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Flexible Foam Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033
Flexible Foam Market
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According to The Business Research Company's, The flexible foam market size has grown strongly in recent years. It will grow from $50.76 billion in 2023 to $54.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to demand from consumer electronics sector, expansion of packaging applications, shift towards comfortable furniture and bedding, expansion of automotive applications, demand for insulation in construction.
The flexible foam market size is expected to see strong growth in the next few years. It will grow to $71.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to adoption of smart and functional foam solutions, increasing usage in packaging industries, rise in healthcare and medical applications, advancements in bio-based materials, emphasis on energy efficiency in construction. Major trends in the forecast period include lightweight and high-performance materials, focus on sustainability and eco-friendly solutions, innovation in comfort and ergonomics, advancements in insulation and energy efficiency, shift towards customization and specialization.
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Market Drivers and Trends:
The increasing demand in building and construction industry is expected to propel the growth of the flexible foam market going forward. The building and construction industry encompasses a wide range of activities related to the planning, design, construction, and maintenance of structures, facilities, and infrastructure. Flexible foam is used in the building and construction industry to offer thermal insulation, sound absorption, versatility, lightweight construction, sealing properties, comfort, and cost-effectiveness. For instance, in September 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output by 2030 is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing demand in the building and construction industry is driving the growth of the flexible foam market .
The innovative product is a key trend gaining popularity in the flexible foam market. Major companies operating in the flexible foam market are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2021, Covestro AG, a German-based company specializing in producing a variety of polyurethane and polycarbonate-based raw materials, developed an innovative process to chemically recycle polyurethane (PU) flexible foam from used mattresses. It expands upon its involvement with the Recticel company-led PUReSmart project. Each mattress has 15 to 20 kg of foam on average. The Covestro approach is distinct from existing chemical recycling processes due to its ability to recover both primary PU components. Isocyanate, the principal by-product of the other component produced during recycling, can now be created in addition to polyol.
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Major Key Players of the Market:
Badische Anilin- und Soda-Fabrik SE, The Dow Chemical Company, Huntsman Corporation, Ube Industries Ltd., Recticel Flexible Foams nv, Zotefoams plc, The Woodbridge Group of Companies, SEKISUI Alveo AG, Covestro AG, Rogers Corporation, JSP Foam Products Pte. Ltd., O.R.S.A. Foam Spa, Bayer MaterialScience LLC, Mitsui Chemicals Inc., Kaneka Corporation, Flexipol Foams Pvt. Ltd., Sealed Air Corporation, UFP Technologies Inc., Vita Group, Eurofoam Group GmbH, Armacell International S.A., INOAC Corporation, FXI Inc., Future Foam Inc., W.W. Carpenter Company, Foamcraft Inc., Foam Supplies Inc., Alanto Ltd., FoamPartner (Switzerland) AG, Grand Rapids Foam Technologies, Hira Industries LLC, Innovo Packaging Group LLC
Flexible Foam Market 2024 Key Insights:
• The flexible foam market size is expected to see strong growth in the next few years. It will grow to $71.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Surging Demand Across Industries Is Fueling Growth In The Flexible Foam Market
• Covestro's Groundbreaking Chemical Recycling Process Revolutionizes The Flexible Foam Market
• Asia-Pacific was the largest region in the flexible foam market share in 2023
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