What is the global market size of Polymer Foam Market?

Global Polymer Foam Market size was valued at USD 123.1 billion in 2021 and is poised to grow from USD 128 billion in 2022 to USD 170.1 billion by 2030, growing at a CAGR of 3.6% in the forecast period (2023-2030).

Global Polymer Foam Market Size, Share, Growth Analysis, By Type(Polyurethane (PU), Polystyrene (PS)), By Application(Furniture, Transportation) - Industry Forecast 2024-2031

Report ID: SQSG15E2015 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 69 | Figures: 75

Global Polymer Foam Market Dynamics

Polymer Foam Market Driver

The global polymer foam market is driven by the significant growth that the plastic packaging sector has witnessed. The food and beverage sector has a particularly high demand for packaging on a global scale. Food and beverage delivery, catering, and retail all require packaging. As a result, it is necessary to package food and beverages in sachets, containers, pouches, and plastic bags, which serve as the main outlets for polyethylene.
Polymer foams are widely used in building and construction, protective packaging, automotive, medical, footwear, sports, and recreational industries. Polyethylene foams are used in the building and construction industry for things like slabs, doors, roof boards, and pipe-in-pipe. XLPE foams are ideal for use in the building and construction industry because of their exceptional thermal insulation, moisture resistance, and sound and vibration absorption qualities.

Polymer Foam Market Restraint

The availability of a wide range of environmentally suitable substitutes and the government's growing concern about environmental problems caused by plastics could have a detrimental effect on industry expansion. For instance, in packaging applications, recycled plastics, bamboo fiber, and biodegradable polymers might take the place of traditional polystyrene foams.
The pricing and accessibility of raw materials are the elements that affect the cost structure of products. Naphtha, low-density polyethylene (LDPE) resin, high-density polyethylene (HDPE), and additives are the main basic materials used to create polyethylene foams. The cost structure of the items' manufacture is impacted by volatile raw material costs. Due to the increased global demand, unrest, and foreign military action in the Middle East over the previous two years, oil prices have been extremely unpredictable. The market for polyethylene foams is constrained by these volatile raw material prices. The market for polyethylene foams has been impacted recently by changes in raw material prices based on petrochemicals.
Polymer foam is highly combustible and prone to catching fire easily if not handled with precautions.

Global Polymer Foam Market Report Snapshots

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Global Polymer Foam Market size was valued at USD 123.1 billion in 2019 and is poised to grow from USD 128 billion in 2023 to USD 170.1 billion by 2031, growing at a CAGR of 3.6% in the forecast period (2024-2031).

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. 'Zotefoams plc', 'BASF SE', 'Dow Chemical Company', 'Huntsman Corporation', 'Recticel NV/SA', 'Sealed Air', 'Armacell International S.A.', 'Synthos S.A.', 'Rogers Corporation', 'Foam Partner Group', 'Borealis AG', 'JSP Corporation', 'The Woodbridge Group', 'UFP Technologies, Inc.', 'Greiner Holding AG', 'Sekisui Chemical Co., Ltd.', 'SABIC', 'Pregis LLC', 'Avery Dennison Corporation', 'Nitto Denko Corporation'

The global polymer foam market is driven by the significant growth that the plastic packaging sector has witnessed. The food and beverage sector has a particularly high demand for packaging on a global scale. Food and beverage delivery, catering, and retail all require packaging. As a result, it is necessary to package food and beverages in sachets, containers, pouches, and plastic bags, which serve as the main outlets for polyethylene.

Since continual developments in chemistry and polymer architecture, polyethylene foams are currently utilised more frequently because they can meet sustainability norms. It is expected that the amount of resources that have been removed through drilling, such oil, would steadily decrease. Furthermore, CO2-based polyols may eventually completely replace products made from petroleum because CO2 is more economical than raw materials derived from petroleum. Natural oil-based polymers require more acreage to manufacture than those with a petroleum foundation, but they consume less drilling oil than those with a petroleum foundation. This is a key component in the switch to CO2-based polyols from conventional polyols.

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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Global Polymer Foam Market Size, Share, Growth Analysis, By Type(Polyurethane (PU), Polystyrene (PS)), By Application(Furniture, Transportation) - Industry Forecast 2024-2031

Global Polymer Foam Market Dynamics

Global Polymer Foam Market Report Snapshots

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