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The global polymer foam market size is estimated to grow by USD 26.95 billion between 2022 and 2027 and the size of the market is forecast to increase at a CAGR of 4.63%.
The growth of the market depends on several factors, including growth in the bedding and furniture industry, growth in the building and construction industry, and accelerating demand for rigid foams.
This report extensively covers market segmentation by type (PU, PS, PVC, phenolic, and others), application (packaging, building and construction, furniture and bedding, transportation, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Accelerating demand for rigid foams is driving market growth. Rigid foams are a highly versatile and durable form of insulation that provides numerous benefits over other types of insulation. They are lightweight, chemically stable, and offer relatively higher thermal resistance, making them ideal for use in various applications such as structural insulated panels, pipe insulation, and automobiles. Using rigid foams in structural insulated panels provides several advantages, including simplicity and elegance in design, the ability to withstand strong winds and seismic forces, an efficient thermal performance that reduces energy utilization, and easy handling due to its lightweight nature. It also offers superior structural stability across the entire panel. In pipe insulation, rigid foams help to conserve energy by reducing heat loss, withstanding extreme weather conditions, preventing condensation on cold surfaces, and providing high mechanical strength, thus preventing equipment damage.
In automobiles, rigid foams help to reduce the overall weight of the vehicle, minimize sound and vibration, improve fuel efficiency, and enhance durability. Due to these advantages, rigid foams are preferred over other types of insulation, and their popularity is expected to drive the growth of the global polymer foam market in the forecast period.
Lack of awareness of eco-friendly products is hindering the market. The utilization of bio-based polymer foams, like bio-based PU foam, can reduce the dependence on non-renewable fossil fuels and lower the emission of greenhouse gases, such as carbon dioxide, which contribute to global warming. As concerns regarding environmental hazards continue to grow, there is an increasing need to adopt eco-friendly bio-based polymer foam products. Footwear created from thermoplastic bio-based PU offers comfort, skin-friendliness, and environmental sustainability, as these products can be easily decomposed and recycled. However, while developing new products, such as bio-based polymer foams, it is important to consider public acceptance. Conducting an initial analysis of the legal, ethical, and social implications is necessary before introducing bio-based alternatives to conventional materials.
Improving public awareness through education and communication among producers and consumers plays a crucial role in enhancing public acceptance of these eco-friendly products. A lack of awareness about these factors could hinder the growth of the global polymer foam market in the forecast period.
The increasing number of manufacturers in APAC is trending the market growth. The establishment of new polymer foam production facilities in China is expected to alleviate supply constraints in Europe, leading to a reduction in production costs and a decrease in the cost of the product. Manufacturers in the Asia-Pacific (APAC) region are striving for high-capacity utilization to meet the increasing demand for PU, PVC, PE, and other foam materials from South America and Europe, which are the largest consumers of PU, accounting for over 50% of global consumption. China is a key player in the consumption of polymer foam materials, owing to its large population and significant consumption potential across various end-user application segments, including building and construction and footwear.
However, the consumption of PU and other foam materials is also likely to increase in other regions during the forecast period, leading to the conception of several new production projects to meet the growing demand. Overall, the growth of the global PE foam market is expected to be driven by several factors, including the increasing demand for polymer foam materials in APAC, the conception of new production projects to meet growing demand, and the significant consumption potential across various end-user application segments.
The market share growth by the PU segment will be significant during the forecast period. PU is a type of polymer that has a urethane linkage. The reaction of isocyanates with diols containing hydroxyl groups in the presence of a catalyst leads to the formation of PU. By using different kinds of isocyanates and diols, different types of PU can be manufactured for different applications.
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The PU segment was valued at USD 43.72 billion in 2017 and continued to grow until 2021. PU is primarily used for construction and insulation purposes and in mattresses and cushions. The growth of the construction and infrastructure industries and the bolstering of the global automotive industry have positively affected the global PU foam market. The market is also driven by population growth and rising disposable incomes in countries such as India. Thus, the increasing demand for PU foams from different industries, such as bedding, furniture, automotive interiors, carpet underlay, and packaging, will drive the growth of the PU segment of the global market during the forecast period.
Packaging was the largest segment of the global polymer foam market and will continue to remain the largest segment during the forecast period. Polymer foams are extensively used in protective packaging. Polymer foams are used in the packaging industry mainly because of their properties of low weight, surface protection, and thermal insulation. In the packaging industry, polymer foams are used in trays, sheets, protective bands, protecting packaging, and household items. PU foams are soft. They are widely used for packaging lightweight, fragile, and shock-sensitive products. At present, approximately 90% of manufactured foam is recovered for the use of alternative packaging. The expanding demand for polymers foams in the growing packaging industry due to their superior packaging properties will drive the growth of the global polymer foam market through the packaging segment during the forecast period.
APAC is estimated to contribute 47% 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.
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APAC is estimated to contribute 47% 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 primary factors fostering the growth of many applications of polymer foams in APAC are population growth, economic growth, and the rising disposable incomes of the people in India, the Philippines, Malaysia, and China. In addition, China, Japan, India, and South Korea were among the top ten producers of automotive vehicles in 2021. These countries are expected to sustain their market shares during the forecast period. Thus, the market in APAC will benefit as polymer foams have wide applications in the automotive industry.
Furthermore, a rise in demand for food and beverages, alcoholic beverages, and pharmaceuticals is expected to lead to an increase in market share in APAC during the forecast period. In addition, in countries such as India and China, the growing construction industry will drive the demand for polymer foam during the forecast period. For instance, in India, the construction of Navi Mumbai International Airport in Mumbai and the Chenab River Railway Bridge in Jammu and Kashmir will generate strong demand for polymer foam during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the regional market. However, in 2021, due to the availability of COVID-19 vaccines and the large-scale vaccination drives carried out by the governments of countries in APAC, activities in end-user industries, such as the construction, packaging, and automotive industry gradually became normal. Therefore, the demand for polymer foam increased, which revived the growth of the regional market in 2021. Moreover, the growth in the regional economy and strategies adopted by vendors, such as digitization of business processes, will positively impact the growth of the regional market during the forecast period.
Vendors are implementing various 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.
RAG Stiftung - The company offers mine and pit water management, pumping facilities and deep bodies of water, groundwater purification, and mining-related damage services. The key offerings of the company include polymer foam that is lightweight and has low thermal conductivity and moisture resistance properties.
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 report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Polymer Foam Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Polymer Foam Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.63% |
Market growth 2023-2027 |
USD 26.95 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.86 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema Group, Armacell International SA, Borealis AG, Dow Inc., Huntsman Corp., Lanxess AG, Mitsubishi Gas Chemical Co. Inc., Polymer Technologies Inc., RAG Stiftung, Recticel NV, Rogers Foam Corp., Toray Industries Inc., Tosoh Corp., Boyd Corp., Zotefoams Plc, BASF SE, Woodbridge Foam Corp., FXI, Mitsui Chemicals Inc, and Saudi Basic Industries 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, Market condition analysis for 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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