DALLAS, July 29, 2015 /PRNewswire/ --
The report "Polyurethane Foam Market by Type (Flexible Foam, Rigid Foam), by End-User Industry (Bedding & Furniture, Building & Construction, Electronics, Automotive, Footwear, Packaging, Others), by Geography - Global Trends & Forecasts to 2020", published by MarketsandMarkets, The Global Polyurethane Foam Market was valued at $46.8 billion in 2014, which is expected to reach $72.2 Billion by 2020, at a CAGR of 7.5% during the period under consideration.
Browse 126 market data Tables and 79 Figures spread through 197 Pages and in-depth TOC on "Polyurethane (PU) Foam Market"
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The market reports the global polyurethane foam market on the basis of type, end-user industry, and geography; forecasting volumes and revenues; and the trends in each of the submarkets.
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Globally, Asia-Pacific is the dominant market for polyurethane foams. It is expected to reach $25.12 billion by 2020, at a CAGR of 7.8% during the forecast period from 2015 to 2020. This growth is due to the increasing applicability of polyurethane foams in various industries, such as bedding & furniture, building & construction, automotive, footwear, and packaging industries. The highest consumption of polyurethane foams in this region is recorded in China, which is also the largest manufacturer of polyurethane foams in the APAC region. The Chinese market for polyurethane foams is estimated to grow at a CAGR of 6.4%, during the period under consideration. Manufacturing in Asia-Pacific is mainly constituted by multinational companies with good distribution networks; while there is a small share in the manufacturing contributed by the domestic manufacturers as well. The growing demand in this region has attracted many multinational companies to set up their plants in this region or increase the capacity of their existing plants.
The end-user application markets demand a specific grade of thermoplastic polyurethane (TPU) and TPU blend with a specific form/composition. The major end-user markets are bedding & furniture, building & construction, electronics, automotive, packaging, engineering, footwear, hose & tube, medical, and wire & cable. Cost of PU foams varies depending on the composition and type of foam. The injection and extrusion grade constitute more than three-fourth of the market, while the rest is shared by the coating and adhesive grade polyurethane foam.
Globally, the flexible foam has the larger market share than the rigid foam market, and this trend is expected to continue in the near future. The Asia-Pacific region had constituted a major share in the flexible foam market in 2014. It is also estimated that China is the fastest-growing market of the flexible foam industry in Asia-Pacific.
The U.S. and China are at forefront in the polyurethane foam consumption, while Germany, South Korea, France, Japan, U.K. and Russia are other key markets for polyurethane foam. China is the key market in the Asia-Pacific region, contributing more than half of the demand for polyurethane foam, followed by Japan, Taiwan, and South Korea, where the consumption is growing at a steady rate.
Bedding & furniture is projected to be the fastest-growing application segment during the forecast period from 2015 to 2020. Leading players, such as BASF SE (Germany) and Bayer Material Science (U.S.) have introduced an outstanding cushioning material that is light-weight, versatile, and has the ability to recover after compression. These are available at low costs and are ideal for the bedding & furniture applications. Rising standard of living and the recent trend of increasing consumer spending on comfortable bedding & furniture are contributing to the growth in the demand for PU foams in this sector. This is one of the main reasons behind the sudden rise for polyurethane foam in the recent years.
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