Global Foam Market (2021 to 2026) – Growing Demand for Bio-Based Polyols Presents Opportunities – ResearchAndMarkets.com | Financial Buzz

Global Foam Market (2021 to 2026) – Growing Demand for Bio-Based Polyols Presents Opportunities – ResearchAndMarkets.com

The “Global Foam Market by Type (Polyurethane, Polystyrene (EPS & XPS), Polyolefin (PE, PP, EVA), Phenolic, PET), Type (Rigid, Flexible), End-use Industry (Construction, Packaging, Automotive, Furniture & Bedding, Footwear), and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global foam market is estimated at USD 93.9 billion in 2021 and is projected to reach USD 118.9 billion by 2026, at a CAGR of 4.8% between 2021 and 2026.

The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted market growth.

Foam is widely used in the automotive, building & construction, packaging, footwear, sports & recreational, and furniture & bedding industries. Flexible PU foam is extensively used in the automotive and building & construction industries. It helps automobile manufacturers address issues related to weight reduction, vibration absorption, fuel efficiency, and durability.

Building & Construction is projected to be the largest end-use industry of foam market

The building & construction industry in APAC is expected to witness the highest growth rate during the next five years, driven by huge investments in new infrastructure development, new housing projects, and renovation of non-residential buildings in major countries like China and India.

The high demand for online shopping is increasing the demand for packaging; this is expected to drive the protective packaging market during the forecast period. The use of foam in medical device packaging, orthopedic soft goods, and medical components is also projected to drive the market in the medical industry between 2021 and 2026.

Polyurethane is the largest foam type segment of the foam market

MDI, TDI, polyether polyols, and polyester polyols are the major raw materials used to make polyurethane foam. PU foam has open-cell structures. Generally, manufacturers make these foams by reacting polyols and diisocyanates, both of which are extracted from raw petroleum. A blowing agent is used to blow the cells of the foam and expand its volume to form lightweight PU foam. Generally, polyols with TDI (toluene diisocyanate) produce flexible foam, which is mainly used to make flexible slab stock foam, while polyols with MDI produce rigid foam.

PU foam has low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties. It is available in a wide range of rigidity, hardness, and density levels. Low-density flexible foam is used in upholstery, bedding, automotive and truck seating, and novel inorganic plant substrates for roof or wall gardens. It is also used in thermal insulation and RTM cores. PU foam is categorized into three sub-segments – flexible PU foam, rigid PU foam, and spray PU foam.

APAC is the largest market for foam during the forecast period

The foam market in APAC is segmented into China, India, Japan, South Korea, Malaysia, Indonesia, Thailand, and the Rest of APAC. The region is the fastest-growing in the foam market, driven by high economic growth and heavy investments in the automotive, marine, building & construction, and manufacturing industries. The growth of the APAC market is propelled by the increasing use of foam in the building & construction, automotive, footwear, sports & recreational, furniture & bedding, and packaging industries.

The demand for high-quality products, rising population, and the growing end-use industries have led to innovation and development in the market. The continuous growth in the manufacturing of products for domestic use, as well as exports, drives the demand for foam in the region.

Market Dynamics

Drivers

  • Growing Use of Foam in Major End-use Industries
  • High Demand for Foam in APAC
  • Focus on Energy Sustainability and Energy Conservation
  • Growth of Wind Energy Sector Boosts PET Foam Market

Restraints

  • Volatility in Raw Material Prices

Opportunities

  • Growing Demand for Bio-Based Polyols
  • Increasing Use of CO2-Based Polyols

Challenges

  • High Pricing Pressure
  • Imposition of Stringent Regulations
  • Impact of COVID-19 on Various End-use Industries

Companies Mentioned

  • ACH Foam Technologies, Inc.
  • Armacell International S.A.
  • BASF SE
  • Compagnie de Saint-Gobain S.A.
  • Covestro AG
  • Eurofoam Group
  • Foamcraft, Inc.
  • Foampartner
  • Hanwha Total Petrochemical
  • Huntsman Corporation
  • JSP Corporation
  • Kaneka Corporation
  • LG Chem
  • Loyal Group
  • Mitsui Chemicals, Inc.
  • Polymer Technologies, Inc.
  • Recticel N.V./S.A.
  • Rogers Corporation
  • Sealed Air Corporation
  • Sibur
  • Synthos S.A.
  • The Dow Chemical Company
  • Toray Industries, Inc.
  • Versalis S.p.A.
  • Zotefoams plc

For more information about this report visit https://www.researchandmarkets.com/r/6pj5d6

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