USD 122.03 billion
Report ID: SQSG15E2015 | Region: Global | Published Date: October, 2022 | Pages: 157
Global Polymer Foam Market was valued at USD 122.03 billion in 2021, and it is expected to reach a value of USD 157.9 billion by 2028, at a CAGR of more than 3.74% over the forecast period (2022- 2028).
The market for polymer foam is anticipated to increase due to expanding applications in a number of industries, including the packaging, furniture and bedding, and automotive sectors. Polymer foams are incredibly light and adaptable, exceedingly strong, mould and mildew resistant, and dermatologist-friendly. They are safe and advisable for many consumer applications due to these qualities. Foams made of polyurethane are frequently utilized in the automotive, maritime, and building and construction sectors.
The wide range of applications in the building and construction, automotive, and marine industries, together with the strong industrial growth in the Asia Pacific region, have all contributed to the enormous rise of the polymer foam market. The need for polymer foam is further increased by its key properties, which include being lightweight, vibration- and corrosion-resistant, and recyclable. However, the primary factors anticipated to restrain the growth of the polymer foam market over the anticipated period are variations in availability and raw material prices. Due to increased environmental concerns in industrialized nations like North America and Europe, the primary trend in the polymer foam market is also a considerable shift toward biobased polymer foam.
Global Market Size
USD 122.03 billion
more than 3.74% CAGR
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The Global Polymer Foam Market is segmented based on the Type, Application, and region. Based on the Type, the Global Polymer Foam Market is segmented as Polyurethane (PU), Polystyrene (PS), Polyethylene (PE), Polypropylene (PL), Polyvinyl Chloride (PVC), and Others. Based on Application, the Global Polymer Foam Market is segmented as Furniture, Transportation, Packaging, Building and Construction, And Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Based on the Type, the Polymer Foam market is bifurcated into Polyurethane (PU), polystyrene (PS), polyethylene (PE), polypropylene (PL), polyvinyl chloride (PVC), and others. The market share that belongs to polyurethane is the largest due to polyurethane's expanding use in furniture, building, and transportation. These foams have low densities, low heat conduction coefficients, and little water absorption, which makes them excellent for vehicle seats and a variety of furniture foams. In addition, polyurethane foams, which are utilized in sofa sets and cushion materials, have a very low density that is around four times lower than that of traditional rubber.
Analysis by Application
Based on Application the Polymer Foam market is segmented into furniture, transportation, packaging, building and construction, and others. The building and construction category held the most market share due to the growing use of polymer foam in wire and cable insulation, floors, pipes, molding, and other applications. Due to an increase in applications, including carpet padding, fibers, chair cushions, mattress padding, and furniture, the furniture and bedding industry is predicted to rise. On account of the growing product use in various vehicle components, such as seats, dashboards, power trains, and suspension bushings, the automotive market is predicted to have profitable expansion over the projection period. The expansion of the market is anticipated to be positively impacted by the U.S. car industry's recovery and rising automotive demand in China and India, two emerging economies. The packaging industry is anticipated to increase significantly after the automobile industry as a result of the booming need for polystyrene foams in this industry.
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Asia-Pacific is the global polymer foam market leader. The region has the biggest market share, owing to key rising markets like China, India, Malaysia, and Indonesia, as well as developed countries like Taiwan, Japan, and South Korea. This region is home to some of the largest polymer foam producers and users. Followed by China, with the theme of innovation and green development, the polyurethane sector has reached a new stage. Polyurethane downstream product output, including as construction materials, spandex, synthetic leather, and automobiles, currently ranks first in the world. The country is aggressively marketing water-based coatings, enacting new building energy conservation rules, and developing new energy vehicles, all of which provide significant market potential for the polyurethane industry. China's proposed "dual-carbon" target will accelerate the growth of building energy-saving and clean energy industries, as well as provide new development opportunities for polyurethane insulating materials, coatings, composite materials, adhesives, and elastomers.
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The Global Polymer Foam market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Polymer Foam Market Analysis, in terms of type, the polyurethane segment held the largest share and is estimated to maintain a similar trend over the forecast period because of the growing usage of polyurethane in furniture, construction, and transportation These foams are perfect for car seats and a variety of furniture foams since they have low densities, low heat conduction coefficients, and negligible water absorption.
|Market size value in 2021||USD 122.03 billion|
|Market size value in 2028||USD 157.9 billion|
|Growth Rate||more than 3.74%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Polymer Foam Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Polymer Foam Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15E2015