Bio-Based Foam Market worth $229 million by 2027 | Key players BASF SE (Germany), Huntsman Corporation (US), Cargill, Incorporated (US), Stora Enso (Finland).

According to recent market research the "Bio-Based Foam Market by Raw Material (Corn, Sugarcane, Soy), Type, End-Use Industry (Building & Construction; Packaging; Automotive; Furniture & Bedding; and Footwear, Sports & Recreational), and Region - Global Forecast to 2027", is projected to grow from USD 102 million in 2022 to USD 229 million by 2027, at a CAGR of 23.1% during the forecast period. Major factors driving the growth of the bio-based foam include increasing adoption of bio-based material by various end-use industry.

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By raw material, the sugarcane-based segment accounted highest share of bio-based foam market. A Sugarcane-based foam is widely used in various end-use applications. Many leading footwear manufacturing companies are increasing the use of sugarcane-based foam in their shoes' sole manufacturing.

By type, the flexible segment accounted highest share of bio-based foam market. Flexible bio-based material finds application majorly in automotive, furniture, and bedding sectors. Flexible bio-based foam meets the engineering requirements of commercial-scale manufacturing processes including packaging and mattresses.

By end-use industry, the automotive segment accounted for the highest share of bio-based foam market. The automotive is one of the fastest growing industries which has led to increase the demand of various raw material including bio-based foam. Many leading automotive manufacturers are started using bio-based foam for cushioning and insulation application in car interiors.

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Europe accounted as the largest market for bio-based foam and is projected to show fastest growth during the forecast period. The market of bio-based are driven by the growing manufacturing industries in the region. Many countries in Europe are becoming hub of manufacturing of various global industries.

BASF SE (Germany), Huntsman Corporation (US), Cargill, Incorporated (US), Stora Enso (Finland), Braskem (US), Woodbridge Foam Corporation (Canada), Bewi Group (Sweden), INOAC Corporation (Japan), Trocellen GmBh (Germany), Sealed Air Corporation (US), RAMPF Group (Germany), Sinomax USA (US), DomFoam (Canada), Ecoglobal Manufacturing (US), and Nomaco (US) are the key players in bio-based foam market.

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Sealed Air Corporation has global presence in North America, Europe, Middle East & Africa, Asia Pacific, and South America. The company operates in two business segment such as food and protective. The company manufactures bio-based PU foam for packaging application. In February 2022, Sealed Air Corporation has acquired Foxpack Flexibles Limited, a leading packaging company.

Cargill, Incorporated manufactures bio-based PU foam for end-use application such as automotive, bedding & furniture, among others. The company has regional presence in North America, South America, Asia Pacific, Europe, Middle East & Africa. In September 2021, Cargill, Incorporated has entered into an agreement with Arkema, a specialty chemical company. The aim of this agreement is to improve capabilities of Cargill, Incorporated in bio-based plasticizers and polyols.

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