Monday, 13 February 2023 07:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / February 13, 2023 / According to the polymer foam market report by TMR, the global market is estimated to grow at a CAGR of 4.2% between 2022 and 2031.
Polyurethane (PU) foams are lightweight, adaptable, corrosion-resistant, and recyclable. Headrests, passenger car seat cushions, armrests, cushioned instrument panels, gasket seals, and other components increasingly include PU foams. Hence, demand for PU foams is high in a wide range of applications in the automobile sector.
Polymer foam industry growth is estimated to be driven by the rising application in packaging, furniture, automotive, and bedding industries. Polymer foams are lightweight and adaptable, durable, and skin-friendly. Thus, they are safe and convenient for a variety of consumer applications. Foams derived from polyurethane are utilized extensively in the automotive, marine, and building & construction sectors.
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Polymer Foam Market: Growth Drivers
High impact resistance and load bearing capacities are some of the advantages offered by polymer foam, which has increased its preference in end-use industries, such as building & construction, thus propelling market growth.
The expanding focus of several countries across the globe on safeguarding the environment and stringent norms based on it has led to use of bio-based polyols and non-toxic isocyanates in numerous applications to reduce carbon foot prints. This is projected to influence the polymer foam business.
Key Findings of Polymer Foam Market
Polystyrene and polyolefin foam segments are anticipated to account for a major share of the global market. This is projected to continue during the forecast period. These materials are utilized in a variety of applications, such as pillows, furniture, and carpets. Exceptional characteristics, such as low heat, lightweight, sound transfer, and insulation, has attracted a large client base toward these foams. The increasing need for residential and commercial space in developing countries across the globe is projected to drive their demand in building applications.
Expanded use of polystyrene foam in the building & construction segment has increased its market value. Furthermore, the expanding residential and commercial building projects across several developing countries have contributed to market development. The automobile industry has shown significant growth in recent years. This has propelled the application of polystyrene foam in the auto bumper and seating systems.
Polymer Foam Market: Regional Analysis
The market in Asia Pacific is projected to grow significantly as a result of a positive outlook for the manufacturing industry. Concurrently, increased emphasis on research & development, and favorable government measures to attract investments has opened new growth avenues for the global polystyrene foam market.
Rapid industrialization has led to an increase in the manufacturing of vehicle interiors or components. Subsequently, packaging industries in developing economies, such as China and India, are anticipated to witness a high demand for polymer foam in the next few years. High foreign direct investments are also expected in these industries.
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Polymer Foam Market: Competitive Landscape
The leading market participants offer a wide range of polymer foams and cater to a number of industries, including shipping, construction, and packaging. The manufacturing of polymer foam and its distribution in several end-use sectors may contribute to industry development. Low production costs and constant raw material supply have proved to be growth drivers. Relentless R&D efforts are made by players to expand their market reach. Strategic collaborations along with mergers, acquisitions, startups, and joint ventures play a crucial role in market progress.
Key players operating in the global polymer foam market are:
- Armacell International S.A.
- Arkema Group
- Borealis AG
- JSP Corporation
- Koepp Schaum GmbH
- Fritz Nauer AG
- Polymer Technologies, Inc.
- SEKISUI ALVEO AG
- BASF SE
- Recticel NV
- Rogers Corporation
- Sealed Air Corporation
- Woodbridge Foam Corporation
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Polymer Foam Market: Segmentation
By Type
- Polyurethane Foam
- Polystyrene Foam
- PVC Foam
- Phenolic Foam
- Polyolefin Foam
- Melamine Foam
- Others
By Application
- Packaging
- Building & Construction
- Furniture & Bedding
- Automotive
- Rail
- Wind
- Marine
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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