Polyurethane Foam Market Overview: Market Trends, Strategies, And Opportunities
Polyurethane Foam Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, July 9, 2024 /EINPresswire.com/ -- The global polyurethane foam market is projected to grow from $50.93 billion in 2023 to $54.63 billion in 2024, at a CAGR of 7.3%. Despite various challenges, the market is anticipated to reach $73.29 billion by 2028, driven by renewable and bio-based polyurethane foams, increasing demand for lightweight materials, and rising emphasis on thermal insulation.
Rising Demand for Automotive Vehicles Drives Market Growth
The rising demand for automotive vehicles is a significant factor contributing to the growth of the polyurethane foam market. Automotive vehicles, used for transportation on public highways and other settings, benefit from polyurethane foam’s cushioning, comfort, and durability, particularly in car seats and upholstery. For instance, in March 2022, the European Automobile Manufacturers' Association (ACEA) reported a 5.5% increase in US passenger car sales, reaching 11.9 million units in 2021. Chinese automakers produced 20.7 million vehicles in 2021, a 7.1% increase from the previous year. Therefore, the rising demand for automotive vehicles is driving the growth of the polyurethane foam market.
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Major Players and Market Trends
Major companies operating in the polyurethane foam market include 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, and others.
Trends: Strategic Partnerships for Circular Economy
Major companies in the polyurethane foam market are adopting strategic partnerships to achieve a circular economy, enabling the recycling of products back to their raw materials. For example, in November 2021, Evonik Industries AG partnered with The Vita Group to develop an efficient chemical recycling process for converting flexible polyurethane foams back to the original polyol raw material. This partnership aims to achieve circularity in the flexible PU foam industry.
Segments:
• Type: Rigid Foam, Flexible Foam, Spray Foam
• Process: Slabstock Foam, Molded Foam, Lamination, Spraying
• Density Composition: Low-Density Composition, Medium-Density Composition, High-Density Composition
• Application: Bedding And Furniture, Transportation, Packaging, Automotive, Construction, Electronics, Footwear, Other Applications
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific led the polyurethane foam market in 2023 and is expected to be the fastest-growing region during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Polyurethane Foam Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Polyurethane Foam Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on polyurethane foam market size, polyurethane foam market drivers and trends, polyurethane foam market major players, competitors' revenues, market positioning, and market growth across geographies. The polyurethane foam market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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