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Automotive Foam Market Growth and Applications Report 2024
Automotive Foam Market Drieves
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Automotive Foam Market 2024 Key Insights:
• 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%.
• Growing Demand For Electric Vehicles Propels Automotive Foam Market Growth
• Bio-Based Materials In Automotive Foam Market
• Asia-Pacific was the largest region in the automotive foam market in 2023
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