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The polymer foam market size is estimated to grow by USD 26.2 billion at a CAGR of 4.36% between 2023 and 2028. Market expansion hinges on various elements, notably the burgeoning bedding and furniture sector, the thriving building and construction industry, and surging demand for rigid foams. The upsurge in the bedding and home furniture industry acts as a catalyst, propelling market growth alongside the dynamic building and construction sector. Simultaneously, the escalating need for rigid foams amplifies market opportunities, reflecting a trajectory. These factors converge to create a fertile ground for market expansion, indicating a promising landscape driven by evolving consumer preferences, technological advancements, and industry collaborations. As the bedding and furniture industry continues to innovate, coupled with the ongoing growth in construction activities and the rising demand for rigid foams, the market is poised for sustained growth and development.
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The Market in Southeast Asian countries is driven by diverse factors. Packaging applications are a primary driver, especially with the growing demand for eco-friendly and lightweight materials like Polyurethane-based foams and Polystyrene (PS). Transportation operations also fuel market growth, with foams used extensively in automotive applications and vehicle components. However, challenges such as regulatory scrutiny on Isocyanates and the need for sustainable practices with recycled plastics and natural foams are critical. Balancing innovation, environmental concerns, and regulatory compliance remains a key trend shaping the market. Polymer foams play crucial roles in these sectors, providing lightweight solutions for trash dishes and egg cartons in packaging applications. Innovations supported by patents drive advancements in foam technology, enhancing their use in rail industry components and automotive applications for insulation and structural integrity. Foreign direct investment fuels market growth, supporting R&D efforts to improve foam properties like durability and thermal resistance. As demand increases globally, polymer foams continue to evolve, meeting stringent industry standards and environmental regulations while catering to diverse applications in transportation, packaging, and construction
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, 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.
Moreover, 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 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.
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. Moreover, 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 market in the forecast period.
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 44.90 billion in 2018. 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 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 market through the packaging segment during the forecast period.
APAC is estimated to contribute 52% 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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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.
Companies 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.
Arkema Group - The company offers a specific type of foam, which is SNAP-approved, making it a versatile solution for various polyurethane (PU) applications.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth 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. In market growth analysis, 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.
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.
Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is dynamic and expansive, driven by diverse applications across various industries. Innovations in natural and bio-based foams and post-consumer recycled plastics underscore a shift towards sustainable practices. Key sectors like building & construction, Automotive application, and packaging leverage foams such as expanded polystyrene and polyurethane resin for their insulation capabilities, fire resistance properties, and acoustic capabilities. These materials find use in flooring, piping, furniture items like sofas, office chairs, and bean bags, as well as food containers and fast food containers due to their lightweight nature and durability. The market also benefits from advancements in blow molding, injection molding, and extrusion technologies, catering to the growing demand for memory foam in bedding products and stress relief products amid rising consumer spending and an aging global population.
In addition, the market spans a wide range of industries, from building & construction applications to automotive and packaging sectors. Key materials like expanded polystyrene foam, polyurethane foam, and polystyrene foam are pivotal for their insulation panels and flooring products in construction and infrastructure projects. Industries such as furniture & bedding utilize foams for pillows and mattresses, catering to diverse core applications. In the automotive and sports sectors, foams find use in the soles of footwear, sports shoes, and sporting goods for their comfort and durability. The market also supports wind energy projects with foam applications in turbine blades, leveraging materials like fiberglass and PET foam for lightweight and designs. As global geriatric populations drive demand for medical and comfort products, foams in packaging and stress relief products play crucial roles, reflecting ongoing innovation and adaptation in polymer foam technology.
Market Scope |
|
Report Coverage |
Details |
Page number |
197 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 26.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.08 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 52% |
Key countries |
China, US, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arkema SA, Armacell International SA, BASF SE, Borealis AG, Boyd Corp., Dow Inc., FXI, Huntsman Corp., Lanxess AG, Mitsubishi Gas Chemical Co. Inc., Mitsui Chemicals Inc., Polymer Technologies Inc., RAG Stiftung, Recticel Group, Rogers Foam Corp., Saudi Basic Industries Corp., Toray Industries Inc., Tosoh Corp., Woodbridge Foam Corp., and Zotefoams plc |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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