Polyurethane Foam Market worth $67.8 billion by 2028 | Key players Covestro AG (Germany), BASF SE (Germany), Wanhua Chemical Group Co., Ltd. (China), Dow (US).

According to recent market research the "Polyurethane Foam Market by Type (Rigid foam, Flexible Foam, Spray Foam), End-use Industry (Building & Construction, Bedding & Furniture, Automotive, Electronics, Footwear, Packaging), and Region - Global Forecast to 2028", is projected to grow from USD 49.5 billion in 2023 to USD 67.8 billion by 2028, at a CAGR of 6.5% from 2023 to 2028. The market is witnessing average growth worldwide due to growing end-use industries in emerging economies and the increased use of polyurethane foams in building insulations for energy conservation versatility and unique physical properties of polyurethane foams.

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By type, rigid foam is estimated to dominate the polyurethane foam market globally in terms of value. The automotive industry contributed significantly to the growth of rigid polyurethane foam. It is used extensively in vehicle interiors for insulation and soundproofing, as well as in structural components for its lightweight yet strong characteristics. As automotive manufacturers focus on reducing weight for better fuel efficiency and electrification, rigid polyurethane foam has become a critical material.

By end-use industry, the automotive segment is projected to dominate the global polyurethane foams market during the forecast period. Polyurethane foam is a popular choice for various construction applications due to its ability to provide superior thermal insulation and energy efficiency. It effectively seals gaps and prevents air leakage, making buildings more energy-efficient and environmentally friendly.

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The Polyurethane Foam market in the Asia Pacific region accounted for the largest share in 2022. China, India, Japan, and South Korea are the major market for Polyurethane foam. This growth is driven by the automotive sector in Asia-Pacific has witnessed remarkable growth, with the region becoming a global hub for automobile manufacturing. Polyurethane foam finds extensive use in automotive interiors and insulation due to its lightweight, durable, and sound-absorbing properties. As consumer preferences for comfortable and quiet vehicles increase, the demand for polyurethane foam in this sector continues to rise.

Covestro AG (Germany), BASF SE (Germany), Wanhua Chemical Group Co., Ltd. (China), Dow (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan), Compagnie de Saint-Gobain SA (France), DuPont (US), Recticel NV/SA (Belgium), Rogers Corporation (US), UFP Technologies, Inc. (US), INOAC Corporation (Japan), Trelleborg AB (Sweden), Woodbridge Foam Corporation (Canada), Future Foam, Inc. (US), and Tosoh Corporation (Japan), Foamcraft, Inc. (US), are the key players in polyurethane foam market.

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BASF SE is a prominent player in the polyurethane (PU) foam industry, offering a diverse range of PU foam solutions that cater to various sectors and applications. Their extensive portfolio includes rigid foams for construction and insulation, flexible foams for automotive and furniture industries, and specialty PU foams, all of which showcase BASF's commitment to innovation and sustainability. With a strong emphasis on quality, performance, and eco-friendly materials, BASF continues to be a driving force in the PU foam market, providing customers with advanced solutions that meet evolving industry needs while contributing to energy efficiency and comfort across numerous applications.

Wanhua Chemical Group Co., Ltd., formerly Yantai Wanhua Polyurethanes Co., Ltd., is a global manufacturer and distributor of polyurethane- and MDI-based products. It carries out research activities related to chemicals. The company manages its business through the Polyurethane Series, Petrochemical Series, Fine Chemicals & New Material Series, and other segments. It offers polyurethane-based products and raw materials through its Polyurethane Series business segment.

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