Chicago, March 20, 2024 (GLOBE NEWSWIRE) -- The Global Flexible Foam Market is estimated at USD 42.7 billion in 2023 and is projected to reach USD 56.9 billion by 2028, at a CAGR of 5.9%, as per the recent study by MarketsandMarkets™.Increased use of flexible foam in automotive and growth in automobile production are driving its demand in this end-use application. Flexible foams are used as cushioning material in different end-use products such as beds, mattresses, chairs, garden furniture pillows, carpet cushions, and automobile parts (seats, armrests, and headrests), among others.
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Browse in-depth TOC on “Flexible Foam Market”.
297 - Market Data Tables
51 - Figures
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List of Key Players in Flexible Foam Market:
- BASF SE (Germany)
- Covestro AG (Germany)
- Dow Inc. (US)
- Huntsman International LLC (US)
- JSP Corporation (Japan)
- Roger Foam Corporation (US)
- UBE Industries, Ltd. (Japan)
- Recticel Group (Belgium)
- Zotefoam PLC (UK)
- The Woodbridge Company Limited (Canada)
Drivers, Restraints, and Opportunities in Flexible Foam Market:
- Driver: Growing end-use applications
- Restrain: Exposure risk and environmental impact due to restricted raw materials
- Opportunity: Development of bio-based and carbon dioxide-based polyols
- Challenge: Volatility in raw material prices
Key Findings of the Study:
- The polyurethane segment to account for larger share in the flexible foam market in 2022.
- Furniture & bedding segment to lead flexible foam market during the forecast period.
- Asia Pacific is expected to be the fastest-growing region, in the overall flexible foam market, during the forecast period.
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Based on application, the flexible foam market is segmented into furniture & bedding, transportation, packaging, and others. In 2022, the furniture & bedding application segment accounted for the largest market share of 64.7%, in terms of value, followed by transportation and packaging. Increasing penetration of different types of flexible foam such as PU, PP, and PE in various automotive components such as headrests, armrests, and headliners is driving demand. Similarly, the emerging trend of using lightweight, fuel-efficient vehicles is boosting the market, since these foams do not add excess weight to the vehicle.
The Asia Pacific region is the largest market for flexible foam, it accounted for largest share in terms of value, in 2022. It is also expected to witness the highest CAGR in terms of value, between 2023 and 2028. The demand for automobiles has increased in the region in the last few years and is expected to continue. The growing demand for personal and transport vehicles in China and India, due to the increasing disposable income and growth in middle-class population, is also driving the flexible foam market in these countries.
Market Leader - Flexible foam Market
Dow is one of the leading players in the chemical industry. It has a global presence with several manufacturing sites and sales offices. The company has a limited presence in the emerging markets of the Asia Pacific region. Hence, it could adopt some organic and inorganic growth strategies such as new product launches, technology innovations, and expansion along with acquisition or merger with existing players in the region. This could help the company increase its market presence in this untapped region.
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BASF SE is a leading player in the polyurethane foam market with a lot of brands under its name. The company has a strong presence in Asia Pacific, North America, Europe, and the Middle East & Africa. The company aims to be the world’s leading chemical company and to work for a sustainable future. BASF SE supplies products and services to around 90,000 customers in various sectors in almost every country in the world. The company’s portfolio ranges from major global customers and small and medium-sized enterprises to end-consumers. The company operates its business through direct market participation and technical support. It is investing heavily in regions with the potential for long-term growth, such as Asia, the Middle East, North Africa, and South America.
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