Polymer Foam Market
In 2019, the polymer foam market value is registered as USD 114.88 billion and is estimated to grow at a significant CAGR of 7.73% CAGR with the polymer foam market size of USD 157.63 billion during the forecast period (2021-2030).
Polymer foams, simply put, are made of gas and solid phase mixed together to create a foam. A polymeric foam is an expanded sponge, cellular elastomer, or rubber. The mechanical and physical characteristics of the foam change as per the nature of the solid matrix material. It is generally made through slab-stock. Polymer foams are dermatologically-friendly, mildew resistant, highly durable, versatile, and extremely lightweight. Such alluring features make polymer foams highly recommendable and safe for various consumer applications.
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Various factors are propelling the polymer foam market growth. Such factors, as per the latest Market Research Future report, include rapid urbanization, demand for fuel-efficient lightweight cars worldwide, increasing application in wind energy, rising disposable income, and an increasing middle-class population. Additional factors propelling polymer foam market growth include a focus on product developments that are bio-based, burgeoning demand from the automotive industry particularly cables applications, cushioning, headliners, and gaskets, and extensive use in various end-use industries such as packaging, furniture and bedding, automotive, building and construction, and others.
On the contrary, limited recycling options, environmental concerns related to its manufacturing process, economic slowdown, government regulations, and volatility in the prices of raw materials are factors that may impede the polymer foam market during the forecast period.
Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the polymer foam market on the basis of end user industry, product type, and type.
By type, the polymer foam market is segmented into rigid and flexible.
By product type, the polymer foam market is segmented into polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), polystyrene (PS), and polyurethane (PU). Of these, the polyurethane segment will lead the market during the forecast period. It has wide applications, including carpet, cushions, and furniture. Polyurethane has a huge customer base for its superior qualities, such as insulation, high-energy dissipation, low sound and heat transfer, and lightweight.
By end user industry, the polymer foam market is segmented into textiles, packaging, furniture, transportation, construction, and others. Of these, the construction segment will dominate the market during the forecast period for its increasing applications in cables and wire, molding, pipe, flooring, and insulation purposes.
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Regional Analysis
By region, the polymer foam market report covers the latest trends and growth opportunities across Europe, the Middle East and Africa, Latin America, the Asia Pacific, and North America. Of these, the APAC region will dominate the market during the forecast period. Factors propelling the growth of the polymer foam market in the region include the strong existence of crude oil reserves that bridges the demand gap for raw materials, booming construction sector, and improving living standards. South Korea, India, and China are the chief contributors in the region.
The polymer foam market in Europe is predicted to have a strong growth during the forecast period owing to surplus demand in automobile manufacturing.
The polymer foam market in North America is predicted to have a major share in the market during the forecast period for increasing product innovations and expansion of onshore and offshore activities.
The polymer foam market in Latin America and the MEA is predicted to have favorable growth during the forecast period for the presence of leading automobile manufacturers in the region, demand from the construction sector, and growing building and construction sector.
Key Players
Notable players profiled in the polymer foam market report include Zotefoams Plc (UK), Synthos S.A. (Poland), SABIC (Saudi Arabia), Total SA (US), Arkema SA (France), Rogers Corporation (US), Recticel NV (Belgium), The Dow Chemical Company (US), TORAY INDUSTRIES, INC. (Japan), and BASF SE (Germany). Key players have incorporated numerous strategies to stay ahead in the competition, such as partnerships/joint ventures, research and development strategies, mergers and acquisitions, and more.
Industry News
October 2019: BASF has come up with a high-performance polyurethane for the midsole of its TC-01 and 02 training shoes, which will help in improving the athletic performance and balance of the wearer.
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