PORTLAND, Oregon, Nov. 12, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Microcellular Polyurethane Foam Market by Type (High Density Foam and Low Density Foam) and Application (Automotive, Building & Construction, Electronics, Medical, Aerospace, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global microcellular polyurethane foam industry accounted for $5.2 billion in 2018, and is expected to garner $8.1 billion by 2026, registering a CAGR of 5.6% from 2019 to 2026.
Drivers, restraints, and opportunities
The usage of microcellular foams in various parts of auto vehicles, medical, aircrafts along with insulations for housing constructions and surge in consumer spending drive the growth of the global microcellular polyurethane foam market. However, volatile raw material prices that impact production restrain the market growth. On the other hand, untapped potential in the Asia-Pacific region create new opportunities in the industry.
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The low-density segment to maintain its dominant position during the forecast period
Based on type, the low-density segment accounted for the highest market share in the global microcellular polyurethane foam market, accounting for nearly one-fourth of the total market share in 2018, and is expected to maintain its dominant position during the forecast period. However, the high-density segment is expected to grow at the fastest CAGR of 6.8% from 2019 to 2026, owing to its preference in various applications for the ease in structuring through 3D printing and capability of layering.
The automotive segment to maintain its leadership position by 2026
Based on application, the automotive segment accounted for nearly one-third of the total market share of the global microcellular polyurethane foam market in 2018, and is estimated to maintain its leadership position throughout the forecast period. Moreover, this segment is expected to witness the highest CAGR of 6.1% from 2019 to 2026. This is due to reduced weight to cost ratio that leads cost reduction and fuel efficiency in automobiles. The research also analyzes segments including building & construction, electronics, medical, aerospace, and others.
North America to be fastest growing region
Based on region, North America is expected to portray the highest CAGR of 6.5% from 2019 to 2026. This is due to presence of major corporations in the region operating in the automotive, building & construction and aerospace industries in which foams are widely used. However, Asia-Pacific held the largest market share in 2018, accounting for nearly one-third of the global microcellular polyurethane foam market, and will continue to dominate in terms of revenue during the forecast period.
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Leading Market Players
- BASF SE
- Dow Inc.
- Huntsman Corporation
- Evonik Industries
- INOAC Corporation
- Rogers Corporation
- Rubberlite Inc.
- Mearthane Products Corporation
- Kuraray Co., Ltd.
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SOURCE Allied Market Research