Expansions and acquisitions are the key growth strategies adopted of Microcellular Polyurethane Foam Market

The global microcellular polyurethane foam market is dominated by few key players such as BASF SE (Germany), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), Rogers Corporation (U.S.), and Evonik Industries (Germany, among others. These companies are considered as leaders in the rapidly evolving market.

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Substantial investments have been made in the past few years by key companies such as BASF SE (Germany), The Dow Chemical Company (U.S.), and Rogers Corporation (U.S.) to address the future demand of microcellular polyurethane foam arising from the growing end use industries. Key players operating in the market are majorly focused on acquisitions and expansions for capacity expansion of existing facilities and installation of new facilities to achieve better performance qualities, economies of scale, product innovation, and to simultaneously address the increasing demand of microcellular polyurethane foam. BASF SE made investments in its existing facility at Pudong site, which was established in 2011. The new investment project included the expansion of the Cellasto Asia Pacific Technical Center, the establishment of three new production lines, and the technical improvement of existing facilities. The production capacity was estimated to double after the project’s completion in 2015.

Expansions and acquisitions are the key growth strategies adopted by the major players in the recent past. For instance, Rogers Corporation acquired a custom molding machine from PolyWorks Corporation (North Smithfield, Rhode Island) and a license to utilize PolyWorks’ technology for the molding of Poron formulations. This manufacturing facility was installed in Rogers-’ Suzhou, China manufacturing campus by mid-2011 in order to serve its global customers.

Apart from expansions and acquisitions, companies also made investments in the global market. This strategy accounted for 17% of the share out of the total developments in the microcellular polyurethane foam market between 2010 and 2015.  BASF built the world’s biggest single-train production plant for TDI in Europe. The plant has an annual capacity of 300,000 metric tons. The total investment including the precursor is over USD 1.23 billion. The TDI plant is located at Ludwigshafen site, Germany. TDI (toluene diisocyanate) is a key component for the polyurethane industry. A large proportion of it is used in the automotive industry for items, such as seat upholstery and interior linings, and in the furniture industry for flexible foams in mattresses & upholstery and wood coatings.

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Microcellular Polyurethane Foam Market by Type (Low Density Foam, High Density Foam), Application (Automotive, Building & Construction, Electronics, Medical, Aerospace, Others), Region (North America, Europe, APAC, MEA, RoW) – Global Forecast to 2021

Key Strategy Adopted by Microcellular Polyurethane Foam Market Leading Players

The global microcellular polyurethane foam market is expected to reach USD 6.95 billion by 2021 at a CAGR of 5.5% between 2016 and 2021.

Some of the major players involved in the manufacturing of microcellular polyurethane foam are BASF SE (Germany), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.), Evonik Industries (Germany), Era Polymers (Australia), and others.

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On the basis of type, the market is segmented into high density foam and low density foam.  Flexible foams and rigid foams, which are commercially used in a wide range of applications, are available in both the forms, that is, in high density as well as low density. Generally, foams of microcellular nature are usually of high density.

Foam densities often range from approximately two pounds per cubic foot to 50 pounds per cubic foot. Unlike thermoplastic foams (PVC, SAN), the unit cost of polyurethane foam increases in a more linear fashion with density. For instance, a 20 pound per cubic foot polyurethane foam will be approximately twice the cost of a 10 pound foam.

On the basis of application, the market is classified into automotive, building & construction, electronics, medical, aerospace, and others. Among the various applications of microcellular polyurethane foam, the automotive segment accounted for the largest share in 2015. The durability and light weight properties, combined with their strength, make microcellular polyurethane foams ideal not only for cushioning purposes, but also within the bodies of cars, where their insulation properties provide protection against heat and noise of the engine. This in turn is driving the market of microcellular polyurethane foam. The others application segment includes gaskets & sealants, shoe soles, cushions, pillows, mattresses, sports, and so on. The growing demand of these products by the end use consumers has boosted the growth of this segment.

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Asia-Pacific dominated the global microcellular polyurethane foam market in 2015 and accounted for a largest share, followed by Europe and North America. The market in this region is experiencing increased microcellular polyurethane foam consumption in automotive and building & construction industries. In terms of value, the microcellular polyurethane foam market in China is expected to witness a highest growth during the forecast period.