The global polyurethane foams market is predicted to reach total revenue of $61.9 billion in 2018, up on the $40.1 billion recorded in 2012, a new report from Research and Markets forecasts. This equals a compound annual growth rate of 6.9 percent, the authors of the report say.

Polyurethane foams are used in the production of a wide range of consumer products. Since they provide durability and comfort but are also lightweight and cheaper than alternatives such as polyolefin foams, they have become a preferred option for many industries. Their growing popularity and versatility are set to drive global demand and market expansion, Research and Markets explained.

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In 2012 the polyurethane foams market was dominated by the Asia-Pacific region, which accounted for 39 percent of all revenue. Other key markets include China and the United States, with a combined share of 35.9 percent of the global polyurethane foam consumption last year.

Over the period between 2013 and 2018 Brazil will become one of the fastest growing polyurethane foam markets, with a growth rate above the global average. The report predicts that it will expand at an annual rate of 10.6 percent.

In order to secure competitive advantage and claim a larger share of the market, manufacturers should concentrate on launching new products and increasing production capacities to meet rising demand, the report concludes.