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Colored PU Foams Market - By ProductType(Rigid Foam, Flexible Foam and Spray Foam); By End-users(Bedding, Furniture & Interior, Building & Construction, Electronic Appliances, Automotive, Footwear,Packaging and Others); and By Region - Analysis of Market Size, Shares & Trends for 2016-2019 and Forecasts to 2030
Colored PU foams market is expected to exceed USD 120.8 billion by 2030 from USD 66.7 billion in 2021 at a CAGR of 6.80% throughout the forecast period i.e. 2020-2030.
Polyurethane (PU) foam is a distinct and enormous section of polyurethane (PU). PUs is considered to be a part of our day to day life. Foams have a substantial role in commercial and industrial divisions reaching from automotive to refrigeration. Foams are categorized as flexible and rigid foams. Colored PU Foams are thermosetting polymers having characteristics such as flexibility, rigidity, durability, and fatigue resistance. It provides high functioning, adaptable strategies, flexibility, thermal defiance, and use of energy for the products. Applications of colored PU foams comprise bedding, packaging, upholstery furniture, floor insulation, automotive accessories, etc. Traditional foams have related collections as the colored PU foams have; nevertheless, colored PU foams could be customized according to their preferred application. Additionally, Due to the diverse characteristics of colored PU foams, these are used in sectors like automotive, interior construction, furniture, electronics appliances, footwear, sports, packaging, leisure apparel, etc.
The market is anticipated to grow on the back of growing end-use industries in evolving regions and increasing demand for PU foam in building insulation for energy conservation. The rising need for an appealing and contented interior in automotive is anticipated to strengthen the development of the global colored PU foam market in the coming years. It lowers down weight and raises the fuel economy along with comfort, corrosion defiance, insulation, and sound immersion in automotive. Moreover, it has several uses in Electronics as well as in Construction. The increasing need for furniture and interiors of colored PU foams like luxury sofas, chairs, cushions, and floorings on a large scale is estimated to acquire the rise of the global colored PU foam market. Growing demand for the PU in packaging is expected to cause the growth of the global colored PU foam market during the forecast period
Global Colored PU Foams Market Opportunity Analysis
The global colored PU foams market is segmented by Product Type into Rigid Foam, Flexible Foam, and Spray Foam. Among these, the flexible foam segment is estimated to hold the largest market share of xx% in 2019. Flexible PU foams are the highest income-producing segment as an outcome of its open-cell foam that is efficient in offering comfort and adaptable designs to the products.
The global colored PU foams market is segmented by End-users into Bedding, Furniture & Interior, Building & Construction, Electronic Appliances, Automotive, Footwear, Packaging, and Others. Among these, the automotive segment is witnessed to hold the largest market share of xx% in the year 2019. It is mainly used in designing the interior of automobiles because of its lightweight which raises the fuel economy of the vehicles. The increasing need for automobiles around the world is estimated to progressively affect the development of the colored PU foam market in the approaching years. Additionally, it is also utilized in the production of appealing furniture, and rising spending on furniture is projected to push the growth of the colored PU foam market over the forecast period.
Growth of End-use Industries in Developing Regions
PU foam is widely used in the furniture, building & construction, electronic, and automotive sectors. PU foam is mainly used in the automotive sector for cushioning. It is one of the most useful protection materials existing, making it appropriate for the electronic industry, particularly in refrigerators and freezers. The construction sector is a key user of PU foam in the form of rigid foam, coatings, and sealants & adhesives.
High Demand for PU Foams in Building Insulation for Energy Conservation
PU foam is a highly flexible material that helps in lowering the total structural cost and energy consumption and is used in numerous sectors, like construction, furniture, bedding, automotive, binding, and many other sectors. PU foam assists architects in better insulating the buildings, which minimizes the intake of gas, oil, and electricity. PUs is considered to be the most affordable, long-lasting, and safe means of decreasing carbon emanations that cause global warming. This is because these are easily accessible and cost-efficient alternatives that are durable, and are used for energy transformation, resulting in the decline in carbon emanations.
Severe Environmental Principles on the Use of Colored PU Foam
Colored PU foam is used in automotive and bedding & furniture applications. National Emission Standards for Hazardous Air Pollutants (NESHAP), ecological principles by the US EPA comprise some guidelines for new and prevailing plant locations that produce colored PU foam. This rule was put into action in 1998 for the management of the secretions of methylene chloride, 2,4-Toluene Diisocyanate (TDI), methyl chloroform, Methylene Diphenyl Diisocyanate (MDI), methanol, diethanolamine, propylene oxide, methyl ethyl ketone, and toluene.
Changing Prices of Raw Materials
PU foam is costly due to the changing raw material prices, which act as a key restraint for the market. The primary raw materials used for the manufacturing of PU foam consist of benzene, toluene, and phosgene. Variations in the demand and supply of these raw materials could have a foremost effect on the PU foam industry. As benzene and toluene are obtained from crude oil, higher crude oil prices lead to a rise in the prices of benzene and toluene and subsequently, MDI and TDI.
North America to surge at the highest CAGR of xx% during 2020-2030
Region-wise, the market for colored PU foams across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to constitute xx% of the total market share in the year 2019. The rise in the PU foam market in North America is mainly pushed by the rising need for colored PU foam from end-use industries in this region. Furthermore, there is a substantial need for PU foam for particular applications, such as automotive seating and customer requirements. There is also a great demand for spray PU foam in the European region for use in the building & construction industry.
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