Top 20 PU and PU Foam Companies, Worldwide 2023: MarketsandMarkets 360 Quadrant Published

CHICAGO, Sept. 12, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for Top 20 PU and PU Foam Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.

The market for polyurethane foam is anticipated to increase from USD 42.8 billion in 2021 to USD 61.5 billion by 2026, with a predicted CAGR of 7.5% between 2021 and 2026. The market is expanding primarily because of the rising demand for polyurethane foams across a range of end-use sectors. In order to create energy-efficient buildings, rigid and spray polyurethane foams are widely employed in the building and construction end-use industry. Additionally, lightweight auto parts, high-performance apparel, footwear, and sporting goods are all made with polyurethane foams. As a result, one of the main factors influencing the global market for these foams is thought to be their vast range of applications.

The global polyurethane foam market is also being driven by substantial expenditures in the construction of new infrastructure and housing, as well as in the repair of non-residential buildings, in the US, China, India, and Brazil.

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Unveiling the Market Leaders: Honoring Excellence in PU and PU Foam Markets

Convestro AG is the leader in the worldwide polyurethane foam market is Covestro AG. The business invests in R&D to launch innovative products that may be used across end-use sectors at competitive pricing and with higher quality.

Additionally, it has a robust distribution network that makes products available to a variety of end-use sectors globally. One of Germany's top producers of polyurethane foam is Covestro AG. As one of the biggest producers in the nation, the company offers a wide variety of products. Comparatively speaking to other significant market competitors, it spends the most on R&D and has grown recently. It is one of the more recent producers of polyurethane foam and has a positive brand image. It also differentiates its products well and adds value to customers. Covestro AG is present all over the world. As it focuses on inorganic initiatives, the corporation considers how effective its growth plan is. It is one of the biggest firms in the world and has four sites overseas. It also has a strong distribution network. The business is successfully pursuing its plan for sustainable expansion. The operational and profit margins are likewise excellent.

BASF SE is leading providers of polyurethane systems, specialties, and fundamental goods such polyurethane foams and polyurethane raw ingredients. Spray polyurethane foams, basic products, specialized elastomers (such thermoplastic polyurethane (TPU) and microcellular elastomers), as well as other customized items, are all included in the company's extensive product line. Its polyurethane products are used in a variety of industries, including footwear, electronics, construction, sports & recreation, and insulation.

Based on the hardness, softness, integrity, or compactness of the polyurethane systems, BASF SE offers various categories of them. Through its network of polyurethane system houses, the company provides rapid local support for everything from technical services and sales to production and marketing services. With a wide range of products and services, it manages a network of 45 polyurethane system houses around the world. BASF SE is regarded as one of the world's top producers of basic polyurethane goods thanks to its large-scale manufacturing facilities.

The Dow Chemical corporation A significant producer of chemicals, plastics, and hydrocarbons is Dow Chemical Company (TDCC). It is one of the biggest chemical and material companies in the world and the US. At over 110 facilities in over 30 countries, it produces 6100 finished chemical products from raw materials based on hydrocarbons.

The company's wares are used in the automotive, transportation, consumer goods, industrial equipment, building & construction, and energy industries. Its two main markets are the US and Canada. After the early 2019 split of DowDuPont, Dow Inc. became the direct parent company of TDCC and its subsidiaries. Performance Materials & Coatings, Industrial Intermediates & Infrastructure, Packaging & Specialty Plastics, and Corporate Business Segments are how Dow Inc. operates.

Through its Industrial Intermediates & Infrastructure business area, the company provides polyurethane foams. The company's polyurethanes are used in a variety of projects, from comfortable flooring, furniture, and footwear for consumers to repairing damaged infrastructure and building energy-efficient homes and businesses.

Huntsman Corporation the company's products are utilized in adhesives, packaging, paints & coatings, synthetic fibers, textile chemicals, and other durable and non-durable consumer items. They are also employed in the fields of aerospace, automotive, building, electronics, medicine, power generation, and refining. The four business segments that Huntsman Corporation controls are polyurethanes, performance products, advanced materials, and textile effects.

Through its Polyurethanes business area, the company provides polyurethanes. This business segment produces and sells a variety of polyurethane chemicals, such as MDI, polyols, aniline, thermoplastic polyurethanes (TPU), propylene oxide (PO), and methyl tert-butyl ether (MTBE). Foams that are both hard and flexible are made using these compounds. Additionally, they are utilized in elastomers, adhesives, sealants, and coatings. Huntsman Corporation is acquiring polyurethane production facilities in several geographical locations. This strategy has been taken by the corporation to improve the global performance of its Polyurethanes business sector.

Wanhua Chemical Group Co. An international producer and distributor of products based on polyurethane and MDI, Wanhua Chemical Group Co„ Ltd. was formerly known as Yantai Wanhua Polyurethanes Con Ltd„. It conducts chemical-related research projects. Through its Polyurethane Series, Petrochemical Series, Fine Chemicals & New Material Series, and other areas, the company handles its business. Through its Polyurethane Series business area, it provides raw materials and items made of polyurethane. Methylene diphenyl diisocyanate (MDI), including pure MDI and poly MDI, as well as thermoplastic polyurethane, are the main products of Wanhua Chemical Group Co., Ltd. Products from Wanhua Chemical Group Co., Ltd. are sold both domestically and abroad.

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CATEGORIZATION OF PU AND PU FOAM COMPANIES ON 360 QUADRANTS

PU and PU Foam companies' evaluation was conducted for 100 companies, of which the top 15 were categorized and placed in the quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.

All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Covestro, BASF, Wanhua Chemical, Dow, Sekisui Chemical, Huntsman, and LANXESS.

DuPont, Eurofoam, and Saint-Gobain have been recognized as contenders in the PU and PU Foam quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.

In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Carpenter, UFP Technologies, and INOAC have been identified as the innovators in the quadrant.

The 360 Quadrants effectively evaluates emerging companies in the PU and PU Foam industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Woodbridge and Tosoh as emerging companies.

Evaluation Criteria

The vendor evaluation was conducted on over 100 companies of which the top 15 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, vendor's market share, and business strategies have been considered to evaluate the PU and PU Foam quadrant. The top criteria for company evaluation were Type (Rigid Foam, Flexible foam, and Spray foam) and end-use (Building and construction, Bedding, and furniture, Automotive, Electronics, Footwear and Packaging).

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360Quadrants Scoring Methodology

360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.

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