Automotive Foam Market: Increasing Demand for Light Commercial Vehicles to Promote Growth

The global automotive foam market size is expected to experience considerable growth during the forecast period. This is attributable to the increasing demand for light commercial vehicles and the increasing demand for advanced machinery that is likely to boost the adoption of advanced automotive foam globally. This information is published by Fortune Business Insights in its upcoming report, titled, "Automotive Foam Market Size, Share & Industry Analysis, By Foam Type (Polyurethane foam, Polyolefin Foams, Others), By Application (Seating, Door Panels & Water shields, Instrument Panels, Bumper System, Others), By End-Use (Passenger Vehicles, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)) Others and Regional Forecast, 2022-2029."

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The global pandemic has led to a major downturn in the operations of several industries. Although disruption in the supply chain and raw materials has impacted several sectors, the food and beverage industry is anticipated to garner considerable growth in the forthcoming years. Owing to the huge demand for essential services such as food products, the market is anticipated to remain positive in the wake of the global pandemic.

Automotive foams are manufactured using a solid and gaseous phase combined to form a plastic foam. Several raw materials are used such as olefins, polyurethane, and polystyrene to manufacture foams of excellent quality.

What does the Report Include?

The global market for automotive foam report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive market growth in the forthcoming years.

DRIVING FACTORS

Increasing Demand for Light Commercial Vehicles to Promote Growth

The rising industrial and infrastructure sector, coupled with the growing demand from rural areas, is likely to surge the adoption of light commercial vehicles. This is anticipated to propel the demand for advanced automotive foam across the globe. Additionally, the increasing focus on adoption of advanced machineries by the companies is expected to contribute to the global automotive foam market growth during the forecast period. For instance, in January 2021, The RGC Group of Companies, the parent company of popular foam brand, Uratex, announced the acquisition of Quadrofoamat (QFM), a manufacturing machine with optimized technologies and improved modular design catering to the customer's requirement.

REGIONAL INSIGHTS

Asia-Pacific - The region is expected to dominate and hold the highest position in the global automotive foam market during the forecast period. This is attributable to the rising disposable income of the working population that is driving the sales of automotive in the region.

North America - The region is anticipated to showcase substantial growth backed by the increasing demand for light commercial vehicles that is likely to propel the demand for advanced automotive foam in the region between 2020 and 2027.

COMPETITIVE LANDSCAPE

Facility Expansion by Prominent Companies to Intensify Industry Competition

The global market for automotive foam is fragmented by the presence of several major companies striving to gain a major chunk of share and maintain their presence. These companies are expanding their facilities to cater to the growing demand of the products across several industrial applications. In addition to this, other key players are focusing on maintaining a stronghold by adopting organic and inorganic strategies during the forecast period.

Industry Development:

November 2019 - Industries, a leading manufacturer of specialty chemicals and materials, announced the expansion of rohacell foam at its Alabama facility located in the United States. The rohacell foam is widely adopted in the aerospace and automotive industry and the company aims to leverage the opportunity provided by the market to consolidate its position.
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List of the Companies Operating in the Global Market for Automotive Foam:

Bridgestone Corporation
Johnson Controls
BASF SE
Rogers Corporation
FoamPartner
ARMACELL LLC
Woodbridge
Lear Corporation
Toray Plastics (America), Inc.
The Dow Chemical Company
Recticel
Fostek Corporation
Trocellen
Zotefoams plc
Others

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This release was published on openPR.