Polymer Foam Market To Witness Enhanced Usage In Packaging, Furniture And Automotive Industries Till 2024 | Million Insights

Industry Insights:

In 2015, the global polymer foam market was valued over USD 113.85 billion. In terms of revenue, the market is expected to grow at a rate of 6.6% in the next eight years. High growth in applications such as packaging, furniture & bedding, and automotive industry is expected to drive the market expansion. Rapid growth in metropolitan areas and growing pace of infrastructure development in developing nations such as Brazil and China are expected to remain a vital factor to influence the polymer foam market over the forecast period.

The features and properties such as flexibility, low heat transfer capability and low density are projected to fuel for the demand of polymer foam market. Their efficiency in applications such as packaging and construction is excessive, and therefore the challenge of substitutes is projected to remain low. Various other substitutes such as bio-based polymers are available in the market; however, they are not as efficient as compared to the chemical reaction of polymer foams.

The growing range of application areas in various industries such as, furniture & bedding and automotive industry is expected to thrust the growth over the forecast period. Growing technical developments along with the continuous advancements in R&D is estimated to result in encouragement of product demand in the near future.

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Type Insights:

The report includes the key product types of polymer foam including PVC foam, melamine foam, phenolic foam, polyurethane foam, polyolefin foam, polystyrene foam, polyvinylidene difluoride (PVDF) and silicone. Polyurethane foam, a type of polymer foam was the major segment accounting for over 23% of the global volume share and is also projected to witness a rapid growth in the near future. This is on account of its growing penetration in numerous applications such as, coatings & adhesives, footwear, building insulation and automotive industries. PU foam is estimated to experience a noteworthy demand from various applications such as furniture & bedding, carpets, and others.

Polyurethane foam can be categorized into two variants which are flexible foams and rigid foams. Flexible foams include applications in cushioning, while rigid foams are consumed in applications such as thermal insulation, and others. The increasing demand for PU foams from furniture & bedding, construction and building applications is expected to enhance the growth over the forecast period.

Application Insights:

The applications of polymer foam consist of building, construction, furniture & bedding, packaging, automotive and others. In terms of global volume share, building & construction accounted for over 30% in 2015 and was the major segment in the market. The rise in the usage of polymer foams for insulation is expected to fuel the growth over the next eight years, followed by furniture and bedding segment which consumed over 25% of total volume share in the year 2015.

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Regional Insights:

In terms of volume, APAC was the major and the fastest growing market in 2015 and is anticipated to have a substantial growth over the next eight years owing to the growing construction businesses in developing nations such as China and India. Increasing disposable income and improving standard of living is projected to be the key driver in the near future. North America and Europe will remain key markets on account of the increasing penetration of polymer foams in marine, aviation and packaging sectors.

As a result of increase in the construction activities in countries such as Canada and Mexico, North American market is presumed to observe a rapid growth. Sectors such as packaging and construction have experienced a substantial rise in the penetration of PU foams owing to their unique material characteristics which has led in boosting market penetration of the product in the North American region.

Competitive Insights:

The major players in the market include Carpenter Company, BASF SE, British Vita Foams Plc., Armacell LLC, Rogers Corp, Woodbridge Foam Partner, Adeplast S.A, JSP Corp and INEOS Styrenics. With a view of gaining market share and expansion of business presence, the companies are increasing their production capacities and outputs.

The market players are integrated across different stages of value chain. The market players are involved in agreements, mergers and acquisitions, innovations, innovative business tactics, collaborations, and new product developments in order to expand and strengthen their business presence. As a result of advancements and new developments in the industry, it is anticipated to witness a tough competition among the international firms as well as local companies over the next eight years.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials

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