Colored PU foams have similar properties as conventional PU foams but it is modified as per its desired applications. It is highly flexible and high-performance polymer that makes it ideal material across various end-user industries. This includes automotive, furniture, construction, electronics, sports, and packaging.
The global colored PU foams market is estimated to account for US$ 17,590.5 Mn in terms of value and 5,882.6 Kilo Tons in terms of volume by the end of 2019.
Growth in the construction industry is a prime factor driving the market growth of colored PU foams. Increasing application of colored PU foams interior construction materials for homes and buildings are significantly raising the demand. It is used as an insulating material makes it ideal construction material. Also, increasing adoption of energy-efficient and high-performance construction materials due advancement in technology is further anticipated to augment the market growth of colored PU foams.
Increasing spending of the consumers on the home interior products such as luxury sofas& couches, furniture, and the mattress is projected to provide lucrative opportunities. Moreover, the market growth of the colored PU foams is also growing on the account of the increasing investment by manufacturers to develop innovative colored PU foams products in order to meet the evolving demand across consumers.
The market of colored PU foams is at a mature phase across developed regions such as North America and Europe due to which the regions are experiencing a steady growth rate. This condition is expected to remain same in the coming future. Hence this is expected to hinder the market growth of the colored PU foams.
Global colored PU foams market was valued at US$ 17,590.5 million market in 2019 and is forecast to reach a value of US$ 29,854.9 million by 2027 at a CAGR of 7.8% between 2019 and 2027.
Flexible PU form segment dominated the global colored PU foams market in 2019, accounting for 56% share in terms of value, followed by rigid PU foam.
Furniture and interior segment dominated the global colored PU foams market in 2019, accounting for 27% share in terms of value, followed by construction and electronic appliance segment respectively
Increasing use of colored PU foams in sports apparel is expected to fuel the market growth. The growing number of people participating in sports activities due to the growing health wellness trend is propelling the demand for sports apparel. They are widely used in the helmets, footwear gymnastic mats, wrestling mats, etc. Thus growing use of such PU foams from the sports industry for manufacturing sports apparel is projected to propel the market growth.
Increasing focus of the manufacturer to increase the production capacity of the PU foams is a key trend in the market. For instance, 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.
Colored PU Foams Market - Impact of Coronavirus (Covid-19) Pandemic
However, Coronavirus (COVID-19) pandemic has impacted almost all the industries globally including industrial automation and machinery. According to Coherent Market Insight’s estimate, in 2020, industrial automation and machinery industry will experience a 7% decline owing to impact of COVID-19 pandemic and is expected to decrease to a value of US$ 199.0 billion in 2020 from 214.0 billion in 2019. Thereby, hindering the growth of colored PU foam market over the forecast period.
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