Polyurethane Foam Market Poised to Grow $61.5 billion by 2026| MarketsandMarkets™
The global polyurethane foams market is projected to grow from USD 42.8 billion in 2021 to USD 61.5 billion by 2026, at a CAGR of 7.5% from 2021 to 2026. The major reasons for the growth of the polyurethane foams market include growing end-use industries such as bedding & furniture, electronics, automotive, and building & construction, in emerging economies like India, Thailand, and others. Some of the other like the increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams are driving factors for growth of the polyurethane foams market.
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Companies such as Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Dow Inc., and Huntsman Corporation, fall under the winners’ category. These are leading players in the polyurethane foams market, globally, and are some of the leading players operating in the polyurethane foams market. These players have adopted the strategies of expansions, agreements, mergers & acquisitions, partnerships, new product launches, joint ventures, investments & contracts, collaborations, and new technology & new process developments, to increase their presence in the global market.
Covestro AG is the dominant player in the global polyurethane foam market. The company invests in R&D to introduce innovate products, which can be of higher quality and can be used across end-use industries at affordable prices. It also has a strong distribution channel, making products available across the globe to various end-use industries. Covestro AG is among the largest producers of polyurethane foam in Germany. The company has a wide range of product offerings, as it is among the largest producers in the country. It has the highest R&D expenditure percentage in comparison with other major players in the market and has also expanded in recent years. It has a good brand image and is among the new manufacturers of polyurethane foam and has a good product differentiation and impact on customer value. Covestro AG has a global presence. The company focuses on the effectiveness of growth strategy, as it is focusing on inorganic strategies. It has a strong distribution channel and has four overseas facilities spread across the world, making it one of the largest companies, globally. The company is well aligned with its strategy of sustainable growth. It also has high operating and profit margins.
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BASF SE is a leading supplier of polyurethane systems, specialties, and basic products such as polyurethane foams, and polyurethane raw materials. The company has a broad product portfolio comprising spray polyurethane foams, basic products, specialty elastomers (such as thermoplastic polyurethane (TPU) and microcellular elastomers), and other customized products. The polyurethane products offered by it are used in automotive, construction, sports & leisure, shoes, furniture, electronics, and insulation applications. BASF SE offers different groups of polyurethane systems based on their hardness, softness, integrity, or compactness. The company offers prompt local support, ranging from technical services & sales to production & marketing services through its polyurethane system house network. It operates a global network of 45 polyurethane system houses with a comprehensive product and service portfolio. With its world-scale plants, BASF SE is considered one of the leading producers of basic polyurethane products across the world. The company manages its business through Chemicals, Materials, Surface Technologies, Industrial Solutions, Agricultural Solutions, Nutrition & Care, and other business segments. The Other segment of BASF SE comprises its paper and water chemicals business. The company manages its polyurethane foam business through its Materials segment.
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