Colored PU Foams Market, By Type (Rigid PU Foam and Flexible PU Foam), By Application (Furniture & Interior, Construction, Electronic Appliance, Automotive, Footwear, Packaging, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 81.71 Bn in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
In June 2020, BASF SE developed a chemical recycling process for used mattresses, specifically for those made of flexible polyurethane, with the aim of reusing the raw materials for new mattresses.
BASF SE is a global chemical company with a diverse portfolio. The company operates in six segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The company is known for its production, marketing, and sales of a wide range of products, including chemicals, plastics, crop protection products, and performance products. BASF SE is committed to creating chemistry for a sustainable future and has a presence in over 80 countries, with numerous integrated production sites globally.
Colored PU Foams Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
Manufacturing plants faced production delays or shutdowns due to health and safety regulations, labor shortages, or other pandemic-related challenges.
The demand for colored PU foams used in applications such as furniture, bedding, automotive interiors, and packaging shifted as a result of the pandemic. For instance, there was decreased demand from the automotive industry due to a slump in vehicle sales but increased demand in home furnishings and comfort products as consumers spent more time at home.
An increased emphasis on hygiene and antimicrobial products spurred interest in PU foams.
Economic uncertainties and market contractions led to financial strain on businesses, potentially resulting in reduced investment in new projects that might have used colored PU foams.
Colored PU Foams Market – Key Developments
In January 2021, BASF SE, a German multinational chemical company chose BTC Europe GmbH (BTC), German company that provides IT consulting and software development services as the new distributor for aromatic isocyanates and polyols for polyurethane applications in Europe.
BASF SE’s polyurethane division is a major supplier of aromatic isocyanates (MDI, TDI) and polyols used in various applications including adhesives, sealants, elastomers, flexible polyurethane foam, and engineered wood products. The company is committed to research and development, offering a broad catalog of polyurethane raw materials, including Lupranate aromatic isocyanates (MDI, MDI derivatives, and TDI), Pluracol and Lupraphen polyols. Additionally, BASF SE’s polyurethane systems are available for a wide range of applications, and the company continuously collaborates with customers to provide innovative solutions.
BTC Europe GmbH is the European distribution organization of BASF SE, headquartered in Monheim am Rhein, Germany. It is the only pan-European distributor dedicated to specialty chemicals and is registered according to the international standard.
In March 2022, Huntsman collaborated with Joe Nimble and Footwear Innovation GmbH to offer polyurethane foam for extra shoe comfort with the product DALTOPED.
Huntsman Corporation is a publicly-traded global chemical manufacturer of differentiated and specialty chemicals serving a diverse range of consumer and industrial customers. The company operates in more than 30 countries and has over 70 manufacturing, R&D, and operations facilities.
Joe Nimble and Footwear Innovation GmbH is a Germany-based footwear company that specializes in producing running shoes with a wide toe box, allowing for natural toe movement and strengthening of foot muscles. Joe Nimble offers a range of running shoes with toefreedom for both men and women, providing comfort and performance for runners on the roads and off-road trails.
Link: https://www.coherentmarketinsights.com/market-insight/colored-pu-foam-market-4092
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Colored PU Foams Market, By Type (Rigid PU Foam and Flexible PU Foam), By Application (Furniture & Interior, Construction, Electronic Appliance, Automotive, Footwear, Packaging, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Colored PU Foams Market:
- The colored PU foams market is expected to exhibit a CAGR 6.8% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the colored PU foams market.
- Among region, North America is expected to be dominant in the colored PU foams market owing to the presence of major players, such as BASF SE, Bayer MaterialScience AG, Rogers Corporation, The Dow Chemical Company, and other key market players, contributing to the growth in this region
- Major players operating in the colored PU foams market are BASF SE, Bayer MaterialScience AG, Rogers Corporation, The Dow Chemical Company, Carpenter Company, Stepan Company, Saint-Gobain Performance Plastics, Huntsman Corporation, Recticel SA, and INOAC Corporation
