According to the latest report published by Credence Research, Inc. “Global Polyurethane Foams Market- Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Polyurethane foams market was valued at US$ 55.85 Bn in 2017, expected to grow at the CAGR of 5.2% from 2018 to 2026.
Due to diverse applicability, polyurethane foams are itnessing huge demand from various end-use industries such as bedding& furniture, building&construction, electronics, automotive&transportation, footwear, packaging, and others (textiles, refrigeration, Etc.).
Factors such as increasing demand from end-use industries owing to increased energy efficiency and reduced output weight coupled with rising middle class in the emerging markets supporting the growth of polyurethane foams across the globe.
Polyurethane foams are lightweight and cheaper option over conventional materials in many end use sectors. Moreover, polyurethane foam is chemically stable, flexible, and acts as an ideal insulating material in building and construction sector.
While, rigid PU foam exhibiting the fastest growth during the forecast period from 2018 to 2026 reason being, with thermal insulation properties rigid PU foam is becoming a key material in building&construction, end-use industry.
Moreover, governments in developed as well as developing economies are formulating more policies promoting energy efficiency and conservation to achieve climate and energy objectives, which in turn drive rigid PU foam market in coming years.
