Polyurethane Foams Market to Register Unwavering Growth During to 2030 - Huntsman Corporation, Covestro AG, the Dow Chemical Company, BASF
The global polyurethane foam market was valued at over US$ 50.0 Bn in 2018 and is anticipated to grow at a CAGR of 8.2% from 2019 to 2030. Polyurethane foams (PUFs) are the most vital class of polymeric foams. It accounts for more than 65% of the global polyurethane consumption. High demand of polyurethane foams from the construction and bedding & furniture industry is the major factor driving the market growth. Moreover, rising demand from automotive and electronic industries is bolstering the growth of the market. However, fluctuating prices of raw materials and stringent government regulations are the factors curbing the market growth. Most of the polyols used in the manufacturing of polyurethane foams are petroleum derivatives. Owing to increasing environmental concerns and scarcity of petroleum in the future is forcing the manufacturers to use renewable and bio-based raw materials. Thus, renewable polyols is the obvious alternative for petroleum derived polyols. Companies suc...