Press release
Polymer Foam Market Size, Share, Growth, Analysis and Forecast 2020-2028
Major determinants of the market growth
Significant surge in demand for various polymer foam in construction, furniture and automotive applications is expected to drive the polymer foam market growth. Polyurethane exhibits low density, low heat conduction coefficient, and low water absorption, which makes it suitable for various furniture foams and car seats. Additionally, polystyrene styrene foam being an inert material, is widely used in vacuum cleaners, microwave parts, food packaging, and laboratory trays. Furthermore, increase in disposable income in emerging nations will lead to rise in demand for electronic appliances and packaging foams.
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Covid-19 scenario:
The Covid-19 pandemic negatively affected the market due to disrupted the supply chain, prolonged lockdown, and fluctuations in prices of raw materials.
However, the market is expected to get back on track as governments announced relaxation regarding lockdown regulations.
The Polymer Foam resins segment dominated the market
The polyurethane segment accounted for a significant revenue share in 2019, owing to growing application of polyurethane in transport, furniture and construction applications. Such foams exhibit low density, low heat conduction coefficient, and low water absorption which makes it suitable for various furniture foams and car seats. In addition, polyurethane foams used in cushion materials and sofa sets have very low density, which is around four times lower than that of conventional rubber.
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The Polymer Foam segment to portray the highest CAGR through 2030
The packaging application segment accounted for highest market growth. This is attributed to the rising demand of various lightweight polymer foams in food and electronics packaging applications, which will positively influence the polymer foam market growth. Busy lifestyle and great range of fast food meal options in various restaurants further enhanced the application for polymer foams which is a good thermal insulator with good energy absorption qualities.
Asia-Pacific, followed by Europe and North America, held the lion's share
Asia-pacific accounted for highest revenue share, owing to the massive demand in construction and packaging industries. The emerging economies in Asia-pacific are procuring various foreign equipment; thus, improving the production efficiency. In addition, industry players adopted various business expansion strategies, which further improved the overall production capacity in Asia-pacific.
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Major Market Players
ZOTEFOAMS, Recticel, Sealed Air Corporation, Kaneka Corporation, DOW INC., COVESTRO AG, BASF SE, Huntsman Corporation, ROGERS CORPORATION, ACH Foam Technologies
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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