Polymer Foam Market: Current Analysis and Forecast (2022-2028)

Global Polymer Foam Market is expected to grow at a significant rate of around 4% during the forecast period. Polymer foams or plastic foams consist of gaseous and solid phase and have wide range of applications in automotive, furniture, construction, and other areas. The market is growing with increase in construction activities worldwide. According to the Confederation of International Contractors' Association, the global construction industry is valued at about US$ 7 Trillion and employs around 120 million people. According to U.S. Energy Information Administration, 2014, buildings accounted for approximately 35% to 40% of total energy consumed in developing nations. In addition, the market is highly competitive and companies are actively offering products in the market. For instance, in September 2022, Covestro began offering polyether polyols using bio-circular feedstock together with renewable toluene diisocyanate (TDI) and climate-neutral methylene diphenyl diisocyanate (MDI). The company supplies these two raw materials for the production of polyurethane (PU) foams based on alternative raw materials.

SABIC; BASF SE; Covestro AG; Sealed Air Corporation; Recticel NV; Rogers Corporation; Kaneka Corporation; DowDuPont Inc.; Polymer Technologies, Inc.; and Armacell International S.A. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst type, polyurethane category is expected to dominant during the forecast period"

Based on type, the market is segmented into polyurethane, polystyrene, polyolefin, phenolic, and others. The polyurethane category is holding a dominant share of the market and is expected to grow with a high CAGR during the forecast period. Polyurethane (PU) foams have various characteristics including durablity, lightweight, versatile, resistant to corrosion and vibration, recyclable, and offer a high level of freedom in geometric design. PU foams are widely used in various passenger car seat cushions, gasket seals, arm rests, head rests, cushioned instrument panels, airbags, and other components to create lightweight, fuel-efficient, and durable structures. Owing to the above factors and their broad application scope, polyurethane foams are expected to witness significant demand in the market.

"Amongst application, the building & construction to hold a significant share in the market in 2020"

On the basis of application, the market is segmented into building & construction, packaging, automotive, furniture & bedding, footwear, and others. The building & construction category is expected to hold a significant share in the market in 2020. Polymer foam is utilized in the building components, including doors, roofs, sealants, and foundations of doors and windows. Apart from this, the surge in construction activities in developed, as well as developing countries, is also driving the market growth during the forecast period. For instance, the 'Housing for All' initiative by the Government of India aims to build 20 million affordable houses for the urban poor by 2022. This initiative is expected to significantly boost residential construction across the country.

"Asia Pacific to hold a significant share in the market"

In 2020, Asia Pacific held a significant share of the global market due to surge in demand for wide range of applications, including packaging and construction activities. Further, the high share is also due to high population, rise in middle-class income, and low labor and raw materials cost in the region. Moreover, the rise in the use of rigid polymer foam and low-density polymer foam in the building & construction sector is due to their high energy absorption capacity and low density, is also having a positive impact on market's growth during the forthcoming years.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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