- The colored PU foams market will experience considerable growth in the forthcoming years. The same would owe to the expanding construction sector. The market is likely to reach over USD 17 billion by 2022. It will grow at over 7.3% CAGR from 2015 to 2022.
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Based on products, the market is divided into flexible foams and rigid foams. In 2014, flexible foams were the largest segment. They contributed more than 55% of the market volume that year. This was due to demand for this segment across application segments. The sectors of automotives, furniture, and packaging are also estimated to steer incomes of flexible foams.
Furthermore, rigid foams are witnessing accelerated growth due electronics sectors in China, India, and Japan. The colored PU foams market is also segmented on account of applications. These include interiors, footwear, furniture, electronics, automotives, and packaging. In 2014, interiors and furniture were the largest applications.
Also, automotives were a prime market segment in the same year. This segment will grow moderately in the upcoming years. Utilization of colored PU foams in seat cushions will promote the segment. Demand for these foams in electronics sector is projected to increase speedily over the forecast period. This would happen in view of their use in headliners and panels.
The colored PU foams market is fragmented into four regions. North America dominated the market due to demand from interiors and furniture. Demand for comfortable couches and rising beddings contributed towards regional growth. Asia Pacific would grow at a high CAGR in the years ahead. It will register over 6% CAGR from 2015 to 2022.
The expanding electronics, packaging, and construction sectors in China, Vietnam, and India are likely to positively impact the Asian Pacific market. Europe observes demand for bio-based polymers. Supportive governmental proposals with respect to utilization of eco-friendly PU foams are projected to propel the region.
Consumer preferences towards eco-friendly products, coupled with commercialization of bio-based substitutes, will provide significant opportunities to colored PU foams market players. Some of the players include BASF, Dow Chemical Company, Lubrizol, and Bayer. They are investing in new products to gain competitive edge over others.
Information Source: Grand View Research
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