Press release
Automotive Foam Market 2023: Industry Analysis, Segments, Drivers And Trends To 2032
Automotive Foam Market
The Business Research Company offers in-depth market insights through Automotive Foam Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive foam market size has grown rapidly in recent years. It will grow from $40.81 billion in 2023 to $45.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to safety regulations, customization and personalization, comfort and ergonomics, sound insulation requirements, thermal insulation.
The automotive foam market size is expected to see rapid growth in the next few years. It will grow to $69.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to autonomous vehicles, sustainability initiatives, advanced safety features, connectivity features, increased urbanization. Major trends in the forecast period include 3d molded foams, sustainable and biodegradable, smart foam, multifunctional foam components, breathable foam materials.
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Market Segmentation:
The automotive foam market covered in this report is segmented -
1) By Type: Polyurethane (PU) Foam, Polyolefin (PO) Foam, Other Types
2) By Application: Seating, Door Panels and Watershields, Instrument Panels, Bumper System, Other Applications
3) By End-User Industry: Passenger Cars, Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs)
Major Driver - Growing Demand For Electric Vehicles Propels Automotive Foam Market Growth
The increase in demand for electric vehicles is expected to propel the growth of the automotive foam market going forward. 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.
Competitive Landscape:
Major companies operating in the automotive foam market report are Armacell International Holding GmbH, BASF SE, Johnson Controls International plc, Woodbridge Foam Corporation, Lear Corporation, Bridgestone Corporation, Recticel Group, Dow Chemical Company, Compagnie de Saint-Gobain SA, Rogers Corporation, Borealis AG, Fritz Nauer AG, Adient plc, Foam Supplies Inc., Magna International Inc., Covestro AG, Huntsman International LLC, Sheela Foam Ltd., FoamPartner Group, Zotefoams plc, Sekisui Chemical Co. Ltd., UFP Technologies Inc., Rogers Foam Corporation, Foam Supplies Inc., Future Foam Inc., Vitafoam Products Canada Limited, Foamcraft Inc., Foamex Innovations Holdings LLC, General Plastics Manufacturing Company, Grand Rapids Foam Technologies LLC
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Top Trend - Bio-Based Materials In Automotive Foam Market
The rising use of bio-based materials has emerged as a key trend gaining popularity in the automotive foam market. 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. For instance, in October 2021, Huntsman, partnered with Catalisti to enter a research project to develop innovative polyurethane foams for automotive applications. The project with incorporate bio-based materials to make the foams more sustainable.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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