Colored PU Foam Market Expected to Experience Strong Growth by 2027
Colored PU foams are thermosetting polymers that have excellent properties such as rigidity, durability, flexibility, and fatigue resistance. Moreover, it has high performance, thermal resistance, and versatile design. It is widely used across applications such as packaging, upholstery furniture, floor insulation, bedding, automotive accessories, etc.
Drivers:
High demand for colored PU foams from the automotive industry is fostering the market growth. Plastic and polymers are rapidly replacing metals in vehicles in order to reduce the overall weight of automobiles and improve efficiency. This attributed to growing environmental concern and rising need for a high-performance vehicle. Thus growing demand for colored PU foams from the automotive industry will favor the market growth.
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Market Opportunities
Expanding application of the colored PU foams in the electronic industry is expected to offer potential opportunities over the forecast period. They are widely used in the manufacturing of high end appliances. It is basically used for insulation purposes in the electronics industry. Colored PU foams protect the appliances from short circuits and overheating due to its dielectric and adhesive properties.
Market Trends/Key Takeaways
Expansion of the online retail industry due to growing consumerism around the globe is driving demand for packaged products. The online retail industry is witnessing significant growth on the account of growing trend digitalization coupled with the increasing purchasing power of the consumer. Thus, growing consumerism is driving demand for packaged products which in turn is driving the market growth of the colored PU foams.
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Few Recent Developments
- In September 2019, Huntsman Corp. announced the opening of its new polyurethanes systems house in Dubai. The goal of the new facility is to increase the production capacity of polyurethane systems for construction, insulation, appliances, bedding, and furniture applications.
- In September 2019, Huntsman enter into partnership with DKSH’s Business Unit Performance Materials to distribute its Polyol and MDI-based polyurethane solutions to the automotive industry in India.
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