Polyurethane Foam Global Market Report 2024

The polyurethane foam market size has grown strongly in recent years. It will grow from $50.93 billion in 2023 to $54.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to the expansion of the construction industry, applications in automotive interiors, furniture manufacturing, demand in refrigeration and appliances, and the need from the footwear industry.

The polyurethane foam market size is expected to see strong growth in the next few years. It will grow to $73.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to the emergence of renewable and bio-based polyurethane foams, a growing demand for lightweight materials, an increased emphasis on thermal insulation, expansion in healthcare applications, and the requirements of e-commerce packaging. Key trends expected in the forecast period include innovation in composite materials, the adoption of circular economy practices, the development of smart insulation solutions, sustainable packaging innovations, and advancements in comfort technologies for bedding.

The polyurethane foam market is poised for growth, driven by the increasing demand for automotive vehicles. Polyurethane foam, renowned for its exceptional cushioning, comfort, and durability, is a preferred material in car seats and upholstery. The rise in automotive vehicle demand is reflected in the sales of passenger cars, which increased by 5.5% in the US, reaching 11.9 million units in 2021, as reported by the European Automobile Manufacturers' Association (ACEA). The production of passenger cars in the US also witnessed a 3.1% increase from 2020, totaling over 6.3 million units. Chinese automakers recorded the production of 20.7 million vehicles in 2021, marking a 7.1% increase. Globally, the total number of cars produced rose by 2.7% to 63.2 million in 2021. Consequently, the escalating demand for automotive vehicles is a significant driver of the polyurethane foam market.

The growth of the polyurethane foam market is further propelled by increasing construction activities worldwide. Polyurethane foam, valued for its excellent thermal insulation properties, is widely employed as an insulating material in the construction industry. The US construction industry's size grew from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022, according to a 2022 report by the Bureau of Economic Analysis (BEA). This surge in construction activities fuels the demand for polyurethane foam.

Technological advancements play a crucial role in shaping the polyurethane market, with companies actively adopting new technologies to sustain their market position. In October 2021, Huntsman Corporation, a US-based chemical industry company, launched ACOUSTIFLEX LE and RUBIFLEX LE, representing the first fully commercialized technologies and a new range of low-emission polyurethane systems for automotive interiors. These low-emission PU systems are innovative solutions that allow foam producers and automotive formulators to create high-performance polyurethane foams while significantly reducing interior emissions to meet OEM regulations.

Major companies operating in the polyurethane foam market are embracing a strategic partnership approach to achieve a circular economy, promoting the recycling of products back to their raw materials. In November 2021, Evonik Industries AG, a Germany-based specialty chemicals company, partnered with The Vita Group, a UK-based polyurethane (PU) manufacturing company. This collaboration aims to develop an efficient chemical recycling process for converting flexible polyurethane (PU) foams back to the original polyol raw material. Evonik's hydrolysis recycling process has the potential to bring circularity to the flexible PU foam industry.

In June 2022, William T. Burnett & Co., Inc., a US-based technical foam and nonwoven products manufacturing company, acquired Flex Foam. This acquisition is expected to be a significant milestone for Wm. T. Burnett, offering customers of Flex Foam access to an extensive selection of technical polyether and polyester foams and nonwoven products. Flex Foam, a US-based manufacturer of polyurethane foam and carpet cushions, contributes to the production of flooring, furniture, bedding, and various automotive applications.

Major companies operating in the polyurethane foam market report are BASF SE, Dow Inc., Bayer AG, Saint-Gobain S.A., Wanhua Chemical Group Co Ltd., Covestro AG, DuPont de Nemours Inc., Sekisui Chemical Co. Ltd., Huntsman Corporation, Lanxess AG, Nitto Denko Corporation, Carpenter Co., FXI Holdings Inc., Woodbridge Foam Corporation, JSP Corporation, Rogers Corporation, Armacell International S.A., Future Foam Inc., Reciticel N.V., UFP Technologies Inc., FoamPartner Group, Greiner Perfoam GmbH, Zotefoams PLC, Foamcraft Inc., Clark Foam Products Corporation, Eurofoam GmbH, Synthesia Internacional SL, American Excelsior Company, General Plastics Manufacturing Co., Innocor Inc.

Asia-Pacific was the largest region in the polyurethane foam market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the polyurethane foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the polyurethane foam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of polyurethane foams include rigid foam, flexible foam, and spray foam. Rigid foam, a form of insulation known as continuous insulation, is applied to the exterior of buildings. Various processes involved in its production include slab stock foam, molded foam, lamination, and spraying, with distinct density compositions such as low-density, medium-density, and high-density compositions. These polyurethane foams find applications in various sectors, including bedding and furniture, transportation, packaging, automotive, construction, electronics, footwear, and other diverse applications.

The polyurethane foam market research report is one of a series of new reports that provides polyurethane foam market statistics, including polyurethane foam industry global market size, regional shares, competitors with a polyurethane foam market share, detailed polyurethane foam market segments, market trends and opportunities, and any further data you may need to thrive in the polyurethane foam industry. This polyurethane foam market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The polyurethane foam market consists of sales of mattresses, furniture, automobile interiors, carpet padding, and packaging. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.