Polyurethane Foam Market Scope And Analysis

Polyurethane Foams Market Report Scope

IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

Before the COVID-19 pandemic, many countries across the world reported economic growth. The key manufacturers invested in the research and development of polyurethane foams. They also focused on expanding geographic reach through mergers and acquisitions to cater to a broad customer base. Before the pandemic, the polyurethane foams market reported steady growth due to increasing demand from the automotive industry. As per the US International Trade Commission (USITC), vehicle sales in the US decreased by 15% in 2020 compared to 2019, owing to the high vulnerability of the automotive industry. During the pandemic, supply chain disruptions, raw material and labor shortages, and operational difficulties created a demand and supply gap, adversely affecting the growth of the chemicals & materials industry. Manufacturers reported challenges in sourcing raw materials and ingredients from suppliers, impacting the production rate of polyurethane foams.

Further, disruption in supply chains and shortage of skilled labor reduced production and created a demand-supply gap in many regions, particularly Asia Pacific, Europe, and North America. The demand and supply gap was also recorded in several regions due to fluctuating demand from the automotive industry. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for the chemicals & materials industry. The sales of polyurethane foams increased with the resumption of production and sales operations of companies operating in the automotive industry. The increasing demand for high-quality sealing solutions and gasket materials in these industries has propelled the growth of the polyurethane foams market.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Covestro AG, BASF SE, Dow, Huntsman Corporation, Sekisui Chemical Co. Ltd., Saint-Gobain SA, Trelleborg AG, Wanhua Chemical Group Co. Ltd., Recticel SA, and Arkema are among the key players operating in the polyurethane foams market.