Polyurethanes are plastic polymers that are produced by combining di-isocyanates and polyols, both extracted from crude oil. These can have either an open cellular structure or a solid structure. An open cellular structured polyurethane is called a foam. Specific characteristics can be achieved by varying the type and quantity of additive used. These products find applications in various sectors such as automotive, buildings, furniture, electronics, packaging, etc.
Polyurethane Foam Market Estimation:
In 2020, the global polyurethane foam market was valued at nearly USD 40.0 billion. It is estimated to reach a valuation of around USD 60.0 billion by the end of 2026, registering a compound annual growth rate of over 7%.
Polyurethane foams are extensively used in the form of insulators, adhesives, sealants and binders in construction applications. These materials help minimize infrastructural costs through reduced energy consumption. Thus, the increasing awareness for energy conservation will have a positive impact on the polyurethane foam market.
Polyurethane foams are being extensively used in vehicular components such as dashboards, armrests, airbags and so on. An upsurge in vehicle sales will create an increased demand for these foams. Moreover, inclusion of these products in other components will also propel the growth of the polyurethane foam market.
Environmental awareness including issues such as the burden on fossil fuel deposits and impact of plastics may hinder the polyurethane foam market growth. However, alternatives such as the production of polyols using bio-based materials like soy-based polyols are environment friendly and sustainable. Moreover, these polyols offer significant advantages over conventional polyols. As a result, the use of bio-based polyols may counter the negative outlook towards the use of petroleum-based polyurethane foams.
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The use of methylene chloride can have adverse effects on human health. Also, it releases volatile organic materials which are deemed hazardous. Stringent regulations imposed on the use of methylene chloride pose a threat to the polyurethane foam market’s expansion. For instance, the regulation imposed by the U.S. EPA for new and existing plant sites have deterred the growth of the market.
Feedstock material like toluene di-isocyanate, methyl di-p-phenylene and polymeric isocyanate are commonly used in the production of polyurethane foams. The increasing costs of these materials are creating a sharp increase in the production costs. Therefore, the high costs of raw materials can hamper the acceleration of the market.
The key players operating in the market are:
The research report analyses the ecosystem of the polyurethane foam market and categorizes it to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
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