Polymer Foam Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033

The Business Research Company recently released a comprehensive report on the Global Polymer Foam Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The polymer foam market size has grown strongly in recent years. It will grow from $107.36 billion in 2023 to $113.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growth in construction and building industry, consumer electronics demand, expansion of aerospace industry, increasing use in furniture and bedding, medical and healthcare applications..

The polymer foam market size is expected to see strong growth in the next few years. It will grow to $141.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to urbanization in developing regions, renewable and biodegradable polymer foams, focus on disaster-resilient construction, demand for high-performance insulation, energy efficiency initiatives.. Major trends in the forecast period include advancements in polymer foam technologies, innovation in flexible foam products, integration of nanotechnology, customized solutions for end-use industries, smart packaging solutions..

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Market Drivers and Trends:

The growth of building and construction activities is expected to propel the polymer foam market going forward. Building and construction refer to the manufacturing and trade related to building, repairing, renovating, and maintaining infrastructures. They are involved in the construction of buildings and the assembly of any infrastructure at a site. Polymer is used as insulation, roofing, and sealant material in building and construction and they help in air-sealing and insulating the buildings and improve a building's strength, so an increase in building and construction activities will propel the market growth. For instance, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, the growth of building and construction activities is driving the polymer foam market.

Product innovations are a key trend gaining popularity in the polymer foam market. Major companies operating in the polymer foam market are focused on developing newly programmable and expandable polymer foam such as products made of electron beam cross-linking, recycled products, and others to strengthen their position. For instance, in June 2021, Desktop Metal, a US-based technology company that designs and markets 3D printing systems, launched programmable and expandable polymer foam 'FreeFoam'. It is uniquely designed with heat-activated foaming agents which are 3D printed with Digital Light Processing (DLP) and is programmed to expand up to 2 to 7 times its original size. It enables new design freedom and also delivers a high-strength-to-weight ratio that can produce light, high-performing parts for cars and other products.

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Major Key Players of the Market:

Sealed Air Corporation; Arkema Group; Armacell International SA; Borealis AG; Polymer Technologies Inc; Zotefoams plc; Synthos S A; BASF SE; TotalEnergies SE; KANEKA CORPORATION; Toray Industries Inc; Saudi Basic Industries Corporation; Huntsman International LLC; SEKISUI ALVEO AG; Covestro AG; Fritz Nauer AG; Koepp Schaum GmbH; JSP Corporation; Lanxess AG; Tosoh Corporation; DowDuPont Inc.; Recticel NV; Rogers Corporation; Woodbridge Foam Corporation; Trelleborg AB; BAE Systems Plc; Honeywell International Inc.; Elbit Systems Ltd.; Spongex; Genesys Aero systems

Polymer Foam Market 2024 Key Insights:

• The polymer foam market will grow to $141.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Building And Construction Boom Fuels Growth In Polymer Foam Market
• Polymer Foam Market Driven By Product Innovative Programmable And Expandable Solutions
• Asia-Pacific was the largest region in the polymer foam market in 2023, and is expected to be the fastest-growing region in the polymer foam market during the forecast period

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This release was published on openPR.