According to the latest report from market research and strategy consulting firm Global Market Insights, Inc, the Polyurethane (PU) market size is expected to reach USD 77.27 billion by 2023.
The driving factors in this forecast include the increasing importance of energy conservation and the growing concerns regarding greenhouse gas emissions. The Asia-Pacific (APAC) PU market continues to dominate, with predicted generation of more than USD 33.5 billion revenue by 2023, whilst Government support to boost infrastructure in India, Brazil, and Mexico is likely to promote PU market growth in construction applications.
In terms of flexible polyurethane foam, gains of 4.7% CAGR are expected by 2023. This is in line with the increase in disposable income and subsequent changing lifestyles in BRICS nations, which has led to furniture industry growth and flexible foam application in mattresses and automotive seating.