Microcellular Polyurethane Foam Market to Garner USD 10,677 Million Revenue by 2030 Driven By Expanding Number of Automotive Applications
Acumen Research and Consulting recently published report titled “Microcellular Polyurethane Foam Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Aug. 11, 2022 (GLOBE NEWSWIRE) — The Global Microcellular Polyurethane Foam Market Size accounted for USD 6,682 Million in 2021 and is expected to reach the market value of USD 10,677 Million by 2030 with a considerable CAGR of 5.5% during the forecast period from 2022 to 2030.
Microcellular polyurethane foam is a multipurpose open-cell and closed-cell polyurethane foam that is both affordable and resistant to compression settings. The foam provides excellent sealing, cushioning, and vibration control due to its low compression properties. The open cell approach allows gases and vapors to pass through the substance. It can also be made to form an integrated skin with a more uniform cell size because it is mechanically joined. Microcellular polyurethane foam is utilized in seals and gaskets, durable elastomeric wheels and tires, automobile bushings, hard plastic parts, electrical potting compounds, and carpet underlay. Moreover, due to its use in comfort and support, as well as in-car bodywork, where its insulation properties provide protection against engine heat and noise, the automotive industry accounts for the majority of the global microcellular polyurethane foam market.
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|Market||Microcellular Polyurethane Foam Market|
|Microcellular Polyurethane Foam Market Size 2021||USD 6,682 Million|
|Microcellular Polyurethane Foam Market Forecast 2030||USD 10,677 Million|
|Microcellular Polyurethane Foam Market CAGR During 2022 – 2030||5.5%|
|Microcellular Polyurethane Foam Market Analysis Period||2018 – 2030|
|Microcellular Polyurethane Foam Market Base Year||2021|
|Microcellular Polyurethane Foam Market Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Application, And By Region|
|Microcellular Polyurethane Foam Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Evonik Group, Saint Gobain S.A., Rubberlite Inc., Dow Inc., Rogers Corporation, INOAC Corporation, Mearthane Products Corporation, Kuraray, Huntsman Corporation, and BASF SE.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Microcellular Polyurethane Foam Market Growth Aspects
Microcellular polyurethane foam is used to reduce structural weight in a range of sectors. Because of its lightweight materials, the automobile, aviation, electronics, medical, and infrastructure industries are driving growth in the microcellular polyurethane foam market. Due to its use in mattresses and automobile bodywork, where it’s insulating properties provide protection against temperature and engine noise, the automotive applications category accounts for a considerable portion of the global company for microcellular polyurethane foam. Moreover, the foam’s low compression properties give good shock absorption, a robust seal, and great vibration damping. It can also be made to form an integrated skin with a more uniform cell size because it is mechanically joined. The use of microcellular foam in a variety of industries, including autos, airplanes, medical services, and residential construction insulation, has raised the demand for the material.
Furthermore, higher consumer spending in emerging markets is fuelling growth in the microcellular polyurethane foams market. The automotive industry controlled the microcellular polyurethane foams market. Because microcellular polyurethane foam is commonly utilized in the automotive industry to increase vehicle convenience, reliability, durability, and aesthetic impact, the growing number of manufacturers is predicted to fuel market expansion. The high-density foam segment of the global microcellular polyurethane foam business is predicted to increase significantly throughout the projected timeframe. High-density foams’ advanced properties, such as strength and excellent functionality, are the key reasons for their increased demand, notably in the automotive market.
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Impact of COVID-19 on Microcellular Polyurethane Foam Market
The COVID-19 epidemic had a global economic impact. COVID appears to have had a direct impact on production and demand, as well as disruption to distribution networks and economic harm. Furthermore, COVID-19 has had a direct impact on the producers’ global distribution network, and production sites have been closed to decrease the risk of viral transmission. Furthermore, the lockout limits have raised raw material demand in industries such as automotive, aerospace, and architecture around the world. As a result, significant technology businesses and large capital manufacturers have begun to invest in expanding production capacities in order to meet current global economic demand. As a result, demand for Microcellular Polyurethane Foam in industries such as automotive, medical, electronics, and aerospace has plummeted. COVID has reduced the demand for raw materials from such enterprises, hurting the entire industry. COVID 19 has thus had a considerable impact on this industry.
Microcellular Polyurethane Foam Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global microcellular polyurethane foam market. North America is expected to be the fastest-growing region in the microcellular polyurethane foam market due to the presence of significant organizations in the region. In terms of value, the United States will account for the majority of the North American microcellular polyurethane foam market in 2021. The United States is experiencing rapid expansion since it is home to a number of major makers of microcellular polyurethane foams, including BASF SE, The Dow Chemical Company, Evonik Industries, Roger Corporation, Huntsman Corporation, and others. The products of these companies are used by both domestic and commercial destinations. In addition, Canada is North America’s second-largest market for microcellular polyurethane foams. This tendency is expected to continue in the foreseeable future. Microcellular polyurethane foams help to reduce structural weight in a variety of industries’ products.
Microcellular Polyurethane Foam Market Segmentation
The global microcellular polyurethane foam market has been segmented by Acumen Research and Consulting based on type, and application. Based on the type, the market is divided into high density foam, and low density foam. Based on the application, the market is separated into automotive, electronics, building & construction, aerospace, medical, and others.
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Microcellular Polyurethane Foam Market Players
Some key players covered global in the microcellular polyurethane foam industry are Evonik Group, Saint Gobain S.A., Rubberlite Inc., Dow Inc., Rogers Corporation, INOAC Corporation, Mearthane Products Corporation, Kuraray, Huntsman Corporation, and BASF SE.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
E-mail: [email protected]
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