According to a new report published by Allied Market Research titled, " Microcellular Polyurethane Foam Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the market accounted for revenue of $5.2 billion in 2018 and is anticipated to generate $8.1 billion by 2026. The market is projected to experience growth at a CAGR of 5.6% from 2019 to 2026.
Microcellular polyurethane foam is flexible, open cell, and closed cell urethane foam that is very economical possess excellent resistance to compression set. The foam has good cushioning, sealing, and vibration control due to very low compression properties. Also, the open cell structure allows gas and vapors to pass through the material. It can also be formulated to form an integral skin, as it is mechanically mixed, and hence the cell size is more uniform. Automotive application accounts for the largest share of the global microcellular polyurethane foam market due to its use in cushioning purposes, as well as in bodies of the car, where their insulation properties provide protection against heat and noise of the engine. Microcellular polyurethane foam are used in electrical potting compounds, seals & gaskets, automotive bushings, durable elastomeric wheels & tires, hard plastic parts, and carpet underlay.
The factors that drive the microcellular polyurethane foam market growth are application areas such as automotive, aerospace, & construction industries. The use of microcellular foams in several parts of auto vehicles, aircrafts, medical, and in insulation purposes in housing constructions have led to increase in demand for such foams. Moreover, increase in consumer spending in emerging economies also drive the microcellular polyurethane foam market. However, volatile raw material prices hamper the growth of microcellular polyurethane foam market as fluctuations in the prices influences the production of process. Moreover, environmental impact related to raw materials used are strictly regulated by many governing bodies with goal to reduce carbon footprint acting as a factor restraining the growth of the global microcellular polyurethane foam market.
The microcellular polyurethane foam market is segmented based on type, application, and region. Type segment is further bifurcated into high density foam and low density foam. Low density foam are further classified into semi-rigid and others. Low density foams dominates the market. Application segment is divided into automotive, building & construction, electronics, medical, aerospace and others. Automotive segment dominates the market and is expected to grow at fastest. Based on region, microcellular polyurethane foam market analysis is done across North America, Europe, Asia-Pacific and LAMEA (Latin America, middle-East and Africa). Microcellular polyurethane foam market share is analyzed across all segments and regions.
The key players in microcellular polyurethane foam industry are BASF SE, Dow Inc., SAINT-GOBAIN, Huntsman Corporation, Evonik Industries, INOAC Corporation, Rogers Corporation, Rubberlite Inc., Mearthane Products Corporation, and Kuraray Co., Ltd. The key players adopted several strategies such as new product launch, agreement, acquisition and expansion to sustain the intense competition in the market.
Key Findings of the Microcellular Polyurethane Foam Market :
- Microcellular polyurethane foam market size is provided in terms of volume and revenue
- The U.S. is projected to grow at the highest CAGR of approximately 6.4%, in terms of revenue, during the forecast period
- By application, the automotive segment is anticipated to grow with CAGR 6.1%, in terms of revenue, during the forecast period
- The U.S. and China dominated the microcellular polyurethane foam market growth with a revenue share of over 20% and 8% in 2018
- A comprehensive analysis of the factors that drive and restrain the growth of microcellular polyurethane foam market is provided
- The qualitative data in this report aims at the microcellular polyurethane foam market trends, dynamics, and developments in the industry