Microcellular Polyurethane Foam Market - By Density, By Foam Type, By Function, By Application, By End-use Industry, By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030

Microcellular Polyurethane Foam Market Overview

Microcellular Polyurethane Foam Market Size is forecast to reach $ 10973.2 Million by 2030, at a CAGR of 5.40% during forecast period 2024-2030. Microcellular Polyurethane foam is a flexible-to-firm, open & closed cell structured thermoset foam having high initial tack and excellent shear strength over a wide range of temperatures. It mainly consists of high-density polyurethane foam that has thermal insulation, energy dissipation, compression and vibration resistance features which are creating a drive in the Microcellular Polyurethane Foam Market. Owing to its rich features, the microcellular polyurethane foam finds applicability in gasketing and sealing applications in automotive, building & construction, aerospace, and electrical & electronics sectors. The demand for fuel-efficient vehicles coupled with technological upgradation has increased the scale of automotive production. For instance, according to the European Automobile Manufacturer’s Association, in 2021, automotive production in South Asia increased by 24%. In addition to automotive, the rapid growth in building & construction, aerospace and electrical & electronics sector is also creating a surge in the growth of the microcellular polyurethane foam industry. 

Microcellular Polyurethane Foam Market Report Coverage

The “Microcellular Polyurethane Foam Market Report – Forecast (2024 – 2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Microcellular Polyurethane Foam Industry.

Key Takeaways

• Asia-Pacific dominates the Microcellular Polyurethane Foam Market owing to the growing automotive production and construction activities in the region which is creating a drive in demand of high-density polyurethane foam for gasketing and sealing.
• Having high insulating and shock absorption properties makes thermoset foam such as microcellular polyurethane foam an important raw material for aircraft seats which has created a surge in its demand, thereby positively impacting the microcellular polyurethane foam industry outlook.
• Growing volatility in crude oil prices can hamper the production scale of microcellular polyurethane foam, thereby restraining the market growth as well as Microcellular Polyurethane Foam Market size during the forecast period.

Figure: Microcellular Polyurethane Foam Market Revenue by Geography, 2021 (%)

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Microcellular Polyurethane Foam Market Segment Analysis – by Foam Type

The flexible foam held the largest share in the Microcellular Polyurethane Foam Market share in 2021 and is projected to grow at a CAGR of 5.40% during the forecast period 2024-2030. Flexible microcellular polyurethane foam provides excellent compression & vibration resistance features in comparison to rigid microcellular polyurethane foam. Due to its improved performance, the flexible microcellular polyurethane foam has high applicability in automotive bumpers, aircraft seats, gasketing and sealing. The rapid development in these sectors has created a surge in the demand for flexible microcellular polyurethane foam for such applications which has contributed to its segment growth in the Microcellular Polyurethane Foam Market during the forecast period.

Microcellular Polyurethane Foam Market Segment Analysis – by End-use Industry

The automotive sector held the largest share in the Microcellular Polyurethane Foam Market share in 2021 and is projected to grow at a CAGR of 5.40% during the forecast period 2024-2030. Due to its thermal insulation, compression & vibration resistance nature, thermoset microcellular polyurethane foam has high applicability in automotive bumpers, pads, gasketing and sealings. Owing to rapid urbanization, improvement in living standards and adoption of technological upgradation, automotive production has increased significantly. For instance, according to the data provided by the European Automobile Manufacturer’s Association, in 2021, global automotive production stood at 79.1 million units, showing a 1.3% increase in comparison to 2020. Moreover, according to the same data, automotive production at regional levels such as in South America increased by 15.6% whereas in Middle & Africa it saw a 10% increase. With the increase in automotive production at the global and regional level, the demand for microcellular polyurethane foam for bumpers, gaskets and seals & gaskets is also anticipated to increase resulting in positive growth in the Microcellular Polyurethane Foam Market during the forecast period.

Microcellular Polyurethane Foam Market Segment Analysis – by Geography

Asia-Pacific held the largest share in the Microcellular Polyurethane Foam Market share in 2021 up to 41.3%. Rapid development in the automotive and building & construction sector owing to favorable policies and investment inflows are having a significant influence on the demand for microcellular polyurethane foam. For instance, according to the data provided by the International Organization of Motor Vehicles Manufacturer, in 2021, China’s automotive production increased by 3% whereas, India’s production saw a 30% increase. Furthermore, according to the data provided by Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in March 2022, housing construction saw a 6% increase in comparison to 2021 the same month. Such an increase in the productivity of the automotive and building & construction sector has stimulated the demand and usage of high-density polyurethane foam having microcellular structure for automotive bumpers, gaskets, roofs and walls applications, thereby propelling the growth of the Microcellular Polyurethane Foam Market in the region during the forecast period. 

Microcellular Polyurethane Foam Market Drivers

Rapid Increase in Residential Construction Activity:

Microcellular Polyurethane Foam has high thermal insulation and shock absorption features and has high applicability in the building & construction sector for roofs and walls. Owing to the development of economies and rapid urbanization, the scale of residential construction has increased over the years. For instance, according to the data provided by the Australian Bureau of Statistics, in March 2022, dwelling construction saw a 2.9% increase in comparison to the construction level in 2021 for the same month. Furthermore, according to the data of the U.S., Census Bureau, in June 2022, monthly authorize housing permits & starts saw 1% in comparison to 2021 same month. With such an increase in residential construction, the demand for microcellular polyurethane foam for roofs and walls applications is also anticipated to increase, resulting in a positive growth of the microcellular polyurethane foam industry during the forecast period.

Bolstering Growth in Aerospace Sector:

Microcellular Polyurethane Foam provides high resiliency performance and is used in aircraft seats and due to its insulation function, it is applied on aircraft ceilings and walls. The growing scale of civil and military aviation coupled with economic expansion has increased aircraft production. For instance, according to the quarterly report of Boeing, in Q1 of 2022, the company delivered 93 aircraft units, showing a 23% increase in comparison to Q1 of 2021. Furthermore, according to the General Aviation Manufacturers Association, in Q1 of 2022, total aircraft production and deliveries stood at 491 units, showing a 13.2% increase. Such an increase in aircraft production has propelled the usage of microcellular polyurethane foam for seat and insulation applications, resulting in a positive growth of the microcellular polyurethane foam industry during the forecast period.

Microcellular Polyurethane Foam Market Challenge

Growing Crude oil Prices:

Microcellular Polyurethane Foam is a kind of polyurethane foam, that is made of chemicals and gases that are driven by crude oil. The price of oil owing to its growing demand at the global level has increased significantly over the years. For instance, according to the US Energy Information Administration, in 2022, Brent crude oil price is forecasted to reach US$105 per barrel showing a 48% increase from last year, whereas WTI crude oil price is estimated to reach US$98 per barrel showing 44% increase from last years forecast. Growing crude oil prices will increase the production cost for microcellular polyurethane foam, thereby posing a challenge to its market growth as well as to the Microcellular Polyurethane Foam Market size during the forecast period.

Microcellular Polyurethane Foam Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Microcellular Polyurethane Foam Market. The top 10 companies in the Microcellular Polyurethane Foam Market are:

1. BASF SE
2. Saint-Gobain
3. Dow Inc.
4. Huntsman Corporation
5. General Plastics
6. Tom Brown Inc.
7. Evonik Industries
8. INOAC Corporation
9. Mearthane Products Corporation
10. Kuraray Co. ltd

Recent Developments

• In March 2021, TECHNONICOL officially launched a new range of polyurethane foams in India. Such a product is fire resistant and holds high applicability in construction materials for insulation purposes.

• In February 2020, Huntsman Corporation acquired Icynene-Lapolla and such acquisition will increase the production and supply of Huntsman’s polyurethane foams product including microcellular polyurethane foam, in North America.

• In May 2019, BASF and Liyang Shanhu Industry Auto Trim Material Co. Ltd. signed a partnership agreement to manufacture lightweight microcellular polyurethane foams for automotive parts.

Key Market Players:

The Top 5 companies in the Microcellular Polyurethane Foam Market are:

1. BASF SE
2. The Dow Chemical Company
3. Huntsman Corporation
4. Inoac Corporation
5. Recticel

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