Polymer Foam Market Size, Share & Trends Analysis Report By Type (Polystyrene, Polyurethane, Polyolefin, Melamine, Phenolic, PVC), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global polymer foam market size was valued at USD 123.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2022 to 2030. Growing applications in various industries, such as packaging, furniture and bedding, and automotive industries, are expected to drive the demand for polymer foam. Polymer foams are extremely lightweight and versatile, highly durable, mildew resistant, and dermatologically friendly. These properties make them safe and recommendable for numerous consumer applications. Polyurethane-based foams are widely used in the building and construction, automotive, and marine industries.

Polyurethane (PU) foams are durable, lightweight, versatile, resistant to corrosion and vibration, recyclable, and offer a high level of freedom in geometric design. PU foams are increasingly used in various passenger car seat cushions, gasket seals, arm rests, head rests, cushioned instrument panels, airbags, and other components to create lightweight, fuel-efficient, and durable structures. Owing to the above factors and their broad application scope, polyurethane foams are expected to witness significant demand in the Asia Pacific automotive industry.

Environmental benefits of the polymer foam include high recyclability, clean incineration for pollutant filtration, reduced wastage, and greater sustainability. However, several governments and federal agencies are increasingly raising concerns regarding the detrimental health effects of isocyanates utilized in polyurethane production. Significant technological advancements, such as the introduction of bio-based polyols and non-toxic isocyanates, are also likely to promote the demand for polymer foams in several applications.

Existing and new market entrants are thus compelled to innovate or improve their current production processes to gain higher margins in this extremely competitive industry. Major multinationals such as Bayer and the Dow Chemical Company have developed innovative manufacturing processes and raw materials to reduce dependence on conventional fossil-fuel based resources and improve production yield.

Emerging markets across Asia Pacific are gearing up their production facilities to meet the ever-growing demand from the burgeoning population. Countries such as China and India with high GDP growth rates are expected to witness rapid expansion in the automotive, construction, pharmaceuticals, and manufacturing sectors. These factors are likely to foster demand in several related applications.

Type Insights

Polystyrene foam was the largest type segment with a revenue share of more than 30.0% in 2021. It is expected to maintain its lead throughout the forecast period. The type is used in various applications, including furniture, cushions, and carpets. It has a wide customer base owing to its superior capabilities, such as lightweight, low heat and sound transfer, high-energy dissipation, and insulation. Increasing demand for residential and commercial space in Southeast Asian countries, such as Singapore, Korea, and Indonesia, is further expected to fuel the type demand in construction applications.

Expanded polystyrene foam is one of the lightest materials and on account of its high strength to weight ratio, it is used in packaging applications as it results in low fuel consumption and transport cost savings. It can also be used in rail applications, such as the construction of train station platform extensions and rail embankment. The rail infrastructure construction projects in Asia Pacific and the Middle East and Africa are expected to drive the demand for polystyrene foam over the forecast period.

Application Insights

The building and construction segment held the largest revenue share of more than 30.0% in 2021 owing to the rising applications of polymer foam for insulation purposes, flooring, pipe, molding, and in wire and cables. The furniture and bedding segment is expected to witness growth owing to increasing applications, such as carpet padding, fibers, chair cushions, mattress padding, and furniture.

The automotive segment is estimated to witness lucrative growth over the forecast period on account of the increasing product use in various automotive components, such as seats, dashboards, power trains, and suspension bushings. The recovery of the U.S. automobile sector, coupled with the increasing automotive demand in the emerging economies of India and China, is expected to have a positive impact on the overall market growth. Packaging is expected to follow the automotive segment and is likely to witness significant growth owing to surging demand for polystyrene foams from the packaging sector. 

Regional Insights

Asia Pacific was the largest regional market and accounted for more than 35.0% share of the global revenue in 2021. A positive outlook for the manufacturing industry in light of the increasing focus on research and development, coupled with favorable government initiatives to attract investments, is expected to result in regional market expansion. Growing industrialization, production of automobile interiors or parts, and packaging industries in emerging economies, such as India and China, are expected to boost demand over the forecast period. Rising foreign direct investment is expected to contribute to investments in these sectors.

The U.S. market for polymer foam is driven by the rising demand for polyurethane and polystyrene foams in building and construction and marine applications and PVC foam in wind energy applications. According to the U.S. Department of Housing and Urban Development, the new residential housing completions increased from approximately 900 thousand units in 2014 to 1,200 thousand units in 2018. This steady rise in residential units had driven the demand from building and construction applications.

Key Companies & Market Share Insights

The market is fragmented in nature with various regional players and well-established global manufacturers. The majority of the manufacturers are based in North America and Europe and therefore these regions witness the high competition. The market players offer a wide variety of polymer foams based on polyurethane, polyethylene, polyether, and expanded polystyrene and serve a broad range of markets, such as construction, wind energy, automotive, mass transportation, marine, and packaging. 

The market is characterized by forward integration through raw material production, polymer foam manufacture, and distribution to various application industries. Integration across the stages of the value chain results in continuous raw material supply as well as low manufacturing costs. R&D initiatives by a few companies to enhance their type specifications and market reach are expected to further augment the type demand in the years to come.

Some prominent players in the global polymer foam market include:

• Arkema Group

• Armacell International S.A.

• BASF SE

• Borealis AG

• Fritz Nauer AG

• Koepp Schaum GmbH

• JSP Corporation

• Polymer Technologies, Inc.

• Recticel NV

• Rogers Corporation

• SEKISUI ALVEO AG

• Synthos S.A.

• DowDuPont, Inc.

• Trelleborg AB

• Zotefoams plc

• Woodbridge Foam Corporation

• Sealed Air Corporation

Polymer Foam Market Report Scope 

Segments Covered in the Report 

This report forecasts volume and revenue growth at the global, regional, and country levels, and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global polymer foam market report based on type, application, and region:

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Polyurethane Foam

  • Polystyrene Foam

  • PVC Foam

  • Phenolic Foam

  • Polyolefin Foam

  • Melamine Foam

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Packaging

  • Building & Construction

  • Furniture & Bedding

  • Automotive

  • Rail

  • Wind

  • Marine

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • U.K.

    • Spain

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Singapore

    • Indonesia

  • Central & South America

    • Brazil

  • Middle East & Africa