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The polymer foam market size is estimated to grow by USD 26.95 billion between 2022 and 2027 at a CAGR of 4.63%. 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 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 robust 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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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.
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. 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, 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.
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 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 in Southeast Asian countries is witnessing significant growth across various sectors. Packaging applications are a major driver, with polymer foams like Polyurethane-based foams and Polystyrene (PS) catering to diverse packaging needs. Transportation operations benefit from lightweight and durable foams, aiding in automotive applications and vehicle components. The rail industry and wind energy projects leverage foams for insulation and structural support. Recycled plastics contribute to sustainable foam production, alongside natural and bio-based foams meeting eco-friendly demands. Regulatory scrutiny ensures foam safety, especially with Isocyanates and expanded polystyrene foam in focus. In building & construction, foams are crucial for insulation in flooring, piping, and building materials. They also feature prominently in food containers, trash dishes, and egg cartons, highlighting their versatility in diverse applications. Overall, the market's segmentation reflects a balance between innovation, sustainability, and regulatory compliance to meet evolving market demands.
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 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 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.
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.
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 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 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The Market is driven by a multitude of factors contributing to its growth and diversity. Polyurethane-based foams dominate due to their versatility and numerous applications across industries. Foreign direct investment injects capital into innovation and expansion, while the rail industry leverages foams for insulation and structural enhancements, especially in rail infrastructure construction. Wind energy projects benefit from lightweight foam components, fostering sustainability. Patents protect advancements in foam technology, encouraging research. The push for sustainability sees a rise in recycled plastics and natural and bio-based foams, addressing regulatory scrutiny on environmental impact.
Moreover, expanded polystyrene foam finds extensive use in building & construction, flooring, and packaging applications, including food containers and egg cartons. The polyurethane resin segment drives innovation in furniture & bedding industries, offering comfort with acoustic capabilities and fire resistance properties. Polymer Foam caters to diverse needs, from consumer spending on packaging to specialized uses like stress relief products and memory foam in footwear and bedding. As the global population ages, demand for polyurethane foam in bedding products like pillows remains steady, showcasing its core applications across industries, from automotive to building & construction to appliances.
Furthermore, the Market is a dynamic landscape driven by a plethora of materials and applications. Fiberglass foams offer exceptional strength and insulation properties, finding applications in piping for various industries. Post-consumer recycled plastics contribute to sustainability efforts, while Polystyrene (PS) foams are versatile, used in packaging applications like trash dishes and fast food containers. The automotive application of polymer foams spans vehicle components and insulation panels, enhancing safety and comfort. National Association standards drive quality and innovation in furniture items such as sofas, office chairs, and bean bags, where foams with superior insulation capabilities are favored.
Moreover, in flooring products, foams provide cushioning and soundproofing, while plastic foam technologies support blow molding, injection molding, and extrusion processes. These foams are vital in the packaging of medical supplies and sporting goods, including sports shoes and soles of footwear. With the global geriatric population growing, foams like polyethylene, polyvinyl chloride, and PET cater to specialized needs in healthcare and comfort products. Polyamide and urea formaldehyde foam excel in automotive and building & construction applications, showcasing the versatility and importance of polymer foams across industries.
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 companies, Market Positioning of companies, 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 research report, Market forecasting, 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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