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The flexible foam market is estimated to grow at a CAGR of 6.2% between 2022 and 2027. The size of the market is forecast to increase by USD 15.06 billion. The growth of the market depends on several factors, including growth in the bedding and furniture industry driven by expanding population, high demand from emerging economies, and increased demand from the construction industry in emerging economies.
This report extensively covers market segmentation by application (furnishings, transportation, packaging, and others), type (polyurethane flexible foams, polyethylene flexible foams, polypropylene flexible foams, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high demand from emerging economies is notably driving the market growth, although factors such as the lack of awareness of eco-friendly products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Flexible Foam Market Driver
The high demand from emerging economies is notably driving market growth. The global market is witnessing high growth in emerging economies of the world, such as Brazil, Turkey, Indonesia, South Korea, Mexico, and India. Many original equipment manufacturers are shifting their manufacturing operations to these countries due to factors such as the availability of land, cheap labor, low transportation costs, and less stringent government norms.
Furthermore, growth in the bedding and furniture, building and construction, transportation, electronics, and packaging industries in emerging economies is also anticipated to boost the growth of the global market. In addition, higher disposable incomes and changing lifestyles in these economies have led to high demand for flexible foam from different application segments. Therefore, such factors are expected to boost market growth during the forecast period.
Significant Flexible Foam Market Trend
The growing focus on the production of bio-based flexible foams is an emerging trend in the market growth. The global market is expected to witness an increase in the production of bio-based flexible foam in the coming years. This is because the key players in the global market are adopting bio-based flexible foam to minimize the harmful effects of chemicals, such as TDI, MDI, and PMDI, on the environment.
A few vendors are investing in R&D continuously to develop eco-friendly bio-based flexible foam. For instance, Polyolefin foam from INOAC uses 25% or more plant-based raw materials in its manufacturing. Thus, the growing developments by vendors for the production of bio-based flexible foam will drive the growth of the market in focus during the forecast period.
Major Flexible Foam Market Challenge
The lack of awareness of eco-friendly products is a major challenge impeding market growth. With the growing concerns about protecting the environment, consumers need to be aware of eco-friendly products and their consumption. The goal of using bio-based flexible foam manufactured from renewable resources as raw material feedstocks are to reduce the demand for non-renewable fossil fuel and lower the production of carbon dioxide (greenhouse gas) to overcome the problems of global warming.
Materials made from bio-based foam are comfortable to use, eco-friendly, and skin-friendly. These products can be easily recycled and decomposed. However, the lack of awareness among consumers in emerging economies such as India and China, which are the primary markets for flexible foam, is hindering the growth of the global bio-based flexible foam market.
Key Flexible Foam Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Flexible Foam Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Excelsior Inc. - The company manufactures and distributes products for packaging, cushioning, and engineered foam specialities. The key offerings of the company include flexible foam.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the furnishings segment will be significant during the forecast period. Flexible foam is soft, durable, maintains shape, and provides good support. They are widely used in cushions and mattresses and can be produced according to the density required by the manufacturer. These add comfort and support to padded bedding products.
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The furnishings segment was valued at USD 14.68 billion in 2017 and continued to grow until 2021. A few types of flexible foam can adapt to the shape of a person's body and provide the utmost comfort in bedding. Along with household bedding, flexible foam is also used in hospital furniture, office chairs, stadium seats, auditorium seats, and other upholstered furniture. In carpet cushioning, flexible foam is used to increase the lifespan and comfort of carpets. They provide the desired feel underfoot without excessive thickness. These are used for both residential and commercial purposes. The flexible foam also provides thermal insulation, easy carpet maintenance, and recyclability. The constant increase in the global population and high disposable income, along with growing demand for luxury bedding and furniture and more popularity of pillow-top mattresses, are expected to drive the growth of the global market in furniture and bedding applications during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The region will experience high market growth during the forecast period. This growth is attributed to the increased consumption of flexible foam in the rapidly growing packaging and transportation industries in emerging economies, especially in India. Growing infrastructural developments in the region, coupled with the emergence of China as a global manufacturing hub, are further fueling the consumption of flexible foam in the region. In addition, the growing e-commerce industry in APAC will drive the use of flexible foam in the packaging of heavy goods. Also, investments by vendors in countries such as India, China, and others in the region will boost the growth of the regional market in focus during the forecast period.
Flexible foam is largely used for mattresses and cushions. High population growth in APAC is leading to high demand for bedding and furnishing. Another form of flexible foam, bio-based polyurethane flexible foam, is also gaining popularity in recent times and is used more than fiberglass and stone wool for insulation in the region. Urbanization and industrialization, along with the need for energy-efficient buildings, are enhancing the need for insulation. Some countries in APAC are facing power shortages, forcing domestic and commercial entities to explore ways of conserving energy. Energy efficiency provided by insulation is one of the primary drivers for market growth in APAC. Additionally, there is a high demand for televisions, refrigerators, and air conditioners from APAC countries such as China, Cambodia, and Vietnam, which is expected to fuel the market for flexible foam in the next five years.
The outbreak of COVID-19 hampered the growth of the regional market in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Various end-user industries, such as transportation and packaging, resumed their operations. Hence, some of the logistics and supply chain issues created by the lockdowns were resolved, and commodity chemicals were available. These factors will, thus, drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Flexible Foam Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.2% |
Market growth 2023-2027 |
USD 15.06 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.34 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Excelsior Inc., BASF SE, Covestro AG, Dow Inc., FXI, Greiner AG, Huntsman Corp., INOAC Corp., Kaneka Corp., Mitsubishi Gas Chemical Co. Inc., ORSA foam Spa, Recticel NV, Rogers Corp., Sekisui Chemical Co. Ltd., Sheela Foam Ltd., Technomak, Ube Corp., Wisconsin Foam Products, Woodbridge Foam Corp., and Zotefoams Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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