Covestro AG and BASF SE are leading players in Polyurethane Foams Market

The polyurethane foams market is projected to grow from USD 37.8 billion in 2020 to USD 54.3 billion by 2025, at a CAGR of 7.5% from 2020 to 2025. The major reasons for the growth of the polyurethane foams market include growing end-use industries such as bedding & furniture, electronics, automotive, and building & construction, in emerging economies like India, Thailand, and others. Some of the other like increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams are driving factors for growth of polyurethane foams market.

Companies such as Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Dow Inc., and Huntsman Corporation, fall under the winners’ category. These are leading players in the polyurethane foams market, globally, and are some of the leading players operating in the polyurethane foams market. These players have adopted the strategies of expansions, agreements, mergers & acquisitions, partnerships, new product launches, joint ventures, investments & contracts, collaborations, and new technology & new process developments ,to increase their presence in the global market.

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Covestro AG is the leading player in the global polyurethane foams market and is estimated to have the highest share in the market. In February 2020, Covestro AG partnered with Toyota Boshoku Corporation, a subsidiary of Toyota Group (Japan). This partnership aims at jointly developing a new polyurethane composite material for a new electric concept car— LQ— which is developed by Toyota Motor Corporation. This material is a combination of advanced Baypreg F NF technology of Covestro and kenaf fibers of Toyota Boshoku. It is a lightweight and sustainable solution. This polyurethane composite material is expected to be used in door trims of the electric concept car. This partnership is expected to enhance the competitive edge of Covestro AG in the automobile market.

Another important player in the global polyurethane foams market is BASF SE.

In June 2020, BASF SE partnered with China-based Shanghai Zhengming Modern Logistics Co., Ltd. or Zhengming to develop insulating polyurethane (PU) sandwich panels. These panels are used in refrigerated storage of the cold chain industry in China. Under this partnership, BASF SE aims at supplying polyurethanes for all joint cold storage units of Zhengming. This partnership is expected to strengthen the position of BASF SE in the polyurethane foam market of China.

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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