Polymer Foam Market Size is Expected to Achieve a 6.5% CAGR Growth by 2030 as per Straits Research
The growth of the polymer foam market is projected to be driven by the anticipated surge in demand for a variety of polymer foams utilized in construction and building applications.
New York, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) — Polymer foams, also known as expanded polymer or cellular polymer, are used in structural applications because of their lightweight and stiffening qualities. There are two types of polymer foam: open- and closed-cell foams. “The global polymer foam market size is envisioned to reach USD 156,725 million growing at a CAGR of 6.5% during the forecast period.”, said by Seema, Research Manager at Straits Research P. Ltd.
The growth of the polymer foam market is projected to be driven by the anticipated surge in demand for a variety of polymer foams utilized in construction and building applications. Joint filler comprised of polymer foam is an exceedingly common component of many construction projects. Moreover, an increase in the use of electronic products such as smartphones and LED televisions is predicted to fuel the market for polymer foam in electronics packaging.
The adaptability of these foams makes them a good choice for the protective packaging of electronic devices since they can absorb stress and vibration while retaining cushioning properties. Due to the cushioning properties of polymer foam, such as polyurethane and polyethylene, it is well-suited for automotive upholstery, furniture, and bedding applications. It is projected that this rise in demand would catalyze the market expansion for such foams.
As a result of advancements in additive manufacturing of various polyurethane foams, it is now possible to print products in multiple sizes and forms for use in packaging applications. This has contributed further to the growth of the market for polymer foam. It is anticipated that these recent technological developments will create profitable opportunities for the growth of the polymer foam sector.
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The Asia Pacific will command the market with the largest share while growing at a CAGR of 6.7%. China owns the highest percentage of the global polymer foam market due to its widespread use in the construction and packaging industries. In addition, polyethylene polymers make up most of the polymer foam industry in India. In addition, industry participants supported the expansion of production capacity, which improved the overall production capacity of countries such as China, India, and South Korea. Dow Inc., for instance, announced opening a new polyol factory for rigid polyurethane foam in Rayong, Thailand, in 2019.
Europe Polymer Foam Market share is expected to grow at a CAGR of 6% during the forecast period. Increased polymer foam usage in the automotive and packaging industries is anticipated to stimulate market demand. Increased demand for rigid and flexible polyurethane in the building and construction insulation industries, as well as flexible packaging, is expected to fuel the growth of the polymer foam market. Intense research and development efforts, as well as the existence of regulatory authorities such as EUROPUR, the European association of manufacturers of flexible polyurethane foam blocks, are pushing the development of new investment opportunities in the polymer foam sector. In addition, key industry players such as BASF SE, Covestro AG, Zotefoams, and DSM, which offer a large selection of polymer foams, help the market’s growth. In Europe, the market for polymer foams is primarily determined by the vast number of polymer foam producers who supply stiff and flexible low-density polyurethane.
- The Asia Pacific will command the market with the largest share while growing at a CAGR of 6.7%.
- Based on type, the Polyurethane (PU) Foam segment is projected to advance at a CAGR of 5.6% and hole the largest market share.
- Based on application, the furniture & bedding segment is projected to advance at a CAGR of 6.2% and hold the largest market share.
Competitive Players in the Market
- BASF SE
- Dow Inc.
- Kaneka Corporation
- Rogers Corporation
- Huntsman Corporation
- Covestro AG
- Sealed Air Corporation
- In 2022, BASF SE and Confoil jointly developed DualPakECOâ, a paper-based food tray that is certified to be composted and suitable for use in dual ovens. They are ideal for use in ready-to-eat dishes such as lasagne, curries, and stir-fries, which may be purchased chilled or frozen at grocery stores. They are also suitable for use in catering and takeout orders from restaurants.
- In 2022, BASF SE introduced Ultramidâ A3EM8 OP, a grade designed for painting as it has a surface finish of class A and a strong bonding strength.
- In 2022, BASF SE announced that it would start the construction of a black mass plant operating on a commercial scale for the recycling of used batteries in Schwarzheide, Germany. With this investment, BASF’s recycling and production hub for cathode active materials (CAM) will be strengthened in Schwarzheide.
Global Polymer Foam Market: Segmentation
- Polyurethane (PU)
- Polyethylene (PE)
- Polypropylene (PP)
- Ethylene-Vinyl Acetate (EVA)
- Furniture and Bedding
- North America
- Asia Pacific
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