Selbyville, Delaware, June 11, 2024 (GLOBE NEWSWIRE) -- Polymeric Foams Market will expand to USD 146.3 billion by 2032, as per a recent study by Global Market Insights Inc.
Innovations in foam production techniques and a growing emphasis on environmental sustainability will fuel business expansion over 2024–2032. Advancements in manufacturing processes lead to the development of high-performance foams with enhanced properties, catering to diverse industry needs. Additionally, the rising demand for eco-friendly materials prompts the adoption of bio-based, recycled, and recyclable foam materials, driving market expansion. As companies prioritize sustainability initiatives, the market for polymeric foams will witness significant growth due to increased demand for environmentally responsible solutions.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/7930
For instance, in February 2024, Pregis introduced an innovative foam technology, utilizing certified-circular polyethylene resins in collaboration with ExxonMobil, aiding customers in achieving plastic circularity objectives with protective foam packaging solutions. This development reflects a growing emphasis on sustainability and circularity within the industry as companies strive to reduce their environmental footprint and meet sustainability goals. By offering protective foam packaging solutions that utilize recycled materials, Pregis is addressing the increasing demand for eco-friendly packaging options, thereby influencing market trends and driving the adoption of sustainable practices in the global industry.
Polystyrene (PS) Foam to witness widespread adoption
The polymeric foams market size from the polystyrene (PS) foam segment will drive notable gains through 2032, fueled by the material's versatile properties, including lightweight construction, exceptional insulation, and cost-effectiveness. PS foam finds extensive use across diverse industries, such as packaging, construction, and insulation, due to its ability to provide efficient cushioning and thermal insulation. Moreover, ongoing advancements in manufacturing techniques and the recyclability of PS foam contribute to its sustained market demand and prominent position in the polymeric foams industry.
Packaging applications to gain prominence
The packaging segment will accumulate a modest polymeric foams market share by 2032, attributed to the widespread use of polymeric foams in packaging applications across various industries such as food and beverage, electronics, and pharmaceuticals. Polymeric foams offer excellent cushioning and protective properties, ensuring the safe transportation and storage of goods. Additionally, the increasing demand for lightweight and sustainable packaging solutions further drives the adoption of polymeric foams, solidifying the segment's leading position in the market.
Asia Pacific to garner appreciable gains
Asia Pacific polymeric foams market will expand at a notable CAGR from 2024 to 2032, driven by rapid industrialization, urbanization, and growing construction activities. Additionally, the expanding packaging and automotive industries in countries like China, India, and Japan contribute significantly to market growth. With increasing consumer demand for lightweight and durable materials, Asia Pacific will emerge as a key contributor to the polymeric foams industry, shaping its trajectory and driving its expansion.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/7930
Polymeric Foams Market Players
Prominent companies operating in the polymeric foams industry include BASF SE, The Dow Chemical Company, Huntsman International LLC, Covestro, Evonik Industries, LG Chem, and Lyondell Basell, among others.
Companies are augmenting their share by investing in R&D to innovate new foam formulations with enhanced properties and applications, catering to diverse industry needs. Additionally, players focus on expanding their production capacities and geographical presence to capture emerging market opportunities. Furthermore, partnerships, mergers, and acquisitions are pursued to leverage complementary strengths and gain a competitive edge. Through these concerted efforts, market players aim to strengthen their position and drive growth in the polymeric foams market.
In December 2023, BASF introduced Irgastab® PUR 71, an innovative antioxidant for polyols and polyurethane foams, enhancing compliance with regulations while improving performance.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
