Silicone Solutions for Leather & Textiles Market Worth $760.7 Million By 2025

The global silicone solutions for leather & textiles market is expected to reach USD 760.7 million by 2025, according to a new report by Grand View Research, Inc. Rising demand for transparent silicone coatings in fabric manufacturing, owing to their superior properties such as improved durability as well as water, dirt, & temperature resistance is the key factor for industry growth.

Continuous fragmentation and growing competition among retailers are the key factors anticipated to propel the consumption of leather over the next few years. Increasing demand for leather in footwear, wallets, luggage, jackets, and belts is anticipated to spur the market demand for silicone-based chemicals in the industry.

Furthermore, silicone is used in various applications including soles, laces, and 3D printing in footwear industry. With respect to this, increasing efforts by manufacturers such as Kenneth Cole, Alberto Torresi, Blackberrys, and Louis Philippe in developing innovative and unique footwear designs are projected to boost the growth of footwear segment in leather industry. This, in turn, is likely to drive the silicone market in the leather industry.

Over the past few years, the manufacturing industry has been increasing expenditure for the incorporation of good quality safety equipment in shop floors, and utility operating places. Furthermore, product innovation by companies including 3M and DuPont for the enhancement of advanced protective clothing catering to the manufacturing sector is expected to play a crucial role in increasing demand for silicone in textile industry in the near future.

Continuing further, technological innovation in terms of the emergence of smart textile products in the electronics-manufacturing sector as a result of the capability to implement distinguished technologically advanced operations including reacting and sensing to the surrounding is likely to remain as a major factor positively influencing market growth over the next eight years.

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https://www.grandviewresearch.com/industry-analysis/silicone-solutions-for-leather-&-textiles-market

Further key findings from the report suggest:

In terms of revenue, the leather segment is projected to ascend at a CAGR of 3.7% over the forecast period
Textiles application dominated the global silicone market in textile & leather industry with a global market share of over 93.5% in 2017
The U.S. silicone market in textile & leather industry is anticipated to exceed 20.6 kilotons by 2025
Significant gains in the automotive manufacturing sector in emerging economies including China, India, and Mexico as a result of favorable government schemes aimed to promote investments is expected to increase the requirement of textile products.
Asia Pacific had a strong customer base and accounted for 42.5% of the overall market revenue share in 2017. Ascending demand for textile and apparel and increased demand for technical textiles are factors expected to boost the market growth over the forecast period. The aforementioned scenario is likely to be reflected in key countries such as India, China, Japan, and Australia in the coming years.
The industry is characterized by mergers & acquisitions, capacity expansion, distribution & branding, research & development to improve the market share of manufacturers
Some of the key companies present in the industry are The Dow Chemical Company, Wacker Chemie AG, Lanxess, Momentive Performance Materials, Inc., and Elkem ASA, The CHT Group, Arihant Dyechem, Elkay Chemicals Pvt. Ltd., Siltech Corporation, and Shin-Etsu Chemical Co., Ltd.

Building & Construction Sealants Market Worth $11.23 Billion By 2025

The global building and construction sealants market size is anticipated to reach USD 11.23 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.1% over the forecast period. Increasing construction spending in emerging economies like China and India is the significant factor driving market growth. Furthermore, the rising recovery of infrastructure in developed markets like U.S. and Germany is expected to boost the demand.

Water based sealant emerged as the leading technology worldwide in 2017 owing to its Volatile Organic Compound (VOC) free characteristics and low cost. These products minimize slipping while adhering to vertical surfaces and reduce the need for joint support during curing. Moreover, they are highly heat resistant and therefore the bond caused by them integrity when exposed to sunlight.

The silicone resin based sealants led the market in 2017 due to its characteristics such as thermal stability, adhesion, aesthetic appeal, and weather resistance. Furthermore, these products were significantly adopted for structural glazing and weatherproofing applications.

The bonding segment of the product captured the largest market share in 2017. For the purpose of bonding, construction sealants are always preferred over mechanical fasteners due to high strength bonding characteristics and better environment-friendliness. Also, they facilitate faster development of construction projects and are more economical than mechanical fasteners.

Asia Pacific is predicted to be the fastest growing region in the global building & construction sealants market, during the forecast period. Increasing demand for housing infrastructure coupled with rising per capita income is estimated to propel the construction sector in emerging economies like China, India, Vietnam, and Thailand. Moreover, there is an increasing demand for sustainable products, which is expected to support the growth of bio-based sealants.

The market is dominated by a few players who hold a significant market share. Major players are focusing on product differentiation and innovation to sustain the demand for eco-friendly products. Merger and acquisition is a significant strategy adopted by the industry players to gain a competitive advantage and expand their geographical presence.

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https://www.grandviewresearch.com/industry-analysis/building-construction-sealants-market

Further key findings from the report suggest:

Polyurethane resin is expected to be the fastest growing segment with a CAGR of 6.0% during the forecast period on account of low cost and extensive usage in bonding applications
Flooring application led the building & construction sealants market in 2017, with a share of 23.1% owing to the enhanced bond strength and superior hardness offered by construction sealants for flooring purposes
The bonding function is anticipated to be the fastest growing function segment with a CAGR of 6.1% during the forecast period
Asia Pacific is predicted to lead with a market share of 47.7% by 2025 on account of rapid industrialization and rising spending on housing infrastructure
Regulatory agencies such as EPA and REACH have enforced strict regulations regarding the limits on the emissions of Hazardous Air Pollutants (HAP) and Volatile Organic Compounds (VOCs) which has encouraged the production of bio based sealants
Some of the key market players are Sika AG, 3M, Dow Corning, and H.B Fuller. New product launches, mergers and acquisitions, and product launches are the significant business strategies adopted by them.

Nordic Beverage Packaging Market Size Worth $2.18 Billion By 2025

The Nordic beverage packaging market size is projected to reach USD 2.18 billion by 2025, according to a new report by Grand View Research, Inc., registering a 3.5% CAGR during the forecast period. Increasing demand for non-alcoholic beverages is one of the key factors driving the regional market.

Rapid recycling rate of end-of-life beverage packaging products in Nordic countries has been contributing to lower costs of raw material. The Nordic region recycles approximately 51.0% of its waste every year. This has been solely driven by governments in numerous countries aiming for ban on landfills. These countries follow a general deposit-based system, which involves a surcharge on any beverage product that is refunded at the time of bottle/can deposit. This has resulted in high return rate of end-of-life products that can be recycled.

Beverage bottles, made of both glass and polyethylene terephthalate (PET), are preferred principally for their elegance on shelves and for their ability to hold greater product quantities compared to other beverage packaging solutions such as cans and pouches. PET bottles have been extensively used in Nordic countries for bottling beverages in order to increase the shelf appeal of beverages.

Sweden was the largest market for beverage packaging in 2017, and this trend is expected to continue over the forecast period. The market in this country is expected to witness stable growth over the forecast period owing to rising number of microbreweries in the region. In addition, the government of Sweden has recognized potential sustainability gains associated with plastic recycling. This development is expected to lead to growth of the bioplastic segment over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/nordic-beverage-packaging-market

Further key findings from the report suggest:

By product, the revenue bottles & jars segment is anticipated to reach USD 660.4 million by 2025. It is poised to post a CAGR of 3.5% during the forecast period
In terms of material, the plastic segment is expected to witness steady growth over the forecast period owing to increasing demand for non-alcoholic beverages in the region
On the basis of application, the non-alcoholic beverage packaging segment is anticipated to reach a market size of USD 1.16 billion by 2025, owing to increasing demand for packing of end products such as smoothies, mocktails, and juices
Some of the key companies present in the market are Amcor Limited; Mondi Plc; COVERIS; Bemis Company, Inc.; Ball Corporation, Tetra Laval International S.A, Stora Enso; and Crown Holdings, Inc.
Product innovation and technological advancements are two key areas of investment for major companies to sustain in the industry.

Elastomers Market Size Worth $109.2 Billion By 2025

The global elastomers market size is expected to reach USD 109.2 billion by 2025 expanding at a CAGR of 4.8%, according to a new study by Grand View Research, Inc. The market is anticipated to be driven by rising demand from several application areas including automotive, medical, consumer goods, industrial, and others. Moreover, the development of biodegradable grades of elastomers is anticipated to create lucrative growth opportunities for the market. Automotive application segment is expected to lead the market during the forecast period. Rising adoption for hybrid and Electric Vehicles (EVs) is influencing the product demand in this application. High-performance elastomers are used in EVs for better fuel-efficiency and reduced carbon emissions.

A number of manufacturers are engaged in substituting steel to compete in terms of operating range with internal combustion vehicles. In addition, various battery charging stations are installed to improve the operating range of EVs. Rising scale of automotive manufacturing coupled with increasing use of modified plastics is expected to act as a key driver for the market over the forecast period. Booming manufacturing sectors in China and India, particularly in automotive and electronics industries, will drive the APAC regional market. Thermoplastic Elastomers (TPEs) are fully recyclable and capable of reprocessing, which is expected to boost development in the electrical and electronics segments in packaging and wire and cable fields.

They are also highly UV- and ozone-resistant, which increases their scope for outdoor wiring applications. Major types of TPEs include Styrene Block Copolymer (SBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Polyolefins (TPO), Thermoplastic Vulcanizates (TPV), Copolymer Esters (COPE) and other TPEs. Development of innovative TPEs is projected to boost product scope in undiscovered applications and help increase the market share. Emphasis on waste reduction is anticipated to foster the replacement of conventional raw materials with recyclable and sustainable TPEs, which is also likely to boost segment growth.

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https://www.grandviewresearch.com/industry-analysis/elastomers-market

Further key findings from the study suggest:

Asia Pacific led the global elastomers market and is also anticipated to witness the fastest CAGR of 6.1% during the forecast period from 2018 to 2025
China is the fastest-growing country in the global market due to huge growth potential as it is characterized by high demand, as well as production, of elastomers; mainly TPEs
The growth of the elastomers market in China is majorly supplemented by high demand from the footwear industry
Extensive R&D activities in the field of developing eco-friendly grades have led to the creation of several improved product grades, which is expected to help boost the market
Recently, PolyOne Corp. announced to initiate TPE production at its production facility in Pune, India, which will allow the company to cater to the domestic consumer needs

Automotive Foam Market Worth $50.44 Billion By 2025

The global automotive foam market size is anticipated to reach USD 50.44 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 9.8% during the forecast period. Growing population, disposable income, and purchasing power parity in emerging economies of Asia Pacific are expected to propel demand for automobiles over the forecast period, thus impacting the market for automotive foam.

Transitioning lifestyles and wide availability of low-end sports models have positively impacted automotive demand from 2014 to 2017. Easy financing of automobiles owing to the EMI concept with attractive interest rates made it simpler and affordable for a medium income group consumers to purchase a vehicle of their choice. Easy availability of loans for vehicle purchase has also affected vehicle sales on similar lines. The aforementioned factors played an important role in propelling growth of the automotive industry both in developed as well as developing regions and the trend is likely to continue in the forthcoming years.

The market is expected to face instability in terms of raw material supply over the coming years owing to uncertain operation rates and plant closures by raw material manufacturers. However, relationships between manufacturers and suppliers are expected to get stronger, thus leading to stronger tie-ups at multiple distribution levels. This is expected to be a critical factor for companies to gain a competitive advantage over the forecast period.

Increasing demand for automotive foam particularly in the emerging economies of North America, Europe, Asia Pacific, and Central and South America, offers growth opportunities for the manufacturers of automotive foam and related raw materials to expand their product portfolios and market reach. The R&D initiatives undertaken by some companies to enhance their product specifications and market reach.

Substantial growth in automotive industry in Asia Pacific has fueled the demand in the automotive foam market in recent past. Significant presence of automotive and automotive foam manufacturers has played a key role in driving the product demand over the past few years and is expected to continue over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/automotive-foams-market

Further key findings from the report suggest:

In terms of revenue, PU foam type is anticipated to reach USD 2.62 billion by 2025, growing at a CAGR of 7.9% from 2018 to 2025
Seating application segment held the largest market share of over 42.8% in terms revenue in 2017. These foams are corrosion resistant and can bear various types of severe conditions, which is anticipated to bode well for growth
The U.S. automotive foam market is anticipated to reach USD 8.37 billion by 2025 owing to the presence of various manufacturers and suppliers in the country
The market is competitive with the presence of a number of global, medium, and small scale companies catering to the global and local demand
Some of the key companies include Armacell International S.A., BASF SE, Rogers Corporation, Bridgestone Corporation, The Woodbridge Group, Recticel NV, Borealis AG and Saint-Gobain. The companies use strategy such as mergers and acquisitions and portfolio expansion to gain market share.

Industrial Bulk Packaging Market Worth $28.4 Billion By 2025

The global industrial bulk packaging market size is projected to reach USD 28.4 billion by 2025, escalating at a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. Bulk packaging products are expected to witness high penetration in the chemicals & petrochemicals sector over the forecast period. Industrial bulk packaging solutions have witnessed increased demand in the recent years owing to rising global industrial output, most notably in Asia Pacific.

The rising demand for reducing the cost of transportation and storage of industrial fluids across industries is another factor bolstering the consumption of industrial bulk packaging products. In this regard, products such as IBCs and pails are increasingly consumed to ensure optimal space utilization, thereby contributing favorably to industry growth. The industry is also driven by steps initiated by various governments around the world to increase domestic production of petrochemicals.

The Government of India (GoI) recently initiated a perspective planning concerning the petrochemical industry to boost domestic capacities (petrochemicals) as a part of its Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) policy. Such initiatives offer healthy prospects for industry growth. In terms of application, chemicals & petrochemicals segment emerged as the largest segment in 2018, holding a share of 40.1%

Pharmaceuticals segment is poised to register the fastest growth rate over the forecast period with the rising need for product safety (pharmaceuticals) coupled with advancements in scientific stacking methods (bulk packaging). Furthermore, increasing focus on the reduction of pharmaceutical wastage both during loading and unloading necessitates the employment of bulk packing products. The presence of aging population in Europe has been creating a substantial demand for industrial bulk packaging products in the pharmaceuticals space in the region.

North America emerged as one of the prominent regions for industrial bulk packaging. The U.S. was observed to be the most prominent market in North America and is characterized by the presence of leading international industry players. Furthermore, the North American market has been witnessing an increasing adoption of novel packaging products including flexible IBCs over the years. Such factors are expected to strengthen the regional market in the near future.

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https://www.grandviewresearch.com/industry-analysis/industrial-bulk-packaging-market

Further key findings from the report suggest:

In terms of product, the drums segment dominated the industrial bulk packaging market with a share of 40.6% in 2018; however, the segment is expected to lose share to segments such as IBCs and pails owing to the increasing demand for smaller formats of industrial bulk packing solutions
Europe was the second-largest market for industrial bulk packaging in 2018
The industry is characterized by intense competition with both domestic and international players trying to target prospective clients
Product differentiation and innovation were some of the preferred strategies deployed by key market players.

Fresh Meat Packaging Market Worth $2.5 Billion By 2025

The global fresh meat packaging market size is anticipated to reach USD 2.5 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.7% during the forecast period. Rising demand for fresh seafood and meat products such as pork and beef coupled with awareness regarding the safety and nutritional value of these products is projected to drive the growth.

Poultry/mutton packaging occupied the maximum market share in 2018. High availability of chicken and mutton products in retail shops has contributed to the growth of this segment. However, beef packaging is expected to witness the fastest CAGR from 2019 to 2025. Beef is one of the excellent sources of protein, which is anticipated to contribute to the rising demand for fresh meat packaging from this segment.

Packaging materials made from polythene occupied the largest market share in 2018. This segment is anticipated to witness the fastest CAGR over the forecast period owing to elasticity and lower production cost of the material. Product innovation using packaging materials like polypropylene is anticipated to propel growth of the fresh meat packaging market during the forecast period.

The Modified Atmosphere Packaging (MAP) was the most prominent technology used for packaging fresh meat in 2018. This chemical-free packaging technology significantly increases the shelf-life of meat, which is expected to drive the growth of the segment during the forecast period.

North America occupied the largest market share in 2018 owing to increased consumption of beef in U.S. According to the National Center for Biotechnology Information (NCBI), the consumption of meat in U.S. is three times more than that of the other countries. This is expected propel the demand for fresh meat packaging. Asia Pacific, on the other hand, is anticipated to witness significant growth, with China being the largest contributor. However, China witnessed a decline in growth for pork meat due to the issues with safety standards, over the past years.

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https://www.grandviewresearch.com/industry-analysis/fresh-meat-packaging-market

Further key findings from the study suggest:

In terms of revenue, modified atmosphere packaging segment is anticipated to ascend at the fastest CAGR of over 3% over the forecast period
PE material led the global market for fresh meat packaging with an overall revenue share of over 48.7% in 2018
Vacuum skin packaging technology segment was valued at USD 718.1 million in 2018
North America led the global fresh meat packaging market in 2018 with a revenue share of 36.7%
The market is highly competitive in nature with the presence of leading players including Amcor Ltd., Winpak Ltd., Sealed Air Corp., Crown Holdings, Reynolds Group, Coveris Holdings S.A., and Sealpac International BV
Manufacturers focus on innovation, product launches, and capacity expansion To cater to the rising demand

Hot Drinks Packaging Market Size Worth $13.7 Billion By 2025

The global hot drinks packaging market size is expected to reach USD 13.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.2% over the forecast period. Growing consumption of coffee and tea across the globe and innovative packaging methods to prevent loss of product are expected to remain key driving factors. Furthermore, increasing consumption of coffee and tea among the working class population of developing economies including China and India is expected to open opportunities for manufactures over next few years.

North America dominated the market and generated a revenue of USD 3.6 billion in 2018. This region has been witnessing significant rise in consumption of coffee and other hot drinks, especially in U.S. This scenario is expected to increase the demand and introduction of innovative packaging solutions for hot drinks. Furthermore, strong brand goodwill and foothold of key industry participants including Sonoco Products Company and Bemis Company, Inc. through their well-established distributor networks in U.S. are projected to remain favorable for the market growth over the next few years.

Asia Pacific is the fastest growing market for hot drinks and is projected to register a CAGR of 5.1% over the forecast period. This growth is attributed to increasing consumption of tea and coffee as a staple drink in the countries such as China and India, which is thereby driving the need for more production and their packaging solutions.

Coffee generated the highest revenue of USD 5.6 billion in the year 2018. In 2017, consumption of coffee was 62% i.e. 5% increase over the prior year, which makes it the largest shareholder. The segment is also expected to witness the fastest growth owing to increasing coffee consumption in countries such as China, Japan, and India. This scenario is expected to drive the demand for innovative and attractive packaging solutions for hot drinks. Companies are coming up with flexible packaging solutions for this drink, such as use of recyclable materials like cardboards to help consumers in convenient takeaway process.

Glass packaging material generated the highest revenue of USD 4.7 billion in the year 2018 due to its advantages such as recyclability and aesthetic appeal over other materials used for hot drink packaging. It is anticipated to witness significant growth over the forecast period owing to cost effectiveness and convenient transportation. For instance, Roaster, an American company specializing in manufacturing shelf bags, has different coffee packaging categories such as Gusseted Bag, Stand-up Pouch, Flat Pouch, and Flat-bottom Pouch.

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https://www.grandviewresearch.com/industry-analysis/hot-drinks-packaging-market

Further key findings from the study suggest:

On the basis of product, the tea segment is expected to generate a revenue of USD 4.8 billion by 2025
By material, the plastic segment accounted for a revenue share of 36.0% for the year, 2018
Europe is expected to account for 20.8% share of the global revenue by 2025
Key industry participants include in hot drinks packaging market are Bemis Company; Reynolds Group Holdings Limited Inc.; Sonoco Products Company; Stora Enso; Saint-Gobain S.A.; Mondi PLC.; Amcor Ltd.; Crown Holdings, Inc.; Alcoa Corporation; and Tetra Laval International S.A.

Tobacco Packaging Market Worth $21.7 Billion By 2025

The global tobacco packaging market size is anticipated to reach USD 21.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.3% over the forecast period. Growing consumption of tobacco and cigarettes among the young consumers is one of the major factors for the growth of the market. Another factor driving the market is increasing number of female smokers. Increase in stress and workload is also one of the factors boosting the market growth.

Increase in penetration of the tobacco products in China is expected to provide growth opportunities for the global market over the forecast period. Introduction of tobacco that is smokeless for chewing and increasing penetration of low cost tobacco products and e-cigarettes in the country are the key drivers. Moreover, increasing popularity of flavored tobacco products among the millennial population is fueling the growth of the market worldwide.

Secondary packaging held the largest market share in 2018. Increasing penetration of e-cigarettes and cigar in the social gatherings has driven the segment. Moreover, growing popularity of premium tobacco products among the young consumers is expected to have a positive influence on the market growth over the forecast period. Increasing number of cigar lounges in developed countries is fueling the demand for premium cigar products. This, in turn, is expected to increase the segment demand over the forecast period.

Paper boxes are increasingly used in tobacco packaging owing to rising penetration of environmental friendly packaging in the industry. It is a cost-effective alternative to plastic, and hence is gaining popularity in many areas. Lightweight and easy to carry factors are also boosting the segment growth.

Manufacturers are focusing on eco-friendly packaging. For instance, one of the prominent vendors, Amcor has increased its spending on developing bioderagable packaging and is expected to launch them by the end of 2025. Manufacturers are focusing on strategies such as mergers and acquisitions to increase their products offerings. In September 2017, Japan Tobacco Group acquired Mighty Corporation to expand its product portfolio and geographic reach.

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https://www.grandviewresearch.com/industry-analysis/tobacco-packaging-market

Further key findings from the study suggest:

By product, secondary packaging led the market and accounted for 60.3% share in 2018. The primary segment is expected to expand at the fastest CAGR of 3.7% over the forecast period
By material, paper boxes dominated the global market with an overall revenue share of 67.8% in 2018
Asia Pacific dominated the global tobacco packaging market in 2018 and accounted for 31.5% share of the total revenue. This trend is projected to continue over the next few years
The industry is highly competitive with the main players including Amcor Ltd.; British American Tobacco; Philip Morris International Inc.; and ITC
Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.

Europe Polyurethane Market Size Worth $26.24 Billion By 2024

According to a recent report published by Grand View Research Inc.,growing construction investments across Germany, Poland, the U.K., and Sweden is set to fuelmarket expansion.

According to a report, “Europe Polyurethane Market Size, Share & Trends Analysis Report By Product, By End-use, By Region (Germany, U.K., France, Italy, Spain, Belgium, Russia, The Netherlands, Rest Of Europe), And Segment Forecasts, 2016 – 2024”, published by Grand View Research, Inc. The Europe polyurethane (PU) market size is expected to reach USD 26.24 billion, registering a staggering CAGRby 2024, as per a new report by Grand View Research Inc.Growing need for sustainable construction activities in Europe is a key driving factor for the industry progression.

The market is primarily driven by the ongoing expansion in the end-use industries such as automotive & transportation, construction, and furniture & bedding. The construction sector in the European region has geared up and will be the key driving factor over the forecast period. Eastern European countries such as Poland, Hungary, and Slovakia are projected to witness an augmented growth in terms of construction spending. This will to drive rigid polyurethane (PU) foam demand over the forecast period.

Rigid foam was the highest consumed product in 2015 and accounted for over 30% of the European market volume. EU regulations on financial incentives and energy efficiency of households are aimed at improving in-house safety and cutting down on energy costs It is also expected to witness the highest growth of 4.0% over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/europe-polyurethane-pu-market

Europe Polyurethane Market Highlights

Flexible PU foam product led the market by accounting for one-third of the overall volume in 2016. Flexible foam is a broadly used material due to its unique combination of function and form. Foam can be easily molded into any shape and the segment is expected to gain a market share of 35.0% by 2024.
Constructionwas the leading end-use segment in 2015, with an overall 35.0% of the market volume. Stringent regulations laid down by the government to use energy-efficient building parts are expected to drive the construction industry in the region.
In 2015, Germany was the second-largest country to account for over 17.0% sharebut is anticipated to lose some share to other emerging nations in the region.
Russia is projected to emerge as the fastest-growing country, exhibiting a CAGR of 4.5% during the forecast period. The government has introduced schemes to enhance existing infrastructure and networking systems to improve international trade.