Categories: Market Research

Polyurethane Foam Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Polyurethane Foam Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Polyurethane Foam Global Market Report 2024, The polyurethane foam market size has grown strongly in recent years. It will grow from $50.93 billion in 2023 to $54.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to construction industry growth, automotive interior applications, furniture manufacturing, refrigeration and appliances, footwear industry demand.

The polyurethane foam market size is expected to see strong growth in the next few years. It will grow to $73.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to renewable and bio-based polyurethane foams, increasing demand for lightweight materials, rising emphasis on thermal insulation, growth in healthcare applications, e-commerce packaging needs. Major trends in the forecast period include innovation in composite materials, circular economy practices, smart insulation solutions, sustainable packaging innovations, advanced comfort technologies in bedding.

The rising demand for automotive vehicles is expected to propel the growth of the polyurethane foam market going forward. An automotive vehicle refers to any kind of self-propelled vehicle used for transportation on public highways or in other settings. Since polyurethane foam provides outstanding cushioning, comfort, and durability, it is frequently used in car seats and upholstery. For both drivers and passengers, it offers a comfortable and supportive sitting environment. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the rising demand for automotive vehicles is driving the growth of the polyurethane foam market.

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The polyurethane foam market covered in this report is segmented –

1) By Type: Rigid Foam, Flexible Foam, Spray Foam

2) By Process: Slabstock Foam, Molded Foam, Lamination, Spraying

3) By Density Composition: Low-Density Composition, Medium-Density Composition, High-Density Composition

4) By Application: Bedding And Furniture, Transportation, Packaging, Automotive, Construction, Electronics, Footwear, Other Applications

Technological advancements are a key trend gaining popularity in the polyurethane market. Companies operating in the polyurethane foam market are focused on adopting new technologies to sustain their position in the market. For instance, in October 2021, Huntsman Corporation, a US-based chemical industry company, launched ACOUSTIFLEX LE and RUBIFLEX LE, the first fully commercialized technologies and a new range of low-emission polyurethane systems for automotive interiors. Its innovative low-emission PU system is a breakthrough technology that enables global foam producers and automotive formulators to create high-performance polyurethane foams while drastically lowering interior emissions levels to satisfy OEM (original equipment manufacturer) regulations.

The polyurethane foam market report table of contents includes: