Market Scope
The polymer foam market had surpassed USD 95 billion in the year 2018, says Market Research Future (MRFR). MRFR also states in its latest study that the market size shall capture a CAGR of 5% between 2020 and 2027.
Chief Boosters and Major Deterrents
The Polymer Foam Market has been performing remarkably well in view of the accelerated product demand in numerous end-use industries including bedding furniture, electronics, automotive, and building construction. These sectors are expanding rapidly across developing economies like Thailand, Singapore, India, and more, which ultimately boosts the demand for polymer foams. The product’s unique physical characteristics add to its appeal, thereby raising its demand across various sectors, which should benefit the global market in the years to come.
Escalating adoption rate of a variety of polymer foams and the soaring number of power plants worldwide to cater to the mounting energy demand of the exploding global population could also foster market growth. Moreover, fast-expanding automotive industry and a rising number of manufacturers focusing on producing luxury vehicles with the use of polymer based cushioning materials will enhance the market size in the next few years.
Leading Firms
Total S.A. (US), Toray Industries, Inc. (Japan), Borealis AG (Austria), Recticel NV (Belgium), BASF SE (Germany), Rogers Corporation (US), Arkema S.A. (France), SABIC (Saudi Arabia), Synthos S.A. (Poland), Armacell International S.A. (Germany), Zotefoams plc (UK), Polymer Technologies, Inc. (US), are the leading market contenders profiled in the MRFR report.
The polymer foam industry has numerous established firms that indulge in intense competition. Many of these companies perform exhaustive research development activities to come up with more advanced products with better features. Leading contenders are adopting several growth tactics, including new launches, production capacity expansion, and mergers acquisitions, to elevate their rankings.
Segmental Analysis
Polymer foam industry can be considered for type, product type, and end user industry.
Different types of polymer foam are flexible as well as rigid. The biggest share belongs to flexible foam and will remain in the lead forthcoming years as well. Its extensive applications in various end-use sectors such as building and construction, automobile and bedding and furniture are responsible for the strong growth. The high demand can be accredited to this type’s appealing attributes such as significant absorption property as well as lower volume to weight ratio.
The key product types are polystyrene (PS), polyvinyl chloride (PVC), polyurethane (PU), polypropylene (PP), polyethylene (PE), and others.
The major end user industries in the global market for polymer foam are textiles, transportation, construction, packaging, furniture, and others. By virtue of the extensive utilization of polymer foam in roofing, structural insulation, flooring and wall cavities, the construction segment has secured the top spot in the global market. Impressive characteristics including high resistance to water vapor, lower density, high longevity, and excellent structural strength have raised the demand for polymer foam in the construction industry. Large-scale government spending on infrastructure upgradation has been favorable for the construction industry, which in turn adds to the demand for polymer foam. Surging consumer spending on interiors and furniture also enhance the product’s consumption rate.
Regional Outlook
The market for water based polymer has been geographically categorized into Europe, the Middle East and Africa along with North America and Asia Pacific or APAC.
Asia Pacific has gained the highest traction in the polymer foam industry and should remain the top performer throughout the evaluation timeline. Expansion of various industries such as construction, automotive, packaging, bedding and furniture and footwear in the region has pushed the demand for polymer foam. Mounting industrialization rates are also responsible for the rampant product demand in the region. Favorable regulations implemented by the government and rising number of global firms shifting their bases to Asia should also elevate the market position in the next few years.
Europe is also a highly lucrative market; given the strong impact of the rising use of polymer foam in the automotive and building construction industries. Moreover, the EU schemes offering financial assistance to the prominent end-users with the aim to encourage the use of eco-friendly materials will push the market demand. Evolving lifestyle of the people and the presence of a flourishing e-commerce sector in the region adds to the market value.
Thanks to the surging adoption of polyurethane foams in renovation and reconstruction activities, North America should gross significant revenues between 2020 and 2027. Also, escalation in government-led programs such as the Weatherization Assistance Program that promote the deployment of polymer foams will act in favor of the regional industry. Apart from this, the well-developed aerospace defense as well as automotive sectors in the region generate substantial demand for polymer foams, which should mean substantial revenues over the forecast timeframe.
About Market Research Future -
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.
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In order to stay updated with the technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.
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