Polyurethane Foams Market By Type (Flexible PU Foam, Rigid PU Foam, Spray PU Foam), By End-Use Industries (Bedding & Furniture, Building & Construction, Electronics, Automotive & Transportation, Footwear, Packaging, Others) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026
Industry Outlook
Polyurethane Foams market was valued at USD 55.85 Bn in 2017 and expected to grow at a CAGR of 5.2% from 2018 to 2026. Polyurethane foam are the ideal raw material used in production of a wide range of consumer products. These foams provide durability and comfort and are lightweight and cheaper than available alternatives such as polyolefin foams, making them a preferred option for many end-use industries. Polyurethane foams are commercially available in flexible, rigid, and spray type, properties of these forms vary depending on the end use. Flexible PU foams are used for cushioning purpose (furniture, bedding, and automobile seating), whereas rigid PU foams are mostly preferred for insulation purpose (construction and refrigeration industry). Factors such as rising regulation for energy saving and efficiency, increasing middle class population in the emerging markets and increased use for refrigeration. Flexible PU foams finds promising uses in consumer product application such as cushioning, packaging, automotive safety, footwear, etc. grow in accordance with global GDP growth, while rigid PU/PIR foams grow slightly faster than the global GDP as it is mainly used for insulation purpose in building, transport, and refrigeration industry.
Flexible polyurethane foam held the largest share in 2017 and will remain the dominant product type of this resin, outpacing demand for its rigid counterpart owing to rapid growth in the bedding and carpet underlay markets. Strong demand for rigid polyurethane foam will be propelled by rising construction activities and changes in building codes and construction practices that call for use of energy saving construction materials. Rigid polyurethane foams is one of the ideal materials for air barrier sealants, insulated windows & doors, and roof and wall insulation. However, polyurethane foam will continue to face challenge from competitive products such as fiberglass and polystyrene foam and “green” bio-based polyol foams.
Polyurethane foams find its application in wide range of end-use industries such as bedding & furniture, building & construction, electronics, automotive & transportation, footwear, packaging, and others. Polyurethane foam market growth can be attributed to the growing demand for polyurethane foam from the bedding & furniture and building & construction end-use industries. Rising investments in new and aging infrastructure, renovation of non-residential buildings and new housing projects in the U.S., China, India, and Brazil also propelling the overall growth market growth. Major players operating in polyurethane foams market includes Covestro (Germany), BASF SE (Germany), The Dow Chemical Company (US), and Huntsman Corporation (US) among others.
Rising Demand for Energy Saving Materials from Building & Construction Industry, Making Rigid PU Foam the Fastest Growing Segment
Rigid PU Foam is identified as the fastest growing segment over the forecast period. Rigid PU Foam is most commonly used in insulated panels, wall and roof insulation, and gap fillers in building & construction end-use industry. Rigid PU Foam also well suited for insulating refrigeration equipment such as freezers, hot water heaters, and vending machines owing to low cost, toughness, and chemical resistance.
Flexible PU Foam accounted for the lion share of over 52% in 2017 and expected to maintain its dominant position over the forecast period. Light weight, resiliency and energy/sound absorption properties makes it a key material for manufacturing automobile and other transportation equipment. In 2017, largest end-use market for flexible PU foam was bedding and furniture. Cushioning made of flexible polyurethane foam is resilient, durable, strong, and it absorbs energy.
Substantial Investment in New & Aging Infrastructure and Residential & Non-Residential Sector Globally, Making Building & Construction the Leading End-Use Industry for Polyurethane Foams
Building & Construction represents over 35% of polyurethane foam consumption in 2017-2018. Polyurethane foams are used as wall & roof insulation, gap fillers and for making insulated panels in building & construction end-use industries. Energy efficiency, high performance, versatility, thermal/mechanical performance and environmental savings properties of polyurethane foam making it an ideal construction material. The resurgence of global construction and building sector coupled with speedy economic recovery of Western European countries expected to boost the demand for polyurethane foams.
Automotive & Transportation closely follows the building & construction end-use industry in terms of value and volume consumption. Growth in production of automotive coupled with efforts to improve fuel efficiency through weight reduction consequently reducing energy consumption and CO2 emission fueling the demand for polyurethane foams in automotive and transportation end-use industry. Flexible PU Foams are used in headrests, seating, HVAC, arm rests, and other interior systems for trains, airliners, automobiles, and buses.
Growing End-Use Industries in Developing Economies Projected to Catapult the Market Growth
Asia-Pacific market accounted for the largest market value share of over 40% in 2017. Asia-Pacific market is followed by North America and Europe in terms value and volume consumption. Flourishing end-use industry such as automotive, consumer electronics, and construction industry in Asia-Pacific offers several growth opportunities for polyurethane foams. Emerging economies of Asia-Pacific such as India and China are characterized by rising disposable income, high economic growth, improving living standards, high government spending, etc. leading to robust growth of polyurethane foams in the region. In 2017, China is the largest consumer of polyurethane foam in the world. Middle East & Africa is projected to witness the fastest CAGR during the forecast period. Increased government budgets for infrastructure development projects especially in GCC countries, boost the regional demand for polyurethane foams.
Expansion and New Product Development is the Preferred Strategy Adopted by Key Players in Polyurethane Foam Market
Increasing costs of petrochemical feedstock and public desire for environmentally friendly green products motivate manufacturers to develop innovative and green polyurethane foams to cater varying consumer needs. Polyurethane foams market is highly fragmented with the presence of many public and private players. Expansion and new product development are among preferred strategy adopted by key players to get an edge over other players. For instance, In January 2018, Recticel launched the new Geltex® foam with CO2 polyol supporting the introduction of new sustainable technologies for bedding products. Key manufacturers of polyurethane foams market includes BASF SE, Covestro AG, Dowdupont, Huntsman Corporation, Armacell, and Chemtura Corporation among others.
Historical & Forecast Period
Each market segment is analyzed in our study for the period of 2016 to 2026 with 2017 as the base year while period from 2018 to 2026 is considered for the CAGR calculation.
This research report describes leading continents and their major countries, along with profiles of key players operating in overall market and their planned developments. Our report further defines the overall market dynamics such as drivers, challenges, and opportunities prevalent in the market to understand global Polyurethane Foams market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to country level highlights investment opportunities and revenue pockets in the market.
Key questions answered in this report
- What are the current market trends in the Polyurethane Foams market and valuable opportunities for the players?
- How the environmental regulations affect global as well as the regional markets?
- Which is the most lucrative region for investment?
- What is the market size and trends in emerging markets?
- Which are the prime end-use industries of polyurethane foams across different geographies?
- Which are the major types of polyurethane foams and their market sizes?
- Which are the leading players and their market position?
Chapter 1 Preface 13
1.1 Report Scope and Description 13
1.1.1 Study Purpose 13
1.1.2 Target Audience 13
1.1.3 USP and Key Offerings 13
1.2 Research Scope 14
1.3 Research Methodology 15
1.3.1 Phase I – Secondary Research 15
1.3.2 Phase II – Primary Research 16
1.3.3 Phase III – Expert Panel Review 16
1.3.4 Approach Adopted 16
1.3.5 Top-Down Approach 17
1.3.6 Bottom-Up Approach 17
1.3.7 Assumptions 18
1.4 Market Segmentation 18
Chapter 2 Executive Summary 19
2.1 Market Snapshot: Global Polyurethane PU Foams Market 20
2.1.1 Global Polyurethane PU Foams Market, by Type, 2017 (Mn Ton) (US$ Bn) 21
2.1.2 Global Polyurethane PU Foams Market, by End-use Industries, 2017 (Mn Ton) (US$ Bn) 21
2.1.3 Global Polyurethane PU Foams Market, by Geography, 2017 (Mn Ton) (US$ Bn) 22
Chapter 3 Market Dynamics 23
3.1 Introduction 23
3.2 Market Dynamics 24
3.2.1 Market Drivers 24
3.2.1.1 Growth of End-use Industries in Asia-Pacific 24
3.2.1.2 High Demand for Polyurethane Foam in Building Insulation for Energy Conservation 26
3.2.2 Challenges 27
3.2.2.1 Challenge 1 27
3.2.2.2 Challenge 2 28
3.2.3 Opportunities 29
3.2.3.1 Opportunity 1 29
3.2.3.2 Opportunity 2 30
3.3 Attractive Investment Proposition, by Geography, 2017 31
3.4 Competitive Landscape: Market Positioning of Key Players, 2017 32
Chapter 4 Global Polyurethane PU Foams Market, by Type 33
4.1 Overview 33
4.1.1 Global Polyurethane PU Foams Market Value Share, by Type, 2017 & 2026 (Value, %) 34
4.1.2 Global Polyurethane PU Foams Market, by Type, 2016 – 2026 (Mn Ton) (US$ Bn) 34
4.2 Flexible PU Foam 36
4.2.1 Global Polyurethane PU Foams Market, by Flexible PU Foam, 2016 – 2026 (Mn Ton) (US$ Bn) 36
4.3 Rigid PU Foam 37
4.3.1 Global Polyurethane PU Foams Market, by Rigid PU Foam, 2016 – 2026 (Mn Ton) (US$ Bn) 37
4.4 Spray PU Foam 38
4.4.1 Global Polyurethane PU Foams Market, by Spray PU Foam, 2016 – 2026 (Mn Ton) (US$ Bn) 38
Chapter 5 Global Polyurethane PU Foams Market, by End-use Industries 39
5.1 Overview 39
5.1.1 Global Polyurethane PU Foams Market Value Share, by End-use Industries, 2017 & 2026 (Value, %) 40
5.1.2 Global Polyurethane PU Foams Market, by End-use Industries, 2016 – 2026 (Mn Ton) (US$ Bn) 40
5.2 Bedding & Furniture 42
5.2.1 Global Polyurethane PU Foams Market, by Bedding & Furniture, 2016 – 2026 (Mn Ton) (US$ Bn) 42
5.3 Building & Construction 43
5.3.1 Global Polyurethane PU Foams Market, by Building & Construction, 2016 – 2026 (Mn Ton) (US$ Bn) 43
5.4 Electronics 44
5.4.1 Global Polyurethane PU Foams Market, by Electronics, 2016 – 2026 (Mn Ton) (US$ Bn) 44
5.5 Automotive & Transportation 45
5.5.1 Global Polyurethane PU Foams Market, by Automotive & Transportation, 2016 – 2026 (Mn Ton) (US$ Bn) 45
5.6 Footwear 46
5.6.1 Global Polyurethane PU Foams Market, by Footwear, 2016 – 2026 (Mn Ton) (US$ Bn) 46
5.7 Packaging 47
5.7.1 Global Polyurethane PU Foams Market, by Packaging, 2016 – 2026 (Mn Ton) (US$ Bn) 47
5.8 Others (textiles, refrigeration, etc.) 48
5.8.1 Global Polyurethane PU Foams Market, by Others, 2016 – 2026 (Mn Ton) (US$ Bn) 48
Chapter 6 Global Polyurethane PU Foams Market, by Geography 49
6.1 Overview 49
6.1.1 Global Polyurethane PU Foams Market Value Share, by Geography, 2017 & 2026 (Value %) 50
6.1.2 Global Polyurethane PU Foams Market, by Geography 2016 – 2026 (Mn Ton) (US$ Bn) 50
6.2 North America 52
6.2.1 North America Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) (US$ Bn) 52
6.2.2 North America Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) (US$ Bn) 53
6.2.3 North America Polyurethane PU Foams Market, by Country (Mn Ton) (US$ Bn) 54
6.3 Europe 55
6.3.1 Europe Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) (US$ Bn) 55
6.3.2 Europe Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) (US$ Bn) 56
6.3.3 Europe Polyurethane PU Foams Market, by Country/Region (Mn Ton) (US$ Bn) 57
6.4 Asia-Pacific 58
6.4.1 Asia-Pacific Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) (US$ Bn) 58
6.4.2 Asia-Pacific Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) (US$ Bn) 59
6.4.3 Asia-Pacific Polyurethane PU Foams Market, by Country/Region (Mn Ton) (US$ Bn) 60
6.5 Latin America 61
6.5.1 Latin America Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) (US$ Bn) 61
6.5.2 Latin America Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) (US$ Bn) 62
6.5.3 Latin America Polyurethane PU Foams Market, by Country/Region (Mn Ton) (US$ Bn) 63
6.6 Middle East & Africa 64
6.6.1 Middle East & Africa Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) (US$ Bn) 64
6.6.2 Middle East & Africa Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) (US$ Bn) 65
6.6.3 Middle East & Africa Polyurethane PU Foams Market, by Region (Mn Ton) (US$ Bn) 66
Chapter 7 Company Profiles 67
7.1 BASF SE 67
7.2 Covestro AG 69
7.3 Dowdupont 71
7.4 Sekisui Chemical Co. Ltd. 73
7.5 Huntsman Corporation 75
7.6 Nitto Denko Corporation 77
7.7 Armacell 79
7.8 Chemtura Corporation 81
7.9 Eurofoam Group 83
7.10 Recticel 85
TABLE 1 Market Snapshot: Global Polyurethane PU Foams Market Volume 20
TABLE 2 Market Snapshot: Global Polyurethane PU Foams Market Value 20
TABLE 3 Automotive Production in Leading Asia-Pacific Countries, 2012 - 2016 24
TABLE 4 Economic Growth in Leading Asia-Pacific Countries 25
TABLE 5 Global Polyurethane PU Foams Market, by Type, 2016 – 2026 (Mn Ton) 34
TABLE 6 Global Polyurethane PU Foams Market, by Type 2016 – 2026 (US$ Bn) 35
TABLE 7 Global Polyurethane PU Foams Market, by End-use Industries, 2016 – 2026 (Mn Ton) 40
TABLE 8 Global Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (US$ Bn) 41
TABLE 9 Global Polyurethane PU Foams Market, by Geography 2016 – 2026 (Mn Ton) 50
TABLE 10 Global Polyurethane PU Foams Market, by Geography 2016 – 2026 (US$ Bn) 51
TABLE 11 North America Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) 52
TABLE 12 North America Polyurethane PU Foams Market, by Type 2016 – 2026 (US$ Bn) 52
TABLE 13 North America Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) 53
TABLE 14 North America Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (US$ Bn) 53
TABLE 15 North America Polyurethane PU Foams Market, by Country 2016 – 2026 (Mn Ton) 54
TABLE 16 North America Polyurethane PU Foams Market, by Country 2016 – 2026 (US$ Bn) 54
TABLE 17 Europe Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) 55
TABLE 18 Europe Polyurethane PU Foams Market, by Type 2016 – 2026 (US$ Bn) 55
TABLE 19 Europe Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) 56
TABLE 20 Europe Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (US$ Bn) 56
TABLE 21 Europe Polyurethane PU Foams Market, by Country/Region 2016 – 2026 (Mn Ton) 57
TABLE 22 Europe Polyurethane PU Foams Market, by Country/Region 2016 – 2026 (US$ Bn) 57
TABLE 23 Asia-Pacific Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) 58
TABLE 24 Asia-Pacific Polyurethane PU Foams Market, by Type 2016 – 2026 (US$ Bn) 58
TABLE 25 Asia-Pacific Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) 59
TABLE 26 Asia-Pacific Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (US$ Bn) 59
TABLE 27 Asia-Pacific Polyurethane PU Foams Market, by Country/Region 2016 – 2026 (Mn Ton) 60
TABLE 28 Asia-Pacific Polyurethane PU Foams Market, by Country/Region 2016 – 2026 (US$ Bn) 60
TABLE 29 Latin America Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) 61
TABLE 30 Latin America Polyurethane PU Foams Market, by Type 2016 – 2026 (US$ Bn) 61
TABLE 31 Latin America Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) 62
TABLE 32 Latin America Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (US$ Bn) 62
TABLE 33 Latin America Polyurethane PU Foams Market, by Country/Region 2016 – 2026 (Mn Ton) 63
TABLE 34 Latin America Polyurethane PU Foams Market, by Country/Region 2016 – 2026 (US$ Bn) 63
TABLE 35 Middle East & Africa Polyurethane PU Foams Market, by Type 2016 – 2026 (Mn Ton) 64
TABLE 36 Middle East & Africa Polyurethane PU Foams Market, by Type 2016 – 2026 (US$ Bn) 64
TABLE 37 Middle East & Africa Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (Mn Ton) 65
TABLE 38 Middle East & Africa Polyurethane PU Foams Market, by End-use Industries 2016 – 2026 (US$ Bn) 65
TABLE 39 Middle East & Africa Polyurethane PU Foams Market, by Region 2016 – 2026 (Mn Ton) 66
TABLE 40 Middle East & Africa Polyurethane PU Foams Market, by Region 2016 – 2026 (US$ Bn) 66
TABLE 41 BASF SE: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 67
TABLE 42 Covestro AG: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 69
TABLE 43 Dowdupont: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 71
TABLE 44 Sekisui Chemical Co. Ltd.: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 73
TABLE 45 Huntsman Corporation: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 75
TABLE 46 Nitto Denko Corporation: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 77
TABLE 47 Armacell: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 79
TABLE 48 Chemtura Corporation: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 81
TABLE 49 Eurofoam Group: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 83
TABLE 50 Recticel: Company Snapshot (Business Description; Product Portfolio; Financial Information; Business Overview and Recent Development) 85
FIG. 1 Global Polyurethane PU Foams Market: Research Methodology 15
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach 17
FIG. 3 Global Polyurethane PU Foams Market Segmentation 18
FIG. 4 Global Polyurethane Foams Market, by Type, 2017 (Mn Ton, US$ Bn) 21
FIG. 5 Global Polyurethane Foams Market, by End-use Industry, 2017 (Mn Ton, US$ Bn) 21
FIG. 6 Global Polyurethane PU Foams Market, by Geography, 2017 (Mn Ton, US$ Bn) 22
FIG. 7 Attractive Investment Proposition, by Geography, 2017 31
FIG. 8 Competitive Landscape: Market Positioning of Key Polyurethane Foams Manufacturers, 2017 32
FIG. 9 Global Polyurethane PU Foams Market Value Share, by Type, 2017 & 2026 (Value, %) 34
FIG. 10 Global Polyurethane PU Foams Market, by Orthophthalic Resins, 2016 – 2026 (Mn Ton) (US$ Bn) 36
FIG. 11 Global Polyurethane PU Foams Market, by Rigid PU Foam, 2016 – 2026 (Mn Ton) (US$ Bn) 37
FIG. 12 Global Polyurethane PU Foams Market, by Spray PU Foam, 2016 – 2026 (Mn Ton) (US$ Bn) 38
FIG. 13 Global Polyurethane PU Foams Market Value Share, by End-use Industries, 2017 & 2026 (Value, %) 40
FIG. 14 Global Polyurethane PU Foams Market, by Bedding & Furniture, 2016 – 2026 (Mn Ton) (US$ Bn) 42
FIG. 15 Global Polyurethane PU Foams Market, by Building & Construction, 2016 – 2026 (Mn Ton) (US$ Bn) 43
FIG. 16 Global Polyurethane PU Foams Market, by Electronics, 2016 – 2026 (Mn Ton) (US$ Bn) 44
FIG. 17 Global Polyurethane PU Foams Market, by Automotive & Transportation, 2016 – 2026 (Mn Ton) (US$ Bn) 45
FIG. 18 Global Polyurethane PU Foams Market, by Footwear, 2016 – 2026 (Mn Ton) (US$ Bn) 46
FIG. 19 Global Polyurethane PU Foams Market, by Packaging, 2016 – 2026 (Mn Ton) (US$ Bn) 47
FIG. 20 Global Polyurethane PU Foams Market, by Others, 2016 – 2026 (Mn Ton) (US$ Bn) 48
FIG. 21 Global Polyurethane PU Foams Market Value Share, by Geography, 2017 & 2026 (Value %) 50
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