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Surging Demand for Electric Vehicles Fuels Expansion of the Automotive Foam Market || Armacell, BASF SE, Johnson Controls, Woodbridge Foam Corporation
Automotive Foam Market
The Business Research Company's Automotive Foam Global Market Report 2023 the increase in demand for electric vehicles is the major driver for the automotive foam market's growth in the forecast period. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for electric and hybrid vehicles has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. These factors increased the demand for automobile foam, offering passengers maximum comfort, safety, and security during the drive. For instance, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Furthermore, the global electric vehicle stock reached 10 million units in 2020, representing a 43% increase over 2019. Therefore, rising demand for electric and hybrid vehicles will drive the automotive foam market.
The global automotive foam market size grew from $36.75 billion in 2022 to $41.88 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive foam market size is expected to grow to $65.8 billion in 2027 at a CAGR of 12.0%.
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Major competitors in the automotive foam market are Armacell, BASF SE, Johnson Controls, Woodbridge Foam Corporation, Lear Corporation, Bridgestone Corporation, Recticel, The Dow Chemical Company, Saint-Gobain.
A key trend in the automotive foam market includes rising use of bio-based materials. Bio-based products can help the economy become more sustainable and reduce its reliance on fossil fuels. In addition, biobased materials protect the environment and reduce associated greenhouse gas emissions, which helps attract the rural economy. These bio-based materials are derived from organic carbon sources such as sugarcane, biomass, and potato corn that innovate new sustainable and lightweight automotive materials. Major companies operating in the automotive foam market are focused on providing technologically advanced bio-based materials to strengthen their market position.
Read More On The Global Automotive Foam Market Report Here:
https://www.thebusinessresearchcompany.com/report/automotive-foam-global-market-report
The automotive foam market is segmented -
• By Type: Polyurethane (PU) Foam, Polyolefin (PO) Foam, Other Types
• By Application: Seating, Door Panels and Watershields, Instrument Panels, Bumper System, Other Applications
• By End-User Industry: Passenger Cars, Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs)
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the automotive foam market.
The Business Research Company's "Global Automotive Foam Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Foam Market Include:
1. Executive Summary
2. Automotive Foam Market Characteristics
3. Automotive Foam Market Trends And Strategies
4. Automotive Foam Market - Macro Economic Scenario
5. Automotive Foam Market Size And Growth
……………
27. Automotive Foam Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Foam Market
29. Automotive Foam Market Future Outlook And Potential Analysis
30. Appendix
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