Flexible Foam Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Flexible Foam Market Forecast 2024-2028

The flexible foam market size is forecast to increase by USD 18.75 billion at a CAGR of 6.61% between 2023 and 2028. The market's growth rate is influenced by multiple factors, notably the expansion of the bedding and furniture industry, driven by evolving consumer preferences. High demand for flexible foams from emerging economies contributes significantly to market expansion, reflecting the increasing adoption of modern lifestyles. Additionally, there's a growing preference for lightweight materials across various sectors, further propelling the market forward. These trends underscore the market's adaptability to changing consumer needs and its pivotal role in meeting the demand for versatile and efficient materials in diverse applications. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.

What will be the  Market Size During the Forecast Period?

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Market Definition 

Flexible foam is a type of polymer foam that can be broadly classified under thermosets and thermoplastics. It is used in cushioning for a broad range of applications, including furniture, bedding, transportation, and packaging.

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Market Dynamics

The market experiences robust growth driven by diverse applications such as mattresses, sofas, cushions, and automobile parts, leveraging its lightweight nature for enhanced fuel efficiency. Key components like polyols and isocyanates ensure durability and compression resistance, making it ideal for shock absorber use. Trends indicate a rising demand in the packaging industry and comfortable bedding, reflecting consumer preferences for supportive cushioning materials. Challenges include balancing performance with environmental concerns and meeting stringent safety regulations amidst evolving market dynamics. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

Growth in the bedding and furniture industry is notably driving market growth. With a burgeoning emphasis on comfort and relaxation, the demand for high-quality bedding and furnishings is on the rise. Flexible foam products, such as mattresses, pillows, and furniture cushions, have emerged as favored choices due to their superior comfort and support compared to traditional materials. Manufacturers continually innovate their designs to enhance functionality, offering consumers a wide range of options tailored to their specific preferences and needs. Flexible foam's versatility allows for customization in firmness, density, and size, ensuring personalized solutions.

Additionally, its durability and resilience make it ideal for frequently used bedding and furnishings, contributing to long-term customer satisfaction. The growth of e-commerce platforms further facilitates access to these products worldwide, given their compressibility, which reduces shipping costs and enables convenient delivery. Overall, the bedding and furnishing industry's expansion, coupled with flexible foam's unique properties, is expected to drive substantial growth during the forecast period. 

Significant  Market Trends 

Expansion of production capacity by companies is an emerging trend shaping market growth. Major companies in the market are focusing on expanding their production and sales by increasing the production capacity at existing plants or opening new plants. Some vendors are focusing on launching new types of flexible foam products. For instance, in November 2022, Sekisui Chemical Co. Ltd. announced that the company would invest USD 0.047 billion in its Michigan plant in the US to expand its foam production capacity by about 20%. The capacity expansion project is expected to be completed and become operational in July-September 2024. Apart from this, other leading vendors, such as BASF SE, are also increasing their foam production capacity.

For instance, in January 2023, BASF SE announced the expansion of defoamer capacity at its Dilovasi plant in Turkey. The company can better meet the growing demand for high-performance Foamaster and Foamstar products in Southeast Europe, the Middle East, and Africa owing to the new production line, which expands the company's on-site capacity. Such factors can increase the production and sales of flexible foam and, in turn, accelerate the growth of the market during the forecast period.

Major Challenge

Volatility in raw material prices of flexible foam is a significant challenge hindering market growth. Raw materials, primarily petrochemical-based substances such as polyurethane, polyethylene, and polypropylene, account for a significant portion of the production costs in the flexible foam industry. Sharp and unpredictable fluctuations in raw material prices can lead to uncertainty in production costs for flexible foam manufacturers. This uncertainty makes it challenging for companies to plan budgets, forecast profitability, and make strategic decisions regarding pricing and investments. When raw material prices increase, manufacturers may struggle to pass on the higher costs to customers due to competitive pressures or existing contractual agreements.

As a result, profit margins may shrink, impacting the financial viability of businesses in the market.  Manufacturers may face challenges in sourcing adequate quantities of raw materials at stable prices, potentially leading to production bottlenecks and inventory shortages. Companies that are unable to effectively manage raw material price volatility may face a competitive disadvantage compared to competitors with more stable supply chains or diversified sourcing strategies. This can negatively impact market share and profitability in the long term, which may impede the growth of the market during the forecast period.

Market Segmentation by Application, Type, and Geography

The market caters to various industries, providing versatile cushioning material for applications such as beds, mattresses, chairs, and automobile parts. From garden furniture pillows to carpet cushions, flexible foam finds utility in diverse products like seats, armrests, and headrests. In the furniture and bedding sector, the polyurethane segment dominates, offering comfort and support in mattresses, sofas, cushions, and others. Its lightweight nature benefits automotive and aerospace applications, enhancing fuel efficiency while providing durability and shock absorption. Manufactured from polyols and isocyanates, flexible froth meets the compression requirements of various industries, including the packaging industry and beyond, ensuring comfortable and supportive bedding solutions.

Application Analysis 

The market share growth by the furnishings segment will be significant during the forecast years. 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. A few types of flexible froth can adapt to the shape of a person's body and provide the utmost comfort in bedding. 

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The furnishings segment was the largest and was valued at USD 16.67 billion in 2018. The rising demand for comfortable and stylish furniture in both residential and commercial spaces is fueling the adoption of flexible foam. Flexible foam offers enhanced cushioning properties, making it ideal for sofas, chairs, mattresses, and pillows, providing superior comfort and support to users. Moreover, the expanding construction and real estate sectors globally contribute to the growth of the furnishings segment. With the construction of new residential and commercial properties, there is a parallel increase in demand for furnishings, including upholstered furniture and mattresses, further driving the demand for flexible foam. 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 market through the segment during the forecast period.

Type Analysis 

Based on the type, the market has been segmented into polyurethane flexible foams, polyethylene flexible foams, polypropylene flexible foams, and others. The polyurethane flexible foams segment will account for the largest share of this segment.? Polyurethane flexible foam is light, durable, and comfortable and can be molded into different shapes. It is durable, resilient, and can handle strength. These foams are commonly used in various cushioning products such as bedding, furniture, packaging, carpet underlay, and automotive interiors. The growing population across regions and high demand for automobiles are the major factors driving the growth of the market and will continue to do the same. The demand for polyurethane flexible foam in healthcare equipment, footwear, and personal care items is also expected to elevate the growth of the segment in the market during the forecast period.

Region Analysis

APAC is estimated to contribute 41% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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Further, flexible foam is largely used for mattresses and cushions. High population growth in APAC is leading to high demand for bedding and furnishings. 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. Also, 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 in the next five years.

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. For instance, in October 2023, BASF SE started the construction of its new polyurethane application development laboratory in Mumbai, India. The laboratory will strengthen collaboration with Indian customers from high-growth industries, including consumer appliances, construction, footwear, furniture, and transportation. Thus, the growing developments by companies in the region are expected to drive the growth of the regional market during the forecast period.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.

American Excelsior Inc - The company offers flexible foams such as Amexcoat Coated Foam, Crosslink Foam, Curlfoam, Curlfoam, Earth cell foam, Molded foams, Polyethylene foams, Specialty foams, and Viscool visco elestic foams.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including American Excelsior Inc., BASF SE, Covestro AG, Dow Chemical Co., Greiner AG, Huntsman International LLC, INOAC Corp., Kaneka Corp., Mitsubishi Gas Chemical Co. Inc., ORSA foam Spa, Rogers Corp., Sekisui Chemical Co. Ltd., Sheela Foam Ltd., Technomak, Ube Corp., Wisconsin Foam Products, Zotefoams plc, FXI, Recticel NV, and Woodbridge Foam Corp.

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Application Outlook 
  • Furnishings
  • Transportation
  • Packaging
  • Others

• Type Outlook
  • Polyurethane flexible foams
  • Polyethylene flexible foams
  • Polypropylene flexible foams
  • Others

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market encompasses a wide array of applications and materials, including extruded polystyrene and bio-based polyols derived from renewable resources like plant oils. Despite challenges like fluctuations in raw material costs and concerns over carbon emissions, innovations like carbon dioxide (CO2)-based polyols offer sustainable alternatives. Flexible foams find extensive use in the furniture & bedding segment, providing comfort in mattresses, sofas, and cushions, while also serving the automotive industry in vehicle seating and interior components for soundproofing and acoustic insulation. These versatile materials extend to various sectors, including residential construction for thermal and acoustic insulation, commercial and industrial construction for HVAC systems, and consumer goods such as protective gear, gym mats, and water toys. From hospital mattresses to camping equipment, flexible foams offer elasticity and functionality across diverse applications.

Market Scope
Report Coverage	Details
Page number	180
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.61%
Market Growth 2024-2028	USD 18.75 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.87
Regional analysis	APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution	APAC at 41%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	American Excelsior Inc., BASF SE, Covestro AG, Dow Chemical Co., Greiner AG, Huntsman International LLC, INOAC Corp., Kaneka Corp., Mitsubishi Gas Chemical Co. Inc., ORSA foam Spa, Rogers Corp., Sekisui Chemical Co. Ltd., Sheela Foam Ltd., Technomak, Ube Corp., Wisconsin Foam Products, Zotefoams plc, FXI, Recticel NV, and Woodbridge Foam Corp.
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 that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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