New York, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Polymer Foam Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Polymer Foam Market Information by Form, Application, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 7.73% to reach USD 157.63 Billion by 2030.
Market Synopsis
Plastic foams and foamed plastics are other names for polymer foams, which have a solid and gaseous phase. Polyurethane foams are one of the most often utilized polymer foams because of their low density and high heat conductivity. Polyurethane, polyolefin, polystyrene, phenolic, and other types of polymer foams are among them. Plastic foam can be created by using a blowing agent in a polymer foundation to create a matrix of air bubbles. Several processes are used to create these foams, including blow molding, extrusion, injection molding, and slab-stock by pouring. These materials are mostly used as joint filler in construction projects, furniture padding, and throwaway fast-food packaging. Polymer foams are exceptionally light and adaptable, incredibly strong, mold and mildew resistant, and dermatologically safe.
They are safe and advisable for many consumer applications due to these qualities. Foams made of polyurethane are frequently used in automotive, maritime, building, and construction sectors. Polyurethane foams are strong, lightweight, adaptable, vibration- and corrosion-resistant, recyclable, and provide a great degree of geometric design freedom. High recycling rates, clean incineration for pollutant filtration, decreased waste, and higher sustainability is some of the polymer foam's environmental advantages. However, several governments and federal agencies are progressively voicing their concerns about the unfavorable health effects of the isocyanates used to manufacture polyurethane. The development of bio-based polyols and non-toxic isocyanates, among other significant technological developments, are projected to increase the demand for polymer foams in various applications.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 157.63 Billion |
| CAGR | 7.73% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021–2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, Application And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for the product from rapidly increasing aerospace & defense and automotive industries. |
| Growing disposable income are the factors boosting |
Market Competitive Landscape:
The illustrious contenders in the polymer foam market are:
- BASF SE (Germany)
- Toray Industries, Inc. (Japan)
- Borealis AG (Austria)
- Recticel NV (Belgium)
- Armacell International S.A. (Germany)
- Polymer Technologies, Inc. (U.S.)
- Rogers Corporation (U.S.)
- Zotefoams plc (U.K.)
- Arkema S.A. (France)
- Total S.A. (U.S.)
- SABIC (Saudi Arabia)
- Synthos S.A. (Poland)
Market U.S.P. Covered:
Market Drivers:
The product is experiencing rising demand from the rapidly expanding aerospace & defense and automotive industries. The growing need for electronics packaging, expanding use of polymer foam in commercial and construction activities, and rising disposable income are the factors driving the growth of the polymer foam market. The market is expanding as more applications are used to produce furniture products. The possibility to accelerate market expansion is provided by the growing emphasis on the production and use of renewable energy for lowering the global carbon footprint. Technological developments in polymer foam may present a chance to accelerate the market's expansion.
The demand for memory foam-based bedding items like mattresses and pillows is rising due to the expanding senior populations in nations like Japan and Germany. Building materials that improve a building's energy efficiency are more in demand due to the growing influence of sustainable building materials. Domestic applications are driving the market expansion in European countries.
Market Restraints:
The price volatility of basic materials like crude oil and the high cost of polymer foam limit industry expansion. Polymer products are notorious for being non-biodegradable when made from resins like polyurethane, polyethylene, and polystyrene. The biggest issue facing the market is the lack of eco-friendly alternatives. Foams made of plastic are less in demand over the projected period due to restrictions on polymer-based products, particularly those made of foam.
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COVID 19 Analysis
The need for polymer foam from end-use industries has decreased due to global lockdowns and supply chain disruptions. Additionally, the building and construction sector is severely impacted by a decline in consumer expenditure and transportation restrictions. The demand for polymer foam has decreased due to the building industry's serious damage. However, as corona cases decline, most regions are implementing regulatory easing measures, and industries are quickly restarting operations, which restores earnings. The performance of the building and construction industry has also been considerably impacted by decreased consumer expenditure and restrictions on the movement of supplies. This aspect has also had an impact on the demand for these foams.
Manufacturers of plastic foam have upped their efforts to create foam for alternative, cutting-edge applications. These foams are in higher demand on the market due to their use in packaging food and medical products. Additionally, their need for polymer foams has increased for the production of athletic footwear and other sporting products, offsetting the decline in demand from other application areas.
Market Segmentation
Based on Product
The polyurethane segment holds the highest segment share in the market.
Based on Form
The flexible foam segment is holding the peak segment share in the market.
Based on Application
The building & construction segment holds the market's maximum segment share.
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Regional Insights
The greatest geographic market is in Asia-Pacific. The regional market increase is anticipated due to a promising outlook for the manufacturing sector, given the growing emphasis on R&D and the good government investment plans. Over the projected period, rising industrialization, auto interiors or parts manufacturing, and the packaging sector in emerging nations are likely to increase demand. Investments in these areas are anticipated to increase as a foreign direct investment does. The market is anticipated to increase significantly in Europe during the anticipated timeframe.
The regional market would expand dramatically due to the rising demand for interiors in the automotive industry. One of the other major factors boosting the market growth in Europe is the use of foams for furniture and packaging applications. Compared to the other areas, Latin America and, the Middle East & Africa are expected to exhibit sluggish growth in this market. Foams must be imported from other places since the local demand cannot be satisfied by the amount of foam produced in these areas.
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