The global polymer foam market size was USD 113.85 billion in 2015 and is projected to grow at 6.6% in terms of revenue from 2016 to 2024. It is projected to witness noteworthy expansion in the near future on account of increasing use of the product in several applications such as automotive industry, furniture & bedding, packaging. Growing infrastructure development and rapid urbanization in emerging economies such as India, China, and Brazil are projected to remain a key factor which will drive the polymer foam market in the near future.
The polymer foam demand is also fueled by its superior characteristics and properties such as low density, flexibility, low heat transfer ability. Their effectiveness in applications construction and packaging applications is very high, and hence, thethreat of substitutes is expected to remain low. There are several alternatives which can be used besides polymer foam such as bio-based polymers, but they are not as effective as the chemical reaction of polymer foams.
The increasing application of the product in numerous industries such as automotive, furniture & bedding is projected to propel growth over the next eight years. Increasing technical advancement coupled with the continuous innovations in terms of research and development which is taking place in this industry will result in promoting demand for the product over the forecast period. Polymer foams offer various expansion opportunities to the end-use consumer products and various other industries which can drive the significant growth over the forecast period.
The industry is segmentedby types of polymer foams which include polyurethane foam, polystyrene foam, PVC foam, phenolic foam, polyolefin foam, melamine foam and others silicone and PVDF (polyvinylidene difluoride). Polyurethane foam is projected to have the fastest growth and was also the largest market in 2015 accounting for 23.3% of the global volume share. This is owing to its increasing penetration in various applications such as automotive, footwear, coatings and adhesives, and building insulation. Polyurethane foam is projected to have a significant demand from applications such as carpets, furniture, and bedding. PU foams are the dominant foam in the industry followed by polystyrene and PVC foam.
PU foam can be segmented into two types which include rigid foams and flexible foams. Rigid foams are used in thermal insulation applications, and flexible foams are used in cushioning applications. Growing demand for these foams from building and construction and furniture and bedding applications will propel growth
Polymer foam is used in various applications which include automotive, furniture & bedding, building & construction, packaging, and others.
U.S. polymer foam market volume, by application, 2013 - 2024 (kilo tons)
Building &construction was the largest segment in the polymer foam market in 2015 in terms of volume and accounted for 33.08% of the global volume share. The increasing use of the product for insulation purposes will result in expansion over the forecast period. It is followed by the furniture & bedding segment which occupied 25.4% of the global volume share in 2015.
Asia Pacific was the largest and the fastest growing market in 2015 in terms of volume and is projected to have a significant growth over the forecast period on account of increasing construction activities in emerging economies such as India and China. Improving standard of living and increasing per capita income is projected to be the major driver over the forecast period. Rising automotive manufacturing in emerging economies such as India and China is projected to propel growth over the forecast period. Europe and North America will remain crucial markets owing to increasing penetration of the product in packaging, aviation, and marine sectors.
Polymer foam market is characterized by integration through raw material supply to the manufacturing stages. Some of the major industry participants are BASF SE, Recticel S.A., Woodbridge Foam Partner, INEOS Styrenics, British Vita Foams Plc, Carpenter Company, Rogers Corp, Adeplast S.A, Armacell LLC and JSP Corp. The industry has been concentrated over the past few years, but fragmentation level is projected to increase over the next eight years. The market is projected to moderately competitive over the next eight years. Companies are engaged in innovations, mergers & acquisitions, agreements, new product developments, collaborations and innovative business activities to strengthen the market and expand their presence. This industry is projected to have intense competition among the global players as well as local players over the forecast period on account of incorporation of new developments and innovation in the industry.
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