The global polyurethane foam market exhibits a highly cutthroat competition mainly due to the presence of innumerable players, observes Transparency Market Research based on a newly published report. Notable focus is being imparted by the players on key strategies such as improving geographical reach, enhancing product quality, and achieving product differentiation, to survive in this market. Participating in merger & acquisitions, healthy partnerships, and strategic collaborations, also are prime schemes implemented by major players to establish their standing in the market. Key companies operating in the global polyurethane foam market are UFP Technologies Inc., BASF SE, Recticel SA, Trelleborg AB, Chemtura Corporation, The Dow Chemical Company, Covestro AG, Compagnie DE Saint-Gobain SA, Tosoh Corporation, and Nitto Denko Corporation are major companies operating in the global polyurethane foam market.
The global polyurethane foam market had gained a revenue valuated at US$51.4 bn in 2017, which is further expected to rise up to US$74 bn in 2022. Such a strong growth in this market is anticipated to occur with an impressive of 7.6% during the forecast period ranging from 2017 and 2022.
Polyurethane foam finds extensive application in the construction industry, and hence widespread advancements occurring in this sector since past several decades has been gradually uplifting the global polyurethane market’s growth. Rapid urbanization and mushrooming commercial construction activities has also been responsible for the market to achieve an impressive growth, mainly due to the foam being used for facilitating insulation and sound absorption. The impressive acoustic properties present in this foam makes it being highly preferred by consumers as a padding material, thereby controlling noise pollution levels. Rising demand for construction of green buildings and structures has also substantially propelled the global polyurethane market to depict a splendid growth. This is mainly due to a widespread use of the foam in this domain, owing to its energy saving properties, thereby reducing the total energy expenditure of constructed structures. Polyurethane foam is highly used in the automotive sector too, thereby pushing the relevant market to achieve substantial growth.
However, rising environmental concerns about degradation processes associated with polyurethane products disposal is highly restraining the market. Improper disposal of the synthetic foam might cause irreparable damage to the environment, thus discouraging consumers from using it. Most of these consumers prefer using alternatives, consequently hindering the market’s growth. However, this picture is soon expected to change as many nations are highly focusing on developing bio-polyurethane foam products, thus neutralizing the negative effects of hindrances caused on the market.
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Geography-wise, the global polyurethane foam market is spread across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, easy availability of raw materials and strong presence of manufacturing plants in North America has made this region depict an impressive growth.