The polymer foam market value is registered as USD 114.88 billion and is estimated to grow at a significant CAGR of 7.73% CAGR with the polymer foam market size of USD 157.63 billion during the forecast period 2021-2030
Polymer foams are widely used with other materials in several composite constructions, rigid insulation panels, carpet underlays, high-resilience foam seating, packaging, upholstery stuffing, automotive components, and other various applications. Polymers are manufactured by incorporating gas into solid phase which results in a smooth and fluid-like material. The final product comprises polymer matrix with air tunnels which act as a porous structure. Application of polymer foams depends on the type and nature of polymers. The rigid foams are used for insulation in transportation and construction, ventilation, heating, packaging, and air conditioning.
Future Drivers and Constraints Affecting the Market
Polymer Foams are extensively used due to several properties such as weight reduction and low density. The global market for polymer foam is experiencing a significant growth rate due to the rapid increase in the construction activities. Moreover, polymer foams are extremely versatile and light in weight, highly durable, dermatologically-friendly, and mildew resistant which makes them recommendable and safe for consumer applications. They are also considered suitable for adults and infants with sensitive skin.
Several technological advancements like introduction of non-toxic isocyanates and bio-based polyols are likely to promote the demand for polymer foams during the assessment period. Presence of several major multinationals such as the Dow Chemical Company and the Bayer has developed new manufacturing processes to reduce the dependence on fossil-fuel based resources and improve the production yield. Moreover, increasing focus on developing biodegradable foams due to strict government mandates globally has exposed market opportunities for manufacturers.
Meanwhile, the high cost associated with such materials and no measures to cost optimize the polymer foam-based end-products due to lack of manufacturing technology and innovation is also expected to restrain the market growth during the review period.
Global Polymer Foam Market Segmentation
The global polymer foam market has been segmented on the basis of product type, type, end-user industry, and region.
By type: The global market for polymer foam has been segmented into flexible and rigid based on type.
By product type: The global market for polymer foam has been segmented into polystyrene (PS), polyvinyl chloride (PVC), polyethylene (PE), polyurethane (PU), polypropylene (PP), and others based on type. Among these, polyurethane foam has been anticipated to be the largest segment due to high consumer demand for pillows, comfortable mattress, upholstery, and other furniture.
By end-user industry: The global market for polymer foam has been segmented into packaging, textiles, furniture, construction, and transportation, based on the end-user industry. Among these, the building and construction has been predicted to be the largest segment due to growing application of polymer foam for flooring, insulation purpose, molding, pipe, and in cables and wire. On the other hand, the segment for furniture and bedding is anticipated to be the second largest segment due to growing applications such as fibers, mattress padding, carpet padding, chair cushions, and furniture.
Asia Pacific Predicted to Grow with the Highest CAGR
Geographically, the market for polymer foam has been spanned across five major regions such as North America, Latin America, Europe, the Middle East Africa, and Asia Pacific.
Asia Pacific has been predicted to grow with the highest CAGR over the assessment period owing to the expansion in the construction industry. The demand for polymer foam is expected to grow in several countries of the Middle East and Africa such as Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, and Iran owing to the high adoption rate by crude oil producers.
The North American polymer foam market is assessed to show a tremendous growth rate owing to high consumption potential, rising economic growth rate, and increasing production capacities. The U.S. accounts for the largest market share and is anticipated to showcase a moderate CAGR due to the growth in the furniture industry.
The demand for polymer foam in Europe is anticipated to grow in several regions such as Spain, France, U.K., Germany, Russia, and Italy due to the growing expenditure in innovation and purchasing power of the consumers. Besides, due to the presence of automobile manufacturers in Germany, the market is expected to grow during the review period.
Industry News
Shape Memory Medical has recently announced FDA clearance for U.S. marketing of their IMPEDE Embolization Plug which is a technology funded by the NIBIB and created to block irregular blood vessels. The clearance lets the revolutionary shape memory polymer technology to be used to improve a variety of vascular complications. The IMPEDE system has received an FDA 510 k clearance, which certifies that the product is as safe as current products used for the same procedures.
Competition Analysis
Some of the key players operating the global polymer foam market are Recticel NV (Belgium), The Dow Chemical Company (U.S.), Synthos S.A. (Poland), Rogers Corporation (U.S.), Zotefoams plc (U.K), Arkema S.A. (France), Total S.A. (U.S.), BASF SE (Germany), TORAY INDUSTRIES INC. (Japan), SABIC (Saudi Arabia), and others.
Browse the Complete Report: https://www.marketresearchfuture.com/reports/polymer-foam-market-4964
