SEATTLE, May 10, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global polyurethane foam insulation materials market is estimated to be valued at US$ 28,314.75 Million in 2021 and expected to exhibit a CAGR of 6.80% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Polyurethane Foam Insulation Materials Market:
Insulation materials made of polyurethane foam are a type of foam that is used to provide insulation. Polyurethane foam is made by mixing the chemicals, Polyol and Isocyanate, resulting in an open cell structure with air pockets inside the material. Polyurethane foam insulation is utilized in a variety of applications including the residential and non-residential construction, oil & gas, and automotive sectors. The most significant segment of the polyurethane foam insulation materials industry is residential construction. Paints, coatings, and adhesives, which are widely used in construction, contain flexible and semi-rigid foams. The demand for these services grew as the number of people renovating and updating their homes increased.
Product innovations are key growth driving factors in the polyurethane foam insulation materials market. For instance, in September 2019, Demilec, Inc., a subsidiary of Huntsman Corporation, launched several spray foam insulation products for the Middle East market and announced the opening of its Spray Foam Technical Application and Training Center in Dubai.
Rigid foam, which has unique insulating properties that make it suitable for use in homes for walls and roofs, is one of the exceptional applications of polyurethane. As rigid polyurethane foam has a strong insulating quality, it allows builders to build thinner walls and can reduce construction costs and utility bills for homeowners.
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Key Market Takeaways:
The global polyurethane foam insulation materials market is expected to exhibit a CAGR of 6.80% over the forecast period (2021-2028). Increasing demand for building insulation materials in both residential and non-residential segments, as well as the rising use of rigid polyurethane foam (RPF) in automotive applications, are expected to be the main growth drivers during the forecast period.
North America polyurethane foam insulation materials market is estimated to be valued at US$ 7,458.10 Mn in 2021 and is expected to grow at a significant rate of 6.70% during the forecast period. The growth of the polyurethane foam insulation materials market in North America is mainly attributed to the increasing demand for energy-efficient and cost-effective insulation materials.
Major players operating in the global polyurethane foam insulation materials market include Bayer Ag, Armacell GmbH, Compagnie De Saint-Gobain S A, Ekisui Chemical Co. Ltd., Huntsman Corporation, Nitto Denko Corporation, Inoac Corporation, The Dow Chemical Company, Tosoh Corporation, Trelleborg Ab, Sekisui Chemical, and Wanhua Chemical Group Co. Ltd.
Technology launches, acquisitions, collaborations and R&D activities are key strategies adopted by players in the polyurethane foam insulation materials market. For instance, in January 2020, Covestro AG, a leading producer of a variety of polycarbonate and polyurethane raw materials, announced a collaboration with Recticel NV/SA, a producer of flexible polyurethane foams used in bedding, insulation, and automotive products. The goal of this collaboration is to create mattresses out of discarded mattresses. This collaboration will build a circular economy in the polyurethane foam market which will help both the companies lower the dependence on the use of raw materials in polyurethane foams production. Also, in April 2020, Eurofoam Group, a leading manufacturer of flexible polyurethane foams in Eastern and Central Europe region, was acquired by Greiner, a leading producers of foam and processors of plastics for the packaging, furniture, sport, automotive, medical technology and pharmaceutical sectors. The aim of this acquisition is to strengthen the foam segment and will be helpful for Greiner's expansion in the future.
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Detailed Segmentation:
Global Polyurethane Foam Insulation Materials Market, By Type:
- Flexible Foam
- Spray Foam
- Rigid Foam
Global Polyurethane Foam Insulation Materials Market, By Application:
- Building and Construction
- Automotive
- Medical
- Packaging
- Others (Electronics, etc.)
Global Polyurethane Foam Insulation Materials Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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