Press release
Global Automotive Foam Market to Reach $76.46 Billion by 2029, Growing at 11.4% CAGR
Automotive Foam Market Trends
The surge in electric vehicle acquisitions is anticipated to spur the evolution of the automotive foam market. The economic ramifications of the pandemic has led to a decline in the demand for gasoline and diesel-powered vehicles. However, interest in electric and hybrid vehicles has surged. The pressing issue of global warming and the ambition to reach net-zero emissions are key drivers propelling a worldwide transition to emission-free motoring. Such a shift to electric vehicles (EVs) is economically beneficial as it lowers fuel costs and transitions consumption from crude oil products to locally generated power vehicles. These elements have escalated the necessity for automobile foam, ensuring optimal comfort, safety, and security for passengers on the road. Data by the International Energy Agency, a French intergovernmental organization, reveals that approximately 14 million electric vehicles had been registered globally in 2023, a significant 35% elevation from the 10.5 million recorded in 2022. EVs made up 18% of total car sales in 2023, a lift from the previous year's 14%. This data is indicative of a strong upward trend in the EV market, with weekly registrations in 2023 surpassing 250,000. Battery electric vehicles formed 70% of the overall electric car stock in 2023. Hence, the escalating demand for electric and hybrid vehicles will likely be a growth catalyst for the automotive foam market.
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What is the projected compound annual growth rate (CAGR) of the automotive foam market from 2025 to 2034, and what factors influence it?
The size of the car foam industry has seen swift expansion in the past few years. From standing at a value of $44.79 billion in 2024, the industry is predicted to rise to $49.57 billion in 2025, signifying a compound annual growth rate (CAGR) of 10.7%. This remarkable growth during the historical period can be associated with factors such as safety rules, customization and personalization, comfort and ergonomics considerations, requirements for sound insulation, as well as thermal insulation.
It is anticipated that the automotive foam market will experience a rapid expansion in the subsequent years, reaching $76.46 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 11.4%. This surge in the predicted period can be credited to factors such as autonomous vehicles, sustainability efforts, advanced safety measures, connectivity enhancements, and rising urbanization rates. The forecast period also witnesses key trends such as the use of 3d molded foams, eco-friendly and biodegradable options, smart foam, multifunctional foam components, and breathable foam materials.
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How are the latest trends influencing the growth of the automotive foam market?
The trend of using materials that decrease the effects of shock is becoming increasingly popular in the automotive foam market. These shockless materials are specifically engineered to absorb and disperse the energy from impacts, reducing damage and safeguarding critical elements, such as those in electric vehicle batteries, during accidents or thermal incidents. Prominent companies in the automotive foam market are putting their resources into the development of technologically advanced shockless foam materials to bolster their market presence. For example, Huntsman, a chemical corporation based in the US, rolled out their Shokless polyurethane foam systems in April 2024. This innovative line is developed for potting and securely placing cells in electric vehicle (EV) batteries and includes products functioning as moldable encapsulants for battery sections or packs. The Shokless foam systems offer a flexible solution to maintain the structural soundness of EV batteries, in instances of accidents or thermal events. The product line ranges from low to high-density foams that can be dispensed using standard polyurethane techniques, giving a wide processing window for improved handling flexibility.
What are the major segments of the automotive foam market and their role in driving growth?
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)
Subsegments:
1) By Polyurethane (PU) Foam: Flexible PU Foam, Rigid PU Foam, High-Density PU Foam, Low-Density PU Foam
2) By Polyolefin (PO) Foam: Ethylene Vinyl Acetate (EVA) Foam, Polyethylene (PE) Foam, Polypropylene (PP) Foam
3) By Other Types: Polyester Foam, Natural Foam, Melamine Foam, Air-filled Foam
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Which regions are key players in the growth of the automotive foam market?
Asia-Pacific was the largest region in the automotive foam market in 2024. The regions covered in the automotive foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the automotive foam market?
Major companies operating in the automotive foam market include 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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What Is Covered In The Automotive Foam Global Market Report?
•Market Size Forecast: Examine the automotive foam market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive foam market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive foam market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive foam market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive foam market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive foam market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive foam market.
•Competitive Landscape: Review strategic developments in the automotive foam market, including expansions, agreements, and new product launches.
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