Thevendor landscape of polyurethane foam market is showcasing an intensifiedcompetition due to the existence of large and small players, mentionsTransparency Market Research in a recent published report. In order to offerinnovative products, many key vendors have started expanding in differentgeographical regions. Some of the prominent key players in the globalpolyurethane foam market are Nitto Denko Corporation, Trelleborg AB, TosohCorporation, BASF SE, Compagnie DE Saint Gobain SA, and The Dow ChemicalCompany.
As per TMRpredictions, the opportunity in globalpolyurethane foam market is expected to grow to US$74 bn by2022, rising from US$51.4 bn in 2015. The market is prognosticated to reflect arobust CAGR of 7.6% in the forecast period. Based on product type, the marketdominated by flexible polyurethane foam in 2017 with a larger market share of50.2%. This segment is expected to be worth US$36 bn by 2022, from US$25.5 bnin 2017. Based on region, the polyurethane foam market is more likely to excelin regions like Europe, Asia Pacific except Japan. Asia Pacific is the dominantmarket regionally which contributed to 40% of the overall revenue ofpolyurethane market in 2017. This region is estimated to become a prominentcontributor to this market regionally by the end of forecast period. Thepolyurethane foam market in Europe is projected to showcase a solid CAGR of7.2% from 2017-2022 and is expected to rise at a revenue of US$17.8 bn by 2022.
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FlexiblePolyurethane Foam Market Accounts for the largest Share in Polyurethane Foammarket in 2017
The globalpolyurethane foam market comprises of various diverse sectors such as theautomotive industry, packaging industry, and the construction industry,witnesses Transparency market research in a recent market report. Due to itslightweight property, it has an upper hand and puts an advantage overconventional goods for few end use industries. It operates as an ideal agentfor insulation and is therefore, expected to propel in demand in the forecastperiod 2017-2022. TMR says that a lot of companies are planning to take oversmall scale businesses so as to gain more experience and manpower resultinginto expansion.
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Oil and gas Sector to Augment thePolyurethane Foam Market
Polyurethanefoams are flexible, durable, chemically stable, and provide resistance to heat,moisture, and electricity. In addition to this, they have the qualities tomaintain enhanced cushioning and sealing. As a result of these properties,industries like oil and gas, automotive, and others make optimal use ofpolyurethane foams. In the oil and gas industry, use of polyurethane foams inthe insulation of pipelines guarantees smooth operational functioning. Inautomotive sector, vehicle equipment like armrests, dashboards, and otherexteriors are expected to increase the utilization of polyurethane foam. Theusage of these foams support residential buildings in maintaining the noiselevels and uniform temperature.
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Thepolyurethane market provides environmental benefits which includerecyclability, reduction in wastage, and higher sustainability. However, somefederal and government agencies are concerned with the adverse health issues ofisocyanates used in the production of polyurethane foam.
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TransparencyMarket Research (TMR) is a global market intelligence company providingbusiness information reports and services. The company’s exclusive blend ofquantitative forecasting and trend analysis provides forward-looking insightfor thousands of decision makers. TMR’s experienced team of analysts,researchers, and consultants use proprietary data sources and various tools andtechniques to gather and analyze information.
TMR’s datarepository is continuously updated and revised by a team of research experts sothat it always reflects the latest trends and information. With extensiveresearch and analysis capabilities, Transparency Market Research employsrigorous primary and secondary research techniques to develop distinctive datasets and research material for business reports.
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