Exploring the Soaring Polyurethane Foam Market Set to Reach $67.48 Billion by 2027 || BASF SE, Dow Inc., Bayer AG, Saint-Gobain S.A
The Business Research Company's Polyurethane Foam Global Market Report 2023 identifies the rising demand for automotive vehicles is the major driver for the polyurethane foam market's growth in the forecast period. An automotive vehicle refers to any kind of self-propelled vehicle used for transportation on public highways or in other settings. Since polyurethane foam provides outstanding cushioning, comfort, and durability, it is frequently used in car seats and upholstery. For both drivers and passengers, it offers a comfortable and supportive sitting environment. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020.
The global polyurethane foam market size is expected to grow from $47.63 billion in 2022 to $50.93 billion in 2023 at a compound annual growth rate (CAGR) of 6.94%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of polyurethane foam market is expected to reach $67.48 billion in 2027 at a CAGR of 7.28%.
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Major competitors in the polyurethane foam market are BASF SE, Dow Inc., Bayer AG, Saint-Gobain S.A., Wanhua Chemical Group Co Ltd, Covestro AG, DuPont de Nemours Inc., Sekisui Chemical Co. Ltd., Huntsman Corporation, Lanxess AG.
A key trend in the polyurethane foam market includes technological advancements. Companies operating in the polyurethane foam market are focused on adopting new technologies to sustain their position in the market. For instance, in October 2021, Huntsman Corporation, a US-based chemical industry company, launched ACOUSTIFLEX LE and RUBIFLEX LE, the first fully commercialized technologies and a new range of low-emission polyurethane systems for automotive interiors. Its innovative low-emission PU system is a breakthrough technology that enables global foam producers and automotive formulators to create high-performance polyurethane foams while drastically lowering interior emissions levels to satisfy OEM (original equipment manufacturer) regulations.
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The polyurethane foam market is segmented -
• By Type: Rigid Foam, Flexible Foam, Spray Foam
• By Process: Slabstock Foam, Molded Foam, Lamination, Spraying
• By Density Composition: Low-Density Composition, Medium-Density Composition, High-Density Composition
• By Application: Bedding And Furniture, Transportation, Packaging, Automotive, Construction, Electronics, Footwear, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the polyurethane foam market.
The Business Research Company's "Global Polyurethane Foam Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Polyurethane Foam Market Include:
1. Executive Summary
2. Polyurethane Foam Market Characteristics
3. Polyurethane Foam Market Trends And Strategies
4. Polyurethane Foam Market - Macro Economic Scenario
5. Polyurethane Foam Market Size And Growth
27. Polyurethane Foam Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Polyurethane Foam Market
29. Polyurethane Foam Market Future Outlook And Potential Analysis
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