Building and Construction Industry Driving Rigid Polyurethane Foam Market

Polyurethane foam, which is a plastic or polymer that is extensively used for various applications, can be of two types, rigid or flexible. Rigid polyurethane foam are primarily used for insulation purposes in the construction sector and for refrigeration, as it is energy efficient and hence helps in reducing overall costs. Flexible foams are also used as cushioning substance in various industries including bedding, packaging, transportation, and furniture. The prosperity of each of these end-use industries is reflecting on the global rigid polyurethane foam market, which is projected to expand at a CAGR of 6.0% during the forecast period of 2017 to 2025, according to a recent business and commerce study by Transparency Market Research (TMR). The report has evaluated that the global rigid polyurethane foam market was worth US$15.2 bn in 2016, and estimates the opportunities to swell up to US$25.5 bn by the end of the forecast period, which is 2025.

Which key factors will define the future of the market?

Rapid rise of the bedding and furniture industry owing to increased disposable income among the urban populations of developed as well as emerging economies, environment sustainability and energy conservation, versatility and unique physical properties, growth of various end-use industries in a number of developing countries, and growing awareness regarding the advantages of using polyurethane foam are some of the key factors driving the demand in the global rigid polyurethane foam market. On the other hand, factors such as rising cost of raw materials, hazards associated with polyurethane, and law of awareness regarding eco-friendly products are some of the obstructions mitigating the prosperity of the global rigid polyurethane foam market.

Which market segments are showing greater promise?

Based on end use industry, the global rigid polyurethane foam market is segmented into building and construction, automotive, industrial, and others, with building and construction industry serving the maximum demand in 2016 and anticipated to remain most profitable segment throughout the forecast period. The rigid polyurethane foam for building and construction is used for commercial spaces, residential housing, retail stores, power stations, factories, food processing plants, cold storage, warehouses, telecom shelters, and public institutions such as hospitals and schools. Some of the common application of rigid polyurethane foam in the building and construction industry is insulating boards with flexible facings for ceilings, walls, roofs, and floors, sandwich panels with firm facings as wall panels and roof, spray-in-place foam for sealing and insulation, and insulating and construction material as cut to-size pieces from slabstock.

Which region is currently serving the maximum demand?

The rigid polyurethane foam market gains maximum demand from Asia Pacific, with China alone contributing 55% of the total region from the region, which is a reflection of large volume production of these foams in the country. Rapid urbanization and growing awareness among the consumers regarding environmental sustainability are some of the other factors augmenting the demand in the Asia Pacific rigid polyurethane foam market.

What is the nature of competition among the market leaders?

The presence of a large number of global and domestic players is making the rigid polyurethane foam market fragment. DuPont, BASF SE, Covestro AG, DUNA CORRADINI S.p.A, Huntsman Corporation, Kingspan Group plc, Owens Corning, ISOTHANE Ltd., and Rockwoll International A/S are a few companies ahead of the curve in this market.


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