What's Driving The Flexible Foam Market Size? | Top Key players BASF, The Dow Chemical Company, Huntsman Corporation, Covestro, Recticel, Rogers Corporation, JSP, Zotefoams
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Growing consumers spending on luxury beddings and consumer goods coupled with buoyant demand for the product in several end-use industries including furniture & upholstery, transportation, packaging, consumer goods, and construction will propel the flexible foam market growth. Increasing demand for safety and comfort in automotive and furniture industry will provide lucrative opportunities for the industry participants.
1 Growth in the automotive and transportation industry
2 Rapid expansion in packaging industry
3 Increasing utilization of thermal insulation in the construction industry
4 Strong outlook in furniture & bedding industry
Furniture & upholstery end-use segment accounted for over USD 10 billion in 2018. Increasing number of restaurants with improved cushioning and comfort requirement supported by high consumer spending on luxurious interiors will positively influence the flexible foam market revenues. Technological advancements in flexible foam materials have fueled the applications scope in the past few years. Recent product developments in the flexible foam products have enabled the manufacturers to develop smart memory or viscoelastic products that provide better durability, longer product life and protection against allergens and microorganisms.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. American Excelsior Co
2. Sheela Foam Private Limited
3. Greiner MULTIfoam GmbH
4. Changzhou Xingang Plastic Products Co., Ltd.
5. Kaneka North America
6. Carpenter Co.
7. ORSA FOAM S.P.A.
8. Vita Cellular Foams (UK)
9. INOAC CORPORATION
11. Sekisui Chemical Co.,Ltd.
13. Woodbridge Foam Corp
14. The Woodbridge Group
15. Rogers Corporation
16. Huntsman Corporation
17. The Dow Chemical Company
The automotive industry is another lucrative end-use sector of the flexible foam market. Given that the product offers stress and tensile handling properties, and increased resistance to solvents and light, it is used extensively in the transportation industry for making seats, armrests, headrests, HVAC components, interior panels and skins, truck beds, headliners, and other interior systems. Polyurethane foam is also used to offer automobile designers and manufacturers the means to make products that can easily be assembled, disassembled, and recycled. The product also meets the highest performance specifications over a wide range of automotive applications without increasing vehicle weight. Despite heavy, prolonged use over the years, polyurethane foam can retain its original shape, firmness, and resiliency. Recent developments in polyurethane technology for automotive design will contribute towards improving passenger comfort, energy and sound absorption, moisture and heat resistance and compressive strength in vehicles. In consequence, flexible foam market is likely to procure a major chunk of its profits from the automotive sector.
Elaborating on the extensive deployment of polyurethane for introducing light weightiness in vehicles, it would be prudent to mention that high-density polyurethane foam components can be effectively coated to seem like the original product, and can be manufactured with a closed-cell structure that boasts of being water-tight. Ergo, the component is not susceptible to rotting, delaminating from water intrusion, or warping. PU foam is also equipped with exceptional self-skinning properties, making the product ready for painting or coating. This has consequently increased the deployment of PU foams in myriad automotive and aerospace applications, thereby driving the PU flexible foam market share.
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Powered by its excellent characteristics, polyurethane foam is widely used across a spate of industry verticals. As a matter of fact, polyurethane dominated the overall flexible foam market in 2018, with a share of over 60% of the demand. Driven by its innumerable applications in lightweight automotive parts, as thermal insulation products in buildings, in automotive interior components, and as cushioning in beddings, upholstery, etc., polyurethane-based flexible foam industry is slated to traverse alongside a highly profitable growth path in the years ahead.
Speaking of the regional spectrum of flexible foam market, the APAC undeniably, has emerged as a forerunner, a feat that can be credited to the expanding automotive and consumer goods industries in the region. As a matter of fact, the continent boasts of increased expenditure on luxurious consumer goods coupled, thereby fueling the demand for memory foams in mattresses and beddings. The region’s construction industry has also been undergoing a robust expansion of sorts, that has considerably increased the demand for flexible foams in the continent.
Powered by the expanding hospitality industry, specifically across the South-East Asian nations of Thailand, Singapore, Malaysia, Vietnam, and Indonesia, on account of supportive FDI policies, APAC flexible foam market share is anticipated to depict a commendable rise in the years ahead. Indeed, as per estimates, Asia Pacific led the overall flexible foam market share in 2018, accounting for more than 30% of the demand.
Asia Pacific flexible foam market will grow significantly owing to the increasing presence of online platforms to provide a wide range of products will augment the regional growth. Shifting consumer interests for home interior products are boosting the demand for different flexible foam types in the industry. Expansion of prominent furniture brands in the region to provide superior quality and low-cost furniture and upholsteries will steer the flexible foam market growth. For instance, in September 2017, IKEA, Swedish-furniture manufacturer, and retailer announced to open its first distribution center in India to enhance their industry share.
Key players in the flexible foam market includes Covestro AG, BASF, Dow Chemical Company, Recticel, and Huntsman International. New product launches and technological developments are among the key strategies observed in the industry. For instance, in April 2018, SINOYQX launched its melamine flexible foam, YQX TG with enhanced thermal insulation, sound absorption, and chemical & fire-resistant properties that it provides to automotive & marine engine parts.
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