Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Colored PU foams are thermosetting polymers that have excellent properties such as rigidity, durability, flexibility, and fatigue resistance. Moreover, it has high performance, thermal resistance, and versatile design. It is widely used across applications such as packaging, upholstery furniture, floor insulation, bedding, automotive accessories, etc.
The global colored PU Foams market is estimated to account for US$ 17,590.5 Mn in terms of value and 5,882.8 Kilo Tons in terms of volume by the end of 2019.
Drivers:
High demand for colored PU foams from the automotive industry is fostering the market growth. Plastic and polymers are rapidly replacing metals in vehicles in order to reduce the overall weight of automobiles and improve efficiency. This attributed to growing environmental concern and rising need for a high-performance vehicle. Thus growing demand for colored PU foams from the automotive industry will favor the market growth.
The growing demand for colored PU foams from the packaging industry is projected to augment market growth. It is used in the packaging materials due to their high thermal resistance, strength, and stability. The growing need for safety of the materials during transportation coupled with the expansion of the packaging industry is projected to foster the market growth of the colored PU foams in the near future.
Figure 1. Global Colored PU Foams Market Share (%) in terms of Value, By Region, in 2019
North America and Europe region dominated the global colored PU foams market in 2019, accounting for 33% share in terms of value.
Market Restraints
Fluctuating price of raw materials used in the manufacturing of the colored PU foams is expected to hamper the market growth. The raw materials used in the manufacturing of PU foams are derived from petrochemical products and petrochemical products are highly susceptible to fluctuating price due to the political scenario. This factor is expected to hinder the market growth.
Strict environmental rules and regulations due to hazards associated with the colored PU foams are expected to restrict the usage of such products. Colored PU foams have various potential hazards such as soil degradation, greenhouse gas emission, and water pollution. Thus strict environmental norms are expected to hamper the market growth.
Colored PU Foams Market Report Coverage
| Report Coverage |
Details |
| Base Year: |
2019 |
Market Size in 2019: |
US$ 17,590.5 Mn |
| Historical Data for: |
2016 to 2019 |
Forecast Period: |
2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: |
7.8% |
2027 Value Projection: |
US$ 29,854.9 Mn |
| Geographies covered: |
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
|
| Segments covered: |
- By Product Type: Rigid PU Foam, and Flexible PU Foam
- By Application: Furniture & Interior, Construction, Electronic Appliance, Automotive, Footwear, Packaging and others
|
| Companies covered: |
BASF SE, Bayer MaterialScience AG, Rogers Corporation, The Dow Chemical, Carpenter Company, Stepan Company, Saint-Gobain Performance Plastics, Huntsman Corporation, Recticel SA, and INOAC Corporation
|
| Growth Drivers: |
- The escalating demand for colored PU foams from the automotive industry is fostering the market growth.
- The growing demand for colored PU foams from the packaging industry is projected to augment market growth
|
| Restraints & Challenges: |
- Strict environmental rules and regulations due to hazards associated with the colored PU foams are expected to restrict demand for the market.
|
Market Opportunities
Expanding application of the colored PU foams in the electronic industry is expected to offer potential opportunities over the forecast period. They are widely used in the manufacturing of high end appliances. It is basically used for insulation purposes in the electronics industry. Colored PU foams protect the appliances from short circuits and overheating due to its dielectric and adhesive properties.
The development of bio-based colored PU foams by manufacturers is expected to bring new market opportunities over the forecast period. Increasing inclination of manufacturers toward eco-friendly products due to growing environmental concerns is expected to propel the market growth of the colored PU foams. Moreover, bio-based colored PU foams provide the best alternative to petrochemical products which is further expected to fuel the market growth.
Figure 2. Global Colored PU Foams Market– Opportunity Analysis
Market Trends/Key Takeaways
Expansion of the online retail industry due to growing consumerism around the globe is driving demand for packaged products. The online retail industry is witnessing significant growth on the account of growing trend digitalization coupled with the increasing purchasing power of the consumer. Thus, growing consumerism is driving demand for packaged products which in turn is driving the market growth of the colored PU foams.
Manufacturers are entering into a distribution agreement in order to enhance their supply chain. This is one of the current trends in the market. For instance, in September 2019, Huntsman enters into partnership with DKSH's Business Unit Performance Materials to distribute its Polyol and MDI-based polyurethane solutions to the automotive industry in India.
Figure 3. Global Colored PU Foams Market Share (%) in terms of Value, By Product Type, in 2019
On the basis of product type in 2019, the flexible PU foam segment has accounted the largest market share of 56% in terms of value, followed by rigid PU foam segment.
Global Colored PU Foams Market - Impact of Coronavirus (Covid-19) Pandemic
Consumer electronics industry has taken a toll due to outbreak of COVID-19 pandemic, across the globe. Globally, hypermarkets, supermarkets, and showrooms of leading brands have been shut down, affecting sales of various consumer electronics products.Due to implication of the measures amid lockdown, enterprises across the globe have adopted remote working as a tool to continue with their business processes. Work from home (WFH) for employees has led to increase in demand for computers, laptops, and peripherals. Webinars and online meetings have positively impacted the sales of headphones and Bluetooth earphones. Due to increase in demand for remote connectivity, sales of networking devices and connectivity hardware solutions has increased multifold. The aforesaid are some of the major effects of Covid-19 on the consumer electronics industry that is expected to increase the demand for colored PU foam market by the year 2027.
Competitive Section:
Company Names
- BASF SE
- Bayer MaterialScience AG
- Rogers Corporation
- The Dow Chemical Company
- Carpenter Company
- Stepan Company
- Saint-Gobain Performance Plastics
- Huntsman Corporation
- Recticel SA
- INOAC Corporation
Few Recent Developments
- In September 2019, Huntsman Corp. announced the opening of its new polyurethanes systems house in Dubai. The goal of the new facility is to increase the production capacity of polyurethane systems for construction, insulation, appliances, bedding, and furniture applications.
- In September 2019, Huntsman enter into partnership with DKSH's Business Unit Performance Materials to distribute its Polyol and MDI-based polyurethane solutions to the automotive industry in India.
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