With the presence of a large pool of participants, the global polymer foam market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Stepan Company, INEOS Group, BASF SE, The Dow Chemical Company, Adeplast, and Armacell International S.A. are some of the key vendors of polymer foam across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the polymer foam market study.
Reportedly, in July 2018, Shape Memory Medical declared that FDA has cleared the marketing of its IMPEDE Embolization Plug system, which can block irregular blood vessels, across the U.S. Company sources cite that IMPEDE uses the shape memory polymer foam for effectively treating various kinds of vascular complications.
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Mammoth Applications In Automobiles To Steer Polymer Foam Market Growth
“Massive product penetration in automotive and construction sectors is anticipated to enhance the revenue of polymer foam market over the next few years,” says the author of this polymer foam market study. Apart from this, the rapidly emerging packaging sector is likely to drive the demand for polymer foams over the coming years. Eco-friendly features of the product such as high sustainability and recyclability are forecast to impel the polymer foam market growth in the forthcoming years.
Fluctuations in the feedstock costs, however, are likely to obstruct the expansion of polymer foam market in the years ahead.
Thriving Construction & Automotive Sectors To Help APAC Maintain Dominance
Geographically, Asia Pacific has been leading the worldwide polymer foam market and is anticipated to continue on the dominant position in the years to come, states the polymer foam market study. The burgeoning demand of the product for construction activities is the main factor behind the dominance of the Asia Pacific polymer foam market. Flourishing automotive & construction sectors in countries such Indonesia, India, China, and Malaysia are expected to contribute substantially towards the growth of this regional market in the near future. For the record, APAC dominated the global polymer market share in 2015.
The global polymer foam market is segmented as follows:
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