Polyurethane is a type of polymer or plastic that belongs to the highly diversified and wide family of polymers. Due to the turmoil of COVID-19, various ports had been shut and the operations were halted. This resulted into a disruption of the supply chain and import and export of polyurethane foam. Also, a negative impact can be seen in the construction industry due to a shortage of raw materials. The spillover effect of COVID-19 would be witnessed till the early start of 2021.
According to MarkNtel Advisors’ research report titled “GCC Polyurethane Foam Market Analysis, 2020”, the GCC Polyurethane Foam market is expected to grow at a considerable CAGR during 2021-26. Huge investments to develop new infrastructure including buildings and housing projects in countries such as the UAE and Saudi Arabia are contributing to the growth of Polyurethane Foam. The induced demand for residential as well as non-residential buildings is due to the large number of tourists and pilgrim activities in these countries. The demand for polyurethane foam is majorly generated from the bedding & furniture and building & construction end-use industries. Moreover, the propelled use of bio-based PU foams is aiding in the growth of polyurethane foam as these are energy efficient.
“GCC Polyurethane Foam Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for GCC Polyurethane Foam providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Bedding and Construction Segment is Expected to Attain the Highest CAGR in the Coming Years
Based on the End-User segment, bedding & furniture, building and construction, electronics, automotive acquired the largest market share in 2020. Flexible polyurethane foams are soft, yet provide good support, are durable, and efficiently maintain their shape. They are an excellent and user-friendly material for seating cushions and mattresses and can be produced to the density required by the manufacturer. The polyurethane foams are used in the furniture segment are padded furniture cushions, automotive seat cushions, and interior trim, carpet cushion, and mattress padding and solid-core mattress cores. Also, memory foam is widely used in hospitals for patients who are bed-bound over long periods of time. Thus, the bedding and construction segment is anticipated to grow further during the forthcoming years as well as stated in the MarkNtel Advisors’ research report titled “GCC Polyurethane Foam Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the GCC Polyurethane Foam market include BASF SE, The Dow Chemical Company, Trelleborg AB, UFP Technologies, Inc., Huntsman International LLC., Covestro AG, Fritz Nauer AG (FoamPartner), Armacell International SA, Compagnie de Saint-Gobain S.A, Sheela Group, etc.
Key questions answered in the study: