NEW YORK , Nov. 19, 2021 /PRNewswire/ -- Polyurethane Foam Market- Forecast and Analysis Report 2019-2023: The market witnessed a YOY growth rate of 3.1% at an accelerating CAGR of over 3% between 2018 and 2023, as per the Technavio.
The furniture and bedding segment will account for the highest polyurethane foam market share because of the growing use of PU foams in mattress owing to their breathability, memory, resilience, and anti-bacterial properties.
Flexible foams are soft and durable and widely used in cushions, soft cores of sofas, and other upholstered household furniture, commercial, and institutional furniture such as seating for offices, theatres, and stadiums. They are also used in furniture seats because of their durability, elasticity, and high density.
The increasing demand for mattresses in bedding and furniture will lead to high demand for PU foams during the forecast period.
Revenue generating segments highlights and insights on market analysis of coming years -View FREE Sample
The report is market is segmented by type (flexible PU foams, rigid PU foams, and molded PU foams) and application (furniture and bedding, building and construction, transport, appliances, and others).
The global polyurethane market is highly fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
For Instance- In April 2018 , BASF SE signed an agreement to acquire additional seeds and crop protection businesses and assets from Bayer. In May 2018 , BASF SE inaugurated its first manufacturing plant in Myanmar . Similarly, In October 2018 , Covestro AG decided to invest €1.5 billion ($1.71 billion ) in the MDI plant in the US.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Find additional highlights on the growth strategies adopted by vendors & their product offerings. Read Free Sample Report.
APAC will account for the largest polyurethane foam market share of 42% throughout the forecast period.
Major countries, such as China , South Korea , India , and Japan , are the leading consumers of PU foams in the region. Flexible PU foams are mostly used in mattresses and cushions.
The growing population in APAC is expected to lead to a high demand for furniture and bedding, which will increase the demand for PU foams in the region during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions https://www.technavio.com/report/global-polyurethane-foam-market
Key Market Trends & Challenges:
The increased use of methylal and HFOs as an alternative to HFCs and HCFCs will be a key trend influencing the growth of the polyurethane foam market. Methylal and HFOs are replacing HCFCs and HFCs as blowing agents in the manufacturing of PU foams. These alternatives are effective and have lower GWP content than HFCs and HCFCs.
The ban on HCFCs in the US and the emerging countries in Europe will increase the use of methylal in these countries. HFOs are regarded as the next-generation blowing agents and are widely used in the manufacturing of PU foams.
The increasing demand for alternatives to PU foams will negatively impact the global PU foam market during the forecast period. Natural latex, cotton fiber foam, organic wool, plain cotton, short staple polyester fiber, and polystyrene are used as substitutes for PU foams.
These products are direct substitutes for PU foams in the market and are available in large quantities. As PU foams possess serious environmental problems such as ozone layer depletion, these alternatives are used as substitutes in various applications such as furniture and bedding and building and constructions.
View free sample for highlights on market Trends & Challenges affecting the polyurethane foam market.
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Flexible Foam Market -The flexible foam market has the potential to grow by USD 11.49 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 5.28%. Download a free sample now!
Spray Polyurethane Foam Market -The spray polyurethane (PU) foam market has the potential to grow by USD 727.50 million during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 8.96%. Download a free sample now!
Accelerate at a CAGR of over 3%
Leading companies, competitive strategies, consumer engagement scope
BASF SE, Covestro AG, DowDuPont, Huntsman International LLC, Recticel NV, and Trelleborg AB.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
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