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Polymer Foam Market size is forecast to reach around $120.2 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. Polymer foams are usually formulated by combining the two segments in a speed. The resultant foam has polymer matrix either in air bubbles or air tunnels form, which is usually known as closed-cell or open-cell structure. Closed-cell polymer foam is more rigid in nature as compared to open-cell polymer. Whereas, Polymer foam is attaining enormous growth owing to the growing demand of applications such as packaging, construction, automotive, aerospace, wind energy, pharmaceuticals, personal care and others. Furthermore, surging demand for PU foam in renovation activities of the construction sector, expanding automotive sector, improved public infrastructure, and construction sectors to boost the market growth.
Polymer Foam Market Segment Analysis – By Type
The Polyurethane segment hold the largest share of more than 35% in 2019 owing to the rising demand from various end-use industry. Whereas, growing uses of polyurethane foams as insulations in building and electrical appliances like water heaters, refrigerators, coolers, vending machines, and freezers further drive the market growth. Moreover, surge in demand for lightweight vehicles also contribute to the growth of polyurethane foams during the forecast period.
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Polymer Foam Market Segment Analysis – By End-Use Industry
The automotive and transportation segment is projected to witness the highest CAGR of 6.3% in the global Polymer Foam market during the forecast period. The polymer foam offer various benefits to the automotive sector like light weight, resistance to impact, high thermal insulation, and damping properties. Whereas, the surging uses of PU foam to produce high-resilience foam seating, rigid foam insulation panels, B-pillars, headliners, suspension insulators, bumpers and other interior parts of a car further contribute to the market growth. Whereas, the growing passenger cars market, also drive the growth of this market. The increasing uses of PU is in electric vehicles in exterior cladding, roofs and hoods, as a safe, lightweight solution is boosting the market growth.
Polymer Foam Market Segment Analysis – Geography
Among the regions, the APAC region hold the largest share of more than 40% in 2019 and is projected to witness the highest CAGR of around 7.1% in the global Polymer Foam market followed by North America and Europe during the forecast period. The growing disposable income, developing infrastructure, and rise in population propels the growth of this market in the APAC region. Furthermore, increasing industrialization, surging electric vehicles sales, and increased consumption of petrochemicals and plastics primarily used for packaging in Food and Beverage industries further drives the growth of this market across the country during the forecast period.
Polymer Foam Market Drivers
Rising demand of Polymer Foam across various end-use industries
The use of polymer foams-based products offers various benefits like lightweight and versatile, resistant to corrosion, highly durable, mildew resistant, and recyclable. The properties of polymer foams make them suitable to user for various end-use industries such as building and construction, food and beverage, automotive, medical, and marine industries. Whereas, surging uses of Polyurethane (PU) in automotive applications like cushioned instrument panels, airbags, passenger car seat cushions, gasket seals, and arm & head rests further drive the market growth. In addition, the growing demand of electric vehicles globally further contribute to the market growth. Besides the rising focus of manufactures to create lightweight, fuel-efficient, and durable structures for also drive the growth of this market. Owing to the above factors and their broad application scope, polyurethane foams are expected to witness significant demand in the Asia Pacific automotive industry.
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Polymer Foam Market Challenges
Emergence of COVID-19 the Pandemic
The worldwide crisis of COVID-19 is leading to calls for action from a wide range of stakeholders including manufacturers, vendors, distributors, and consumers. Decline in business during 2020 coupled with lower demand from a major market has put pressure on the profitability of polymer foam manufacturers and vendors. The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. According to International Monetary Fund, the global GDP is expected to decline by 0.3% in 2020. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19. The pandemic is affecting operations of various industries such as automotive, oil and gas, construction, aerospace, and others, as most of countries have issued “stay at home guidance”. Moreover, it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. As, Polymer Foam products are extensively used in these industries, the declining operations of these industries is directly affecting Polymer Foam market growth.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Polymer Foam market report. In 2019, the market of Polymer Foam top 10 companies accounting for xx% of the share. Major players in the Polymer Foam Market industry the outlook is Huntsman International LLC, and SABIC, Sekisui Alveo AG, Simona America Inc., Synthos S.A., Toray Industries, Inc., BASF SE, Rogers Corporation, The Dow Chemical Company, Recticel NV/SA, Sealed Air Corporation, and Tosoh Corporation, among others.
In March 2019, BASF developed new innovation capabilities with an investment of around USD 38 million at the Innovation Campus Shanghai to offer new process catalysts to the chemical industry including polyurethane (PU) integral foam solutions.
In November 2018, The Dow Chemical Company announced announced the opening of a new world-class polyol plant for rigid polyurethane foam in Rayong, Thaland. The polyol is a key raw material for rigid polyurethane foam solutions. With this facility, the company offer high-quality insulation products and solutions.
In the European region, Germany is the major market for the Polymer Foam owing to presence of major automobile companies and production facilities and growing demand for auto parts and packaging materials to boost the demand.
Government investments for modernizing and expanding infrastructure is fueling the growth of the Polymer Foams market.
Evolution of the natural and environment-friendly Polymer Foams is driving the growth. As, polymer foam offers high recyclability, reduced wastage, and greater sustainability.
Related Reports :
A. Polymers Market
B. Packaging Adhesives Market
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