Polyurethane Foam Market Expected to Grow Between 2018 and 2026
According to the latest report published by Credence Research Inc., "Global Polyurethane Foam Market - Growth, Prospects and Competitive Analysis, 2018-2026," the global polyurethane foam market was valued at USD 55.85 billion in 2017 and is expected to grow at a CAGR (Compound Annual Growth Rate) of 5.2% from 2018 to 2026.
Due to their diverse applications, polyurethane foams experience strong demand from various end-use sectors including bedding and furniture, building and construction, electronics, automotive and transportation, footwear, packaging, and others (textiles, refrigeration, etc.).
Rising demand from end-use sectors driven by increased energy efficiency and reduced weight, coupled with factors such as the strengthening of the middle class in emerging markets, has supported the growth of polyurethane foams on a global scale.
Polyurethane foams are a lightweight and cost-effective option compared to other conventional materials in most end-use sectors. Furthermore, polyurethane foams are chemically stable and flexible, serving as an ideal insulation material in the building and construction sector.
Rigid PU is projected to record the fastest growth during the 2018-2026 period because rigid PU foam has become a core material in the building and construction end-use sector due to its thermal insulation properties.
Moreover, governments of both developed and developing countries are implementing policies that promote energy efficiency and savings to meet climate and energy targets, which will strengthen the rigid PU foam market in the coming years.
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