Polyurethane foam market is anticipated to grow at a CAGR of 5.5% during the forecast period. The growing adoption of polyurethane in the end-user industries such as bedding and furniture, electronics, automotive, and building and construction, in emerging economies such as India, China, and others is a key factor driving the growth of the global polyurethane foam market. In June 2022, Mitsui Chemicals and Microwave Chemical launched a new initiative aimed at commercializing the chemical recycling of flexible polyurethane foam through microwave technology. The project involves a direct synthesis of polyurethane raw materials by decomposing offcuts of the foam used to manufacture mattresses and similar items.
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However, the chemical recycling of flexible polyurethane foam and other polyurethane products has not yet been achieved at a commercial level in Japan. Therefore, the development and commercialization of such technology is a pressing issue from the perspective of contributing to a circular economy. The success of this project may impart a positive impact on the growth of the polyurethane foam market. High raw material costs can lead to pricing pressures on polyurethane foam manufacturers. However, the increasing production of bio-based polyols is anticipated to offer a lucrative opportunity for the growth of the global polyurethane foam market.
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Impact of COVID-19 Pandemic on Global Polyurethane Foam Market
COVID-19 pandemic has negatively impacted the polyurethane market as the lockdown stopped many operations, and there is a certain pause to manufacturing activities, causing interference in the production of raw materials across the globe due to the COVID- 19 pandemic. Thus, it negatively impacted the market growth. The cancellation or delay of purchase deals lead to a decrease in demand for polyurethane foam thus declining the market demand. In the European region, weak demand for polyurethane foams from the automotive sector is a key factor in the declining demand for the polyurethane foam market in Europe.
Market Players Outlook
The major companies serving the global polyurethane foam market include Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Dow Inc., and Huntsman Corp. The companies are focusing on product launches, mergers and acquisitions, and collaborations, to expand individual market share. For instance, in December 2021, Coverstro AG planned to increase production capacity by establishing new plants for thermoplastic polyurethanes in the Shanghai site. The plant is due to be completed in 2023.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global polyurethane foam market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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