New York (US), Aug. 24, 2023 (GLOBE NEWSWIRE) -- Foamed Plastics Market Overview
The study documents by MRFR state that the “Foamed Plastics Market Research Report Information by Type, Application, and Region - Forecast Till 2032”, the Foamed Plastics market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 5.00%. The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 82.4 Billion by the end of 2032. As per the reports, the market was priced at almost USD 53.1 Billion in 2022.
Market Scope
The Foamed Plastics market has recently advanced. The main feature causing a rise in market performance is the expanding end-use industries. Furthermore, the increasing demand for polyurethane foam in building insulation is also considered to be one of the vital parameters enhancing the growth of the global market for foamed plastics.
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Competitive Analysis
The list of the top leaders across the global Market for Foamed Plastics includes players such as:
- Hexion Inc.
- Wanhua Chemical Group Co., Ltd.
- COVESTRO AG
- SABIC
- BASF SE
- Alchemie Ltd.
- Total SE
- The Dow Chemical Company
- Repsol
- HUNTSMAN CORPORATION
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 82.4 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing demand for polyurethane foam in building insulation and growing end-use industries |
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Market USP Covered
Market Drivers
The Foamed Plastics market has recently advanced. The main feature causing a rise in market performance is the expanding end-use industries. Furthermore, the increasing demand for polyurethane foam in building insulation is also considered to be one of the vital parameters enhancing the growth of the global market for foamed plastics. In addition, the growing demand for polyurethane foam in building insulation is also likely to positively impact the development of the global market over the coming years.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Foamed Plastics. One of the main restraints faced in advancing the market's growth is the elevated prices allied with raw materials.
COVID-19 Impact
The COVID-19 pandemic has massively impacted the majority of industry sectors all around the world. The global health hazard has not only impacted public health but also caused a severe disruption in industrial operations of almost all kinds. The global market for Foamed Plastics is no different than others. The restriction on manufacturing facilities from various end-use sectors has caused a major fall in revenue figures for the global market. On the contrary, with the market operations getting back on track, the market is anticipated to grow substantially over the review era.
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Segment Analysis
Among all the types, the polyurethane segment ensured the leading spot across the global market for foamed plastics in 2022. The main parameter enhancing the market segment's growth is that polyurethane foam is frequently used in the automotive sector to generate vehicles and their parts. Furthermore, the rising industrialization fuels the demand for flexible foams in various sectors, including the packaging, transportation, home furnishings, and automotive industries.
Among all the application areas, the building & construction segment ensured the leading spot across the global market for foamed plastics in 2022. Given its lightweight and resilience, the main parameter enhancing the market segment's growth is its growing use in the building and construction industry for sealing and thermal insulating. Stiff polyurethane foam is considered a good material for home walls and roofing since it can be made in a wide range of densities.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the Foamed Plastics market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Foamed Plastics market is the numerous growing economies developing their infrastructure, which supports industrial growth. Furthermore, the increasing use of EPE foam is being used increasingly frequently as reusable floor protection for interior construction projects, which in turn is also projected to boost-up the growth of the regional market.
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The European Region estimates to hold the second position across the Foamed Plastics market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting-up the development of the regional Foamed Plastics market is the expansion of significant end-use segments, such as automotive components and furniture & bedding, particularly in the United Kingdom. Furthermore, polyurethane's versatility in new applications and its uses and qualities, such as sustainability and lightness, is also projected to boost the regional market's development over the coming years.
The Asia-pacific Region is presumed to grow at the maximum CAGR across the Foamed Plastics market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The foreign investments made by multinational firms are the primary aspect boosting the development of the regional Foamed Plastics market.
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