boosting demand for polyurethane foam and in turn, is propelling growth of the polyurethane foam market. Additionally, the use of polyurethane foam lowers leakage; thus, it is largely used in energy production and transformation. This lowers the cost of energy, which fuels growth of the global polyurethane foam market.
Widening applications of polyurethane foam across construction, furniture, and packaging is augmenting demand for the polyurethane foam. This is a major factor augmenting growth of the global polyurethane foam market.
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This information is encompassed in the report by TMR, titled, “Polyurethane Foam Market (Product Type - Flexible, Rigid; Application - Building and Construction, Bedding and Furniture, Automotive, Packaging, Electronics, Footwear; End Use - Heat and Sound Insulation, Aesthetics and Seating Comfort, Packaging Safety, Dielectric and Adhesive) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”
For the study, the global polyurethane foam market has been segmented as follows:
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