Polyurethane Foam Market worth $61.5 billion by 2026 – At a CAGR of 7.5%

According to a new market research report, the “Polyurethane Foam Market by Type (Rigid Foam, Flexible Foam, Spray Foam), End-use Industry (Building & Construction, Bedding & Furniture, Automotive, Electronics, Footwear, Packaging) and Region – Global Forecast to 2026″, The polyurethane foams market is projected to grow from USD 42.8 billion in 2021 to USD 61.5 billion by 2026, at a CAGR of 7.5% from 2021 to 2026. The market is witnessing average growth across the world due to factors such as, growing end-use industries in emerging economies, increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams.

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COVID-19 Impact on the Global Polyurethane Foam Market

The pandemic is estimated to have huge impact on various factors of the value chain of polyurethane foams, which is expected to reflect during the forecast period, especially in the year 2021. The various impact of COVID-19 are as follows:

• Impact on raw materials: The imposition of COVID-19 lockdowns across the world, lead to a decrease in demand for MDI, significantly from March to June 2020. The key buyers in Asia Pacific either cancelled their advance orders or delayed their purchases. In the European region weak demand for polyurethane foams from the automotive sector was a key factor for the declining demand for MDI in Europe.
• The outbreak and the spread of the COVID-19 situation have led to a shortage of TDI in key regions across the world. Most polyurethane companies have shut their operations, and many countries have sealed their ports, thereby resulting in no product movement. This has led to the cancellation of several orders for TDI.
• Impact on polyurethane foam manufacturers: The impact of COVID-19 outbreak resulted in the majority of production plants of polyurethane foams in Europe have either been closed or are operating with limited capacity.
• Impact on end-use industries: The impact of the COVID-19 on the construction industry is estimated to vary in different regions across the world. In Europe, the building & construction industry has been contracted by 60–70% in 2020. However, in Asia Pacific, the economy of China is improving as the construction and automotive sectors in most parts of the country have resumed normal activities.

The other two major end-use industries impacted by the COVID-19 outbreak are automotive and bedding & furniture. Until May 2020, almost all automotive plants in Europe were closed owing to the spread of the COVID-19. However, all automobile production facilities have reopened in China.

In case of bedding & furniture industry polyurethane foam manufacturing plants that serve the mattresses and furniture industries witnessed a reduction of 30% to 90% in their production in April 2020, with the retail industry closed in most of Europe. Though online sales of mattresses and furniture were reported to increase, they were not significant enough to compensate for drastic drops in demand for them.