The flexible polyurethane foam market is Segmented By Solubility (Soluble, Insoluble), By Application (Furniture and Upholstery, Packaging, Textile and Fibers, Consumer Goods, Others), By End-user(Transportation, Food and Beverages, Textile, Building and Construction, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2021-2028
Market Overview
The global "flexible polyurethane foam market" size was worth US$ XX billion in 2020 and is estimated to record significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% within the forecast period (2021-2028).
Flexible polyurethane foam (FPF) is a polymer that combines polyols and isocyanates in a chemical reaction. Flexible polyurethane foam is one of the most versatile materials ever created. It’s used in hundreds of consumer products to provide comfort. FPF is characterized by a cellular structure that allows for some compression and resilience, resulting in a cushioning effect. Furniture, bedding, automotive seating, athletic equipment, packaging, footwear, and carpet cushions all use it because of this feature. It also serves as a soundproofing and filtering medium. In the United States alone, nearly 1.5 billion pounds of foam are produced and utilized each year. Flexible polyurethane foam is primarily utilized for door and window assembly, infilling applications, sound and heat insulation, weatherproof barriers, and fire insulation. After being applied, polyurethane foam reacts quickly to moisture in the air and expands.
Source: DataM Intelligence Analysis (2021)
Dynamics
The wide range of versatility creates opportunities for the material to be used in various consumer products to provide comfort. Superior physical and chemical characteristics of flexible polyurethane foam are expected to increase the demand in the furniture industry.
The wide range of versatility creates opportunities for the material to be used in various consumer products to provide comfort.
Flexible polyurethane foam is one of the most versatile materials ever created and hence is in high demand in various applications such as the material can be used in cars and under the carpet, packaging material to protect the delicate instrument and its cushioning material is the primary choice in almost all furniture and bedding. Thus a wide range of applications offered by the material acts as a major driving factor for the growth of the product. Furthermore, although flexible polyurethane foam appears to be a simple product, it is quite complicated. It can be made to have an almost limitless number of different qualities. Even if two foams appear to be identical, they may feel and behave very differently. When choosing foam cushioning for various purposes, flexible polyurethane foam has various physical features to consider, such as density, indentation force deflection (IFD), flex fatigue, roller shea, and tear strength. The physical properties of the foam are measured under carefully controlled humidity and temperature settings. When testing foam samples for physical qualities, care must be given to replicate those conditions.
For instance, on 21st September 2021, The ORTEGOL® 700 line of polyurethane additives from Evonik was introduced to improve the final quality of compressed flexible foams significantly. The new chemicals make it considerably easier for compressed mattresses to unfurl and recover their original volume. The ORTEGOL® 700 series is also intended to improve the final performance of compressed foams, particularly after extended storage and transportation.
Superior physical and chemical characteristics of flexible polyurethane foam is expected to increase the demand in furniture industry.
According to Statista, US furniture stores accounts for a $113 billion market. The furniture industry is still growing, but the pace is slowing with anticipated growth of only 2.4% in 2020. Furthermore, the National Bureau of Statistics China shows that furniture retail sales in China totaled approximately CNY 22.3 billion in January and February 2021. This amounted to about 58.7% of revenue generated during the same period the previous year. Polyurethane foam is a significant component for giving comfort and design in office furniture and other uses. According to the Polyurethane Foam Association, more than 1.5 billion pounds of flexible polyurethane foam are produced in North America each year.
Furthermore, according to the Ministry of Economy, Trade, and Industry, Japan produced roughly 128.9 kilotonnes of polyurethane foam in 2019. Due to its reliability in the industry, flexible foam is widely used in various industrial applications. Aside from the superior qualities, the lower cost of raw materials is a major benefit of employing these materials. Because of its versatility as a structural material, flexible foam is employed in furniture applications. Flexible foam's qualities, such as its lightweight, antimicrobial properties, and flexibility to mold into various shapes, make it suitable for a variety of furniture applications, including child stools, office wall partitions, and bookshelves.
Thus, the growing demand for furniture, owing to the improving purchasing ability and the increase in the durability and longevity of the products, is expected to boost the growth of the flexible foam market.
The growing inclination towards bio-based flexible polyurethane is expected to create opportunities
The flexible polyurethane foam (FPF) sector is working hard to improve the sustainability of its products and manufacturing methods. FPF is now widely used as one of the most environmentally friendly and flexible polymers available. FPF products are made of recyclable materials. Recycled content and recyclability are two factors consistently identified with sustainable products. Flexible polyurethane foam (FPF) products are highly recyclable. The FPF industry has one of the most successful recycling records in the world. Almost all manufacturing scrap is collected and recycled in the United States. According to the Carpet Cushion Council, over 1.2 billion pounds of post-industrial and post-consumer foam scrap is diverted from landfills each year to be used in carpet cushion manufacturing.
The FPF industry scrap collecting and reuse system have become one of the world's most successful recycling examples. Almost all manufacturing scrap is collected and recycled in the United States. Hundreds of millions of pounds of FPF from post-consumer waste are rescued from landfills each year and recycled as bonded carpet cushions. PFA members are encouraged to increase the efficiency and scope of their post-consumer recycling initiatives. Furthermore, FPF manufacturing technology is an example of energy-efficient production. FPF is produced with minimum energy or water use due to an exothermic reaction. Thus, the growing inclination towards adopting eco-friendly materials is creating huge opportunities for the flexible polyurethane foam market to grow in the forecast period.
COVID-19 Impact Analysis
COVID-19 has had a major economic influence on several financial and industrial sectors, including travel and tourism, manufacturing, and aviation. Economic activity is diminishing due to increasing countries implementing and prolonging lockdowns, which influences the global economy. The pandemic has brought the residential and commercial construction and industrial sectors to a halt. During the current crisis, flexible polyurethane foam demand is expected to be low to medium. Delays in order delivery, supply chain limitations, workforce and equipment shortages, and material shortages are serious concerns. Following this crisis, the market is predicted to recover, and demand for flexible polyurethane foam is expected to rise. Residential furniture appears to be surviving the COVID-19 pandemic better than other wood product markets. According to research analyst firm Smith Leonard, new furniture orders increased by 51% in August compared to last year's same month and are up 6% year-to-date. However, as per Ralph Marquardt, Head of Evonik’s polyurethane additives business, since the COVID-19 pandemic, "Bed in a Box" sales have exploded, with consumers only buying new mattresses online and having them delivered inboxes.
Furthermore, most countries began to ease restrictions in the second half of 2020. The construction, textile, furniture sector has regained the market momentum and therefore accelerated the demand for flexible polyurethane foam to grow in the forecast period.
Segment Analysis
The global flexible polyurethane foam market is bifurcated based on solubility, application, end-user, and region.
Packaging is expected to grow at the fastest rate due to the excellent physical and chemical properties
Based on application, the global flexible polyurethane foam market is segmented into furniture and upholstery, packaging, textile and fibers, consumer goods, others. Out of the mentioned applications, furniture and upholstery hold a dominating position in the market owing to the growing furniture industry across the globe and increasing demand for the material in the industry. However, the packaging is expected to grow at the fastest rate in the global flexible polyurethane foam market due to the material's excellent physical and chemical properties. The shift towards adopting eco-friendly materials in the packaging industry is another factor creating opportunities for the material to grow in the forecast period. The whole purpose of using flexible polyurethane foam in packaging is to act as a shock absorber. As per the studies, flexible polyurethane foam that can absorb efficiently and return to its original shape rapidly and repeatedly is ideal for fragile packaging products of various weights and sizes. Flexible foam can also be easily cut and shaped for bracing, supporting, and wrapping things. Flexible polyurethane foam has two basic qualities that are critical to packaging performance.
For instance, in September 2020, Storopack, a protective packaging specialist, has launched the new FOAMplus® 5504RC packaging foam, the first polyurethane foam in the packaging business with renewable content that weighs only 0.30 pounds per cubic foot. The environmentally friendly FOAMplus® 5504RC foam is made from sugar-based material derived from renewable sources and will meet the most stringent cushioning requirements.
Source: DataM Intelligence Analysis (2021)
Geographical Analysis
The surge in demand for the product from a variety of end-user industries in the Asia-Pacific is projected to have an impact on market growth
Over the projected period, the Asia-Pacific region is expected to dominate the flexible polyurethane foam market. The surge in demand for the product from a variety of end-user industries in the area, including furniture, packaging, consumer goods, and automotive, is projected to impact market growth. The Asia-Pacific region is home to the world's largest producers of flexible foam. RECTICEL, BASF SE, and INOAC Corporation, among others, are some of the top manufacturers of flexible polyurethane foam. Due to the increased use of thermal insulation in the building industry and higher investment by private enterprises, Asia-Pacific is predicted to be the largest and fastest-growing region for flexible polyurethane foam material during the forecast period. China is undergoing a massive development boom. The country is the world's largest construction market, accounting for 20% of all worldwide construction investment. By 2030, the country is estimated to spend roughly USD 13 trillion on construction. Furthermore, the furniture industry in Asia-pacific is also booming in the recent period, thus creating huge opportunities for the market to proliferate in the near future.
In addition, the Asian region is also a manufacturing hotspot for automobiles. According to the Organization for International Cooperation on Automobiles (OICA), the region will generate more than half of worldwide vehicles by 2020. The increased use of flexible foam in the automobile industry and an increasing trend toward amplification in car design and comfort are driving growth in the region. As a result, the Asia-Pacific market for flexible foam material is expected to increase significantly over the study period.
Source: DataM Intelligence Analysis (2021)
Competitive Landscape
The flexible polyurethane foam market is highly competitive with the presence of local and global companies. Some prime companies that are contributing to the market's growth include BASF SE, Rogers Corporation, Bayer Material Science, The Dow Chemical Company, Ube Industries, Ltd, Recticel, Zotefoams Plc, The Woodbridge Group, Sekisui Alveo AG, Huntsman International LLC, INOAC CORPORATION, and Recticel NV/SA, and others.
The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations, contributing to the growth of the IoT in the Education market globally.
- For instance, on 21st September 2021, The ORTEGOL® 700 line of polyurethane additives from Evonik was introduced to improve the final quality of compressed flexible foams significantly. The new chemicals make it considerably easier for compressed mattresses to unfurl and recover their original volume. The ORTEGOL® 700 series is also intended to improve the final performance of compressed foams, particularly after extended storage and transportation.
BASF
Overview: BASF SE is a growing German multinational chemical corporation that is the world's largest chemical manufacturer. The company is branched in Europe, Asia, Australia, the Americas, Africa, and joint ventures in over 80 countries and operates in six integrated production sites and 390 other production sites.
Product Portfolio: The company has a product portfolio of Flexible Polyurethane Foam that includes:
- Lupranate® T80 is molded flexible polyurethane foam, an essential component of user experience in modern vehicles. The product offers consumer benefits and contributes to vehicle safety and ergonomics, enabling advanced seat system functions, and allowing for brand image enhancement. Furthermore, molded polyurethane foam is an important component of the interior durability of automobiles.
Key Development
- For instance, in June 2017, BASF was honored at the European Association of Flexible Polyurethane Foam Manufacturers (EUROPUR & EURO-MOLDERS) annual event in Milan, Italy, for the unique creation of Irgastab® PUR 70 antioxidants for polyurethane foam. EUROPUR and Urethanes Technology International presented the European Flexible PU Foam Innovation Award.
Why Purchase the Report?
- Visualize the flexible polyurethane foam market segmentation by solubility, application, end-user, highlighting key commercial assets and players
- Identify commercial opportunities in the flexible polyurethane foam market by analyzing trends and co-development deals
- Excel data sheet with thousands of data points of flexible polyurethane foam market-level 4/5 segmentation
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global flexible polyurethane foam market report would provide approximately 53 market data tables, 61 figures, and 250 pages.
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