The global polymer foam market is expected to reach USD 207.9 Billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for polymer foam from two core industries which include automotive and building & construction is expected to be a principal factor in stimulating growth over the forecast period.
Increasing penetration of the product in the automotive industry in various automotive components such as interior panels, upholstery and seating arrangements in the car is expected to be a crucial factor in promoting an expansion of the product. The automotive sector accounted for 14.6% of the global volume share in 2015. Growing demand from automotive industries from emerging economies such as India, Japan, and China will result in improving demand for the product over the forecast period.
Building & construction and packaging are some of the essential applications for polymer foams. They are increasingly being used in the building & construction industry in various areas including insulation, flooring, pipes and windows. This will help in contributing towards the growth of the overall polymer foam industry.
U.S. polymer foam market volume, by application, 2013 – 2024 (kilo tons)
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Further key findings from the report suggest:
- North American polymer foam market is expected to grow at a CAGR of 5.1% from 2016 to 2024 in terms of volume on account of rising construction sector in countries which such as Mexico and Canada. Construction and packaging sectors have witnessed a significant rise in the penetration of polymer foam in the region on account of their superior material characteristics which has resulted in improving market dynamics of the product in the region.
- Asia Pacific is expected to witness the fastest growth over the projected period. Rising automotive sector and industrial sector in emerging economies such as India and China are likely to propel expansion of the product over the next eight years. The market is predicted to reach a value of USD 93.9 billion by 2024. Adoption of cost-effective methods for manufacturing will play an important role in improving the market conditions of polymer foams. This will result in a positive impact on overall demand for polymer foam.
- The demand for polymer foam in the packaging sector was 4,417.37 kilo tons in 2015. Various government policies including FDI and “Make in India’’ is expected to drive the industrial sector in India. Rising industrial and automotive sectors in different countries including India, China, and the U.S. will play a significant role in influencing growth over the forecast period.
- Key industry players include BASF SE, Recticel S.A., Woodbridge Foam Partner, INEOS Styrenics, British Vita Foams Plc, Carpenter Company, Rogers Corp, Adeplast S.A, Armacell LLC and JSP Corp. Companies in this sector are increasing their production volumes to expand their business presence and gain market share.
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