Polyurethane Foam Market Grow at CAGR of 6.1% during the forecast period 2021-2026

Growth of End-Use Industries in Emerging Nations, high demand for polyurethane foam in building insulation for energy conservation, versatility, and unique physical properties to drive the growth of the polyurethane foam market. The global polyurethane foam market was valued at USD 54.21 billion in 2018 and is expected to reach USD 86.21 billion in 2026, growing at a CAGR of 6.1% during the forecast period.

The global polyurethane foam market is expected to grow at a significant growth during the forecast period. The major factors boosting the market growth include the emerging adoption of polyurethane foam in automobile and construction coupled with significant demand for durable and lightweight materials. Automotive and construction are the promising industrial applications of polyurethane foams.

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The market for automotive and construction is growing rapidly and there is considerable demand in the industry. Polyurethanes are a highly reliable material owing to their strength, durability, and lightweight properties. Polyurethane foam in the automotive industry is used in cushion foams, carpets, door panels, sound absorption and vibration dampening, steering wheels, airbag covers, and window encapsulation. Emerging demand for lightweight and electric vehicles is anticipated to drive the adoption of polyurethanes in the automotive industry.

Additionally, the global polyurethane foam market has witnessed multiple innovative product launches that have contributed to the growth of the market. For instance, in April 2019, Icynene-Lapolla had launched Lapolla Foam-Lok 750. Lapolla Foam-Lok 750 was launched to address the better energy solution to meet the building code and energy efficiency requirement of high-performance homes, owing to its core density of 0.75-pound which makes it highly air-permeable. Moreover, in February 2019, Icynene-Lapolla had launched Icynene Open-cell No-Mix insulation.

The no-mix is a two-component light-density one-to-one by volume spray. This product launch was done to address the rising demand for no-mix insulation owing to its utility in new and retrofit home and commercial applications. In December 2018, Thermoseal had launched Thermoseal 360 and Thermoseal 800. Thermoseal 360 is ultra-high-yield open-cell spray foam insulation. Whereas, Thermoseal 800 is a new ultra-high R-value open-cell spray foam. The company had launched these innovative sprays to get an edge over other competitors in the highly competitive market of spray polyurethane foams.

Key Findings:
-Based on the type, the flexible foams segment is accounted for the largest share in the market and held for around 45% of the total market, in 2018
-Based on the end-user, the automotive segment is expected to grow at the highest CAGR of around 9.1% during the forecast period
-Asia-Pacific accounted for around 32% share of the global polyurethane foam market in 2018
-Europe is projected to grow at the highest CAGR of around 8.8% during the
forecast period

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