Presence of large number of global, regional, and local players has created a fragmented landscape in the global rigid polyurethane foam market. Leading players in the market are using in different business development strategies that they think are best for them. Some of the few market players are Covestro, Huntsman Corporation, DuPont, DUNA CORRADINI S.p.A, and BASF SE. For instance, Huntsman Corporation is using mass distribution strategies to cover larger market share. The company has implemented this strategy specifically for this product, as it requires less technical assistance aligning to their application scopes. Moreover, it also helps in reducing distribution cost across the country.
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Another example is of BASF who has outsourced their small and medium customer’s base to manage demand for products from them. Third-party sources manage brand image, accessibility, and product visibility for these customers. Both the companies are using different strategies that suits best for the growth and development.
In terms of revenue, the global rigid polyurethane foam market is expected to generate US$25.5 bn by the end of 2025, progressing from US$15.2 earned in 2016. This valuation will be attained if the market progresses at 6.0% CAGR between 2017 and 2025.
The demand for rigid polyurethane foam is high in the building and construction segment and is likely to lead the global rigid polyurethane foam market in the coming years. Increasing building of residential housing, retail stores, commercial spaces, power stations, factories, and others has led the demand for rigid polyurethane foam in this segment. With respect to geography, Asia Pacific is expected to lead the market due to a significant rise in the building and construction industry.
High Thermal Performance Property to Bolster Demand for Rigid Polyurethane Foam
Increasing application of rigid polyurethane foam in construction and building, automotive, industrial, and other industries has fueled growth in the global rigid polyurethane foam market. Moreover, demand for rigid polyurethane foam also increased due to its thermal insulation material that acts as refrigerated containers. These containers are widely used in rail and road transport that further fuels growth in the automotive industry. Application of thermal insulation material present in rigid polyurethane foam is also seen in homes that help in maintaining uniform temperature that results in energy saving.
Adding further, key properties of rigid polyurethane foam that is used as insulation materials are stability, durability, high thermal performance, high mechanical performance, and energy-efficiency. Due to these properties, it high in demand in homes and commercial building where it helps in reducing cooling and heating costs.
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Strict Government Regulations could Deter Market Performance
Factors such as fluctuating raw material prices are expected to deter demand in the global rigid polyurethane foam market. This also leads in changing the demand and supply of these raw materials, which might also hamper growth market. Moreover, strict environmental regulations and government regulations against the use of isocyanates used in polyurethane foam production, as it has harmful effects on health is also expected to restrict growth in this market. However, increasing use of rigid polyurethane foam in building and construction and rapid pace of industrialization might help in reducing these challenges.
