Automotive Foams Market Estimated to Exhibit 9.4% CAGR through 2017 - 2022
Hitherto, the introduction of new products has been the key strategy among the leading players, functioning in this market, for the development of their businesses. However, their focus is increasing towards expanding their reach in various regions, owing to which, they are likely to involve increasingly into mergers, acquisitions, and alliances with regional players in the years to come, notes the research study.
According to the research report, the worldwide automotive foams market is expected to present an opportunity of US$22.53 bn by 2017. The growth of this market is predicted to remain high in the near future with a CAGR of 9.40% during the period from 2017 to 2022. Research expect this market to reach a value of US$35.38 bn by the end of the period of the forecast. The demand for polyurethane-based automotive foams is comparatively higher than other material-based foams and this trend is anticipated to continue over the next few years, states the report.
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Technological Breakthroughs to Boost Market’s Growth
“The significant rise in manufacturing of automobiles across the world, fueled by the increasing trend of owning a vehicle, thanks to the upswing in the disposable income of consumers and surging urbanization, especially in emerging economies, is driving the global market for automotive foams substantially,” says a TMR analyst. The low density and lesser weight of these foams are also supporting their uptake among end users considerably, propelling the market.
Going forward, the ongoing research and developments in this field, leading to technological breakthroughs, such as cost efficient processing and manufacturing of automotive foams, is anticipated to bolster the adoption of automotive foams across the world in the near future. However, the adverse effects of these foams on the environment and the risk related to exposure, increasing cost of raw materials, and the presence of stringent government norms to regulate the detrimental effects of CFC involved in the production of polymer foams may limit the growth of this market in the years to come, report the research study.
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Emergence of China as Key Automotive Foam Consumer to Strengthen APEJ Automotive Foams Market
Europe, the Middle East and Africa (MEA), North America, Asia Pacific excluding Japan (APEJ), Latin America, and Japan have been considered as the key regional markets for automotive foams in this research report. Currently, the global market is led by APEJ on the grounds of the continual growth of the automotive industry in this region.
Analysts expect this regional market to retain its dominance over the period of the forecast, thanks to emergence of China as the leading consumer of automotive foams in the world. The substantial increase in the demand for heavy commercial vehicle and passenger cars are also projected to influence the growth of the market for automotive foams in this region in the years to come, states the market report.
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