Growing construction industry in emerging economies such as Brazil,
India, Indonesia and China are anticipated to drive the global rigid
polyurethane foams market over the next five years. Polyurethane occurs
in several forms ranging from flexible or rigid foams to strong and
stiff elastomers. Flexible and rigid foams accounted for 60% of the
total polyurethane market in 2013. Rigid polyurethane foams applications
are prominently contributed to refrigeration and construction
insulations.
Increasing electronic and construction industries across the globe
are projected to bolster the rigid polyurethane foams market growth over
the forecast period. Industrialization in India and China is expected
to drive the global market in near future. Brazil hosted FIFA world cup
in 2014 which led to increased rigid polyurethane consumption in
construction activities. Brazil is going to organize Olympics in 2016
which is also anticipated to generate immense opportunities for the
market in this region.
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Recent economic crisis in the U.S. and Europe led to declination in
rigid polyurethane foam market growth and is projected to experience
stagnant growth in the future. Government support regarding industrial
refrigeration applications in the region is anticipated to drive the
market growth over the next five years. The product fulfilled the ASHRAE
norms applied in the U.S. regarding industrial refrigeration usage is
projected to foster the market growth over the forecast period.
Sensitive crude oil and benzene prices have impacted MDI/TDI prices
which are primary raw materials for rigid polyurethane foams. This is
expected to hinder the market growth over the foreseeable future.
Excessive capacity expansion of the product manufacturing facilities in
China has implied pressure on other regional market players regarding
prices. Rigid polyurethane foam market is segmented on the basis of
product into three categories as molded foam parts, slabstock polyester
and slabstock polyether.
Slabstock polyether was the largest product segment market followed
by slabstock polyester accounted for over 35% in 2013 owing to
increasing applications in construction industry. This is majorly used
in exterior wall coatings and roofing as insulation layer due to high
thermal efficiency and easy installation. Slabstock polyester accounted
for over 23% in 2013 and is gaining high acceptance than slabstock
polyether owing to higher loading capacity and tear resistance.
These factors are anticipated to support slabstock polyester to be
the fastest growing product segment market over the forecast period.
Molded foam was the third major market accounting for over 20% in 2013.
Asia Pacific was the largest consumer accounting for over 40% of overall
consumption worldwide in 2013. Growing construction activities in
emerging countries such as India, Indonesia, Malaysia and China coupled
with rising disposable income are expected to drive the rigid
polyurethane market in Asia Pacific.
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The region is also anticipated to be the fastest growing regional
market owing regional government support to enhance construction and
infrastructure activities. Europe attributed to the second major market
accounting for over 32% of overall consumption. This regional market
faced dip in the recent past due to economic crisis but is anticipated
to witness positive growth in the near future. North America covered
over 18% of the total market in 2013. North America and Europe are
mature markets and expected to witness slow growth over the forecast
period.
BASF, Dow Chemicals, Huntsman Corporation and Bayer Material Science
are the major participants leading the global rigid polyurethane foam
market. They are concentrating towards emerging markets such as China
and India on account of low overall cost.
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Rigid polyurethane foam