According to the latest report by IMARC Group, titled “Polyurethane (PU) Foam Market: Global Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global polyurethane (PU) foam market size reached US$ 45.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 67.7 Billion by 2027, exhibiting a growth rate (CAGR) of 7.4% during 2022-2027.
Polyurethane foam represents a synthetic polymer that provides insulation and protection to materials against temperature, moisture, abrasion, impact, and corrosion. It is commonly available in the flexible, spray, and rigid forms and is mainly used as stuffing in bedding and furniture. Polyurethane foam is non-toxic, hypoallergenic, does not tarnish over time, and can also rapidly react with water to expand and connect with the surfaces with high adhesion after application. As a result, this polymer finds widespread utilization across various sectors, such as automotive, packaging, footwear, building and construction, electronics, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The expanding construction industry and the escalating product demand in the furnishing sector are among the primary factors driving the polyurethane (PU) market. Besides this, the elevating requirement for flexible and semi-rigid polymers that are used with paints, coatings, and adhesives in commercial and residential complexes is further augmenting the market growth. Moreover, several innovations and advancements and the development of bio-based polyols that are utilized for manufacturing polyurethane foam and have reduced carbon emissions into the environment are also catalyzing the global market. Apart from this, the growing product popularity in the automotive sector for manufacturing lightweight automobile components, including airbags, armrests, dashboards, and other exterior parts that further aid in enhancing the overall fuel efficiency of the vehicle, is acting as another significant growth-inducing factor. Furthermore, the emerging trend of industrialization and the inflating need for these polymers in the packaging industry are anticipated to propel the polyurethane(PU) market over the forecasted period.
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