Growth of End-Use Industries in Emerging Nations, high demand for polyurethane foam in building insulation for energy conservation, versatility, and unique physical properties to drive the growth of the polyurethane foam market. The global polyurethane foam market was valued at USD 54.21 billion in 2018 and is expected to reach USD 86.21 billion in 2026, growing at a CAGR of 6.1% during the forecast period.
The global polyurethane foam market is expected to grow at a significant growth during the forecast period. The major factors boosting the market growth include emerging adoption of polyurethane foam in automobile and construction coupled with significant demand for durable and lightweight materials. Automotive and construction are the promising industrial applications of polyurethane foams. The market for automotive and construction is growing rapidly and there is considerable demand in the industry. Polyurethanes are a highly reliable material owing to its strength, durability and lightweight properties. Polyurethane foam in the automotive industry is used in cushion foams, carpets, door panels, sound absorption and vibration dampening, steering wheels, airbag covers, and window encapsulation. Emerging demand for lightweight and electric vehicles is anticipated to drive the adoption of polyurethanes in the automotive industry.
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Additionally, the global polyurethane foam market has witnessed multiple innovative product launches that have contributed to the growth of the market. For instance, in April 2019, Icynene-Lapolla had launched Lapolla Foam-Lok 750. Lapolla Foam-Lok 750 was launched to address the better energy solution to meet the building code and energy efficiency requirement of high-performance homes, owing to its core density of 0.75-pound which makes it highly air-permeable. Moreover, in February 2019, Icynene-Lapolla had launched Icynene Open-cell No-Mix insulation. The no-mix is a two-component light-density one-to-one by volume spray. This product launch was done to address the rising demand for no-mix insulation owing to its utility in new and retrofit home and commercial applications. In December 2018, Thermoseal had launched Thermoseal 360 and Thermoseal 800. Thermoseal 360 is ultra-high yield open-cell spray foam insulation. Whereas, Thermoseal 800 is a new ultra-high R-value open-cell spray foam. The company had launched these innovative sprays to get an edge over other competitors in the highly competitive market of spray polyurethane foams.
Europe is projected to grow at the highest CAGR of around 8.8% during the forecast period