The global colored PU foams market is expected to reach USD 20.33 billion by 2022, according to a new report by Grand View Research, Inc. The market is expected to be driven by increasing developments in electronic appliances, automotive, footwear and packaging industries. Growing demand for high performance materials from automotive industry is expected to drive global colored PU foams market over the forecast period. Increasing construction spending in Asia Pacific is also expected to have a positive influence on the market growth. Volatile MDI/TDI prices are expected to challenge market profitability.
Flexible colored PU foams were the leading product segment and accounted for over 55% of total market volume in 2014. They are widely used for cushioning applications mainly in furniture & interiors and packaging industries. Rigid PU foams are expected to witness the highest growth of 5.2% from 2015 to 2022. Growing demand for insulation products across automotive and construction industries is expected to drive this segment over the forecast period.
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Further key findings from the report suggest:
- Global colored PU foams market demand was 4.43 million tons in 2014 and is expected to reach 6.56 million tons by 2022, growing at a CAGR of 5.0% from 2015 to 2022.
- Furniture and interior was the leading application segment with demand share exceeding 25% in 2014. Rapid urbanization particularly in Asia Pacific and parts of Middle East & Africa has prompted demand for furniture and interior products. This surge in demand is directly proportional to growth of colored PU foams.
- Electronic appliances are expected to witness the highest growth of 5.7% from 2015 to 2022. Growing consumer preferences for efficient and high strength appliances is expected to drive this segment over the forecast period.
- North America was the leading regional market with demand share estimated at 35.4% in 2014. Developed application industries particularly in the U.S. coupled with growth of automotive and construction industries in Mexico are expected to drive the regional growth. Asia Pacific is expected to witness the highest growth of 5.2% from 2015 to 2022.
- Global industry is highly fragmented in nature. Small and medium sized industry participants covered more than 70% of market share in 2014. The market is expected to attract huge number of companies owing to introduction of bio-based raw materials.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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