Newark, Aug. 09, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global polymer foam market is projected to grow from USD 126.63 billion in 2022 to USD 198.92 billion By 2032, at a CAGR of 4.62% during the forecast period 2023-2032.
Polymer foam refers to a foam material composed of polymers that undergo a foaming process through mechanical, physical, or chemical means. This results in a lightweight and low-density foam with advantageous properties, including efficient heat and sound insulation, damping capabilities, high specific strength, and exceptional corrosion resistance. Due to these attributes, polymer foam is extensively used in civil and industrial applications. The versatility of polymer foam has led to its widespread adoption across various industries. It is widely used in automotive, packaging, electronics, aerospace, construction, bedding, and medical applications. The specific cell structure of each type of polymer foam determines its unique qualities and applications. Notable polymer foam types include polystyrene, polyurethane, PVC, phenolic, and polyolefin. In summary, polymer foam offers a range of advantages due to its unique composition and cell structure, making it a valuable material in diverse industries for applications requiring lightweight, insulating, and durable properties.
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Competitive Strategy
To boost their market situation in the global polymer foam market, the prominent industry players aim to take approaches such as mergers & acquisitions, collaborations, partnerships, joint ventures, product innovations, and recent developments.
• In April 2022: Woodbridge's team of scientists achieved a groundbreaking feat by incorporating biogenic carbon (biocarbon) in its purest form into their high-performance polyurethane seating foam chemistry. The resulting innovation, TrimVisible BIO, allows for a remarkable cradle-to-gate reduction in the carbon dioxide (CO2) footprint associated with seating foam. Importantly, this reduction is achieved without compromising the foam's material properties, performance, and comfort. By introducing TrimVisible BIO, Woodbridge has taken a significant step towards actively contributing to reducing CO2 emissions over the vehicle's lifetime. This cutting-edge technology aligns with the company's commitment to offering carbon-neutral foam products in their portfolio, thus contributing to efforts in mitigating global warming potential. This breakthrough positions Woodbridge as a leader in sustainability and reinforces their dedication to environmentally conscious manufacturing practices.
Market Growth & Trends
The growing construction industry, particularly in emerging economies, is a significant driver of the polymer foam market. Due to their lightweight and excellent thermal properties, polymer foams are extensively used in construction applications, including insulation, roofing, and flooring. With the automotive industry's increasing focus on fuel efficiency and emission reduction, polymer foams are sought-after materials for lightweight vehicles. They are used for interior components, seats, and structural elements to enhance fuel economy. Moreover, the market is witnessing a shift towards sustainable and eco-friendly materials. Polymer foams from recycled or bio-based sources are gaining popularity, aligning with the growing emphasis on environmental consciousness. Besides, the rising trend of e-commerce and online retailing has boosted the demand for protective and lightweight packaging materials, driving the adoption of polymer foams in the packaging industry.
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Key Findings
• In 2022, the polystyrene foam segment accounted for the largest market share, with 31.48% and a market revenue of USD 39.86 billion.
The type segment is classified into melamine foam, polyurethane foam, polystyrene foam, PVC foam, phenolic foam, polyolefin foam and others. In 2022, the polystyrene foam segment accounted for the largest market share, with 31.48% and a market revenue of USD 39.86 billion.
• In 2022, the building & construction segment dominated the market with the largest share of 32.68% and a market revenue of USD 41.38 billion.
The application segment includes automotive, marine, packaging, building & construction, furniture & bedding, rail, wind and others. In 2022, the building & construction segment dominated the market with the largest share of 32.68% and a market revenue of USD 41.38 billion.
Key Findings
Regional Segment Analysis of the Polymer Foam Market
• North America (U.S., Mexico, Canada)
• Europe (Germany, Italy, France, Spain, U.K., Rest of Europe)
• Asia-Pacific (India, China, Japan, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region registered the largest market share, with 36.82% revenue in 2022 and a market revenue of USD 46.63 billion. Many countries in the Asia Pacific region, such as China, India, and Southeast Asian nations, have witnessed robust economic growth. This growth has translated into increased investments in infrastructure, construction projects, and automotive production, which are significant consumers of polymer foams. The Asia Pacific region also offers competitive labour and production costs compared to other regions, making it attractive for manufacturers to set up production facilities for polymer foams. Moreover, the region's booming automotive and construction sectors have a significant demand for polymer foams in various applications, such as vehicle components, insulation, and building materials.
During the forecast period, the North American region is expected to experience lucrative growth in the polymer foam market. The packaging sector in North America is experiencing significant growth fueled by e-commerce and increased consumer demands. Polymer foams are utilized in protective packaging to ensure the safe transportation of products, further driving the market's growth.
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Key Players Operating in the Global Polymer Foam Market are:
• Arkema Group
• Armacell International S.A.
• BASF SE
• Borealis AG
• COVESTRO AG
• Dow
• Fritz Nauer AG
• Huntsman Corp.
• Koepp Schaum GmbH
• JSP Corporation
• Polymer Technologies, Inc.
• Recticel NV
• Rogers Corporation
• SEKISUI ALVEO AG
• Synthos S.A.
• Kaneka Corporation
• Trelleborg AB
• Zotefoams plc
• Woodbridge Foam Corporation
• Sealed Air Corporation
This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global polymer foam market based on the below-mentioned segments:
Global Polymer Foam Market by Type:
• Melamine Foam
• Polyurethane Foam
• Polystyrene Foam
• PVC Foam
• Phenolic Foam
• Polyolefin Foam
• Others
Global Polymer Foam Market by Application:
• Automotive
• Marine
• Packaging
• Building & Construction
• Furniture & Bedding
• Rail
• Wind
• Others
About the report:
The global polymer foam market is analyzed based on value (USD Billion) and volume (K Tons). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes opportunities, challenges, driving factors, and restraints for gaining critical insight into the market. The study includes porter's five forces model, raw material analysis, supply and demand analysis, distribution analysis, competitor position grid analysis, attractiveness analysis, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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