Market – Overview
Rapid pace of development has defined the expansion of the industry in these past few years. Market Research Future deals in specialized market reports related to the chemicals and materials sector amongst others, lately published a report on this industry. The polyurethane foam market internationally is anticipated to grow with an estimated CAGR of more than 9.1% in the forecast period.
The level of flexibility offered in terms of applications has provided a heightened level of demand to this industry. Ease of manufacturing and relatively low cost of the product has been important to the growth of industry considerably. Its usage in the bedding and furniture has increased dramatically due to increase in the demand and need of these products. Increased urbanization has amplified the growth pace of the market with a significant increase in the level of disposable income as well. Increase in the consumer electronics sector has improved the growth potential of the market.
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The polyurethane foam industry is divided into types by rigid foam and flexible foam. Flexible polyurethane type has garnered higher levels of demand due to their characteristics. The applications segmentation of the sector includes furniture and bedding, automotive, refrigerators and freezers, coatings and adhesives among other applications. The Bedding & furniture was the top segment in the application category for polyurethane foams
Detailed Regional Analysis
The industry for polyurethane foams is divided into Europe, North America, Asia Pacific, and Rest of the World (ROW). As per the study, the consumer demand for flexible form of polyurethane will take over the demand for rigid form due to its vast demand from the application industries. In all the regions, Asia-Pacific has been observed to have a greater growth level in the forecast period by cover of approximately 45% of the complete market share followed by North American and European regions. European and North American regions have been the conventional consumers of such polymers due to a steady industrial output rate. While robust economic development in India and China has significantly shifted the balance to the extent that the Asia Pacific region is estimated to appear as the foremost consumer.
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Global Competitive Analysis
The segment will be dominated by players who will be targeting their strategies to gain a significant portion of the market by effective employment of their prime resources to set off lasting growth changes. The trends in the market which are related to growth are significantly volume driven. Increase in diverse ranges of product forms will be crucial to market expansion. The sector’s extensive change has fast-tracked the growth pace leading to research with numerous advantage points. The industry’s development can be achieved by continual ongoing process improvements and maintaining financial fluidity to invest in the ideal strategies when they are arise.
Evonik, Armacell GmbH among
Jan 2018 Dow polyurethanes will be included in the Olympic Village and the 2018 Winter Olympics buildings as well. The company’s Polymeric MDI will be used to make PIR insulation for parts of the Olympic Village. The houses made from these panels consisting of boards and insulation foam can be constructed in a short duration of time with half the costs. The foams also require only half the energy to build in comparison to other expanded polystyrene structures.
Feb 2018 Sleepwell part of the Sheela Group which has gained its market share as a top producer of polyurethane foam recently announced the unveiling of its groundbreaking ‘comfort cell’ technology mattresses in Andhra Pradesh signifying the entry of technology in the state. The applications of the foam is used in businesses like shoes, garments, automobiles, and packaging.
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