Polymer Foam Market Growth Trends, Cost Structure, Driving Factors and Future Prospects 2023

Segmentation:

The Global Polymer Foam Market is categorized on the basis of Type, Product Type, End User Industry, and Region.

On the basis of Type, the market is bifurcated into flexible and rigid. On the basis of Product Type, the market is segmented into polyurethane (PU), polystyrene (PS), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC) and others.

On the basis of End User Industry, the polymer foam market is categorized into construction, transportation, furniture, packaging, textiles, and others.

On the basis of Region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Key Players:

Some of the prominent players operating in the Global Polymer Foam Market are BASF SE (Germany), TORAY INDUSTRIES, INC. (Japan), The Dow Chemical Company (U.S.), Recticel NV (Belgium), Rogers Corporation (U.S.), Arkema S.A. (France), Total S.A. (U.S.), SABIC (Saudi Arabia), Synthos S.A. (Poland), and Zotefoams plc (U.K) among others.

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Regional Analysis:

The Global Polymer Foam Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among these, Asia Pacific is predicted to grow with the highest CAGR during the review period, 2017 to 2023 on account of expanding construction industry. The demand for Polymer Foam is predicted to surge in numerous countries of the Middle East & Africa such as Iraq, the United Arab Emirates, Saudi Arabia, Iran, and Kuwait due to high adoption rate by the crude oil producers. Moreover, the presence of tremendous oil & gas reserves in this region is predicted to reduce the raw material demand gap for Polymer Foams and propel the growth of the market.

North American Polymer Foam Market is predicted to witness a tremendous growth on account of high consumption potential, increasing production capacities, and rising economic growth rate. As of 2016, the U.S accounts for the largest market share and is estimated to grow with the moderate CAGR on account of growth in furniture industry. In Europe, the demand for Polymer Foam is predicted to grow in various countries such as Italy, Germany, Spain, U.K, France, and Russia on account of increasing expenditure in innovation and growing purchasing power of consumers. Moreover, presence of major automobile manufacturers specifically in Germany is expected to give a momentum to the market growth. Latin American countries such as Argentina, Colombia, and Brazil are also predicted to witness substantial decline in polymer foam market owing to ongoing slow recovery from recession hit back in 2008-2009. Asia Pacific Polymer Foam Market is predicted to grow with the moderate CAGR due to developing crude oil processing and expanding petroleum refineries in India and China. Moreover, continuous growth of automotive sector in various economies of Asia Pacific such as China, India, Malaysia, Thailand, and Japan is expected to raise the demand for Polymer Foam based cushioning materials which in turn is predicted to fuel the demand for Polymer Foam over the forecast period, 2017 to 2023.

Synopsis of Polymer Foam Market:

Polymers are manufactured by incorporating gas into a solid phase resulting into smooth, fluid like material. The final product has polymer matrix with air tunnels acting like a porous structure. In the recent years, Polymer Foams resume to grow at rapid pace owing to their light weight, strength to weight ratio, excellent thermal and acoustic insulation capabilities, nullifying the impulsive impacts by absorbing energy, and cushioning features. These features have wide applications in the construction and transportation industry.

As per our Analysis, important factors that contribute in the Global Polymer Foam Market growth include rapid increase in construction activities owing to the Global Construction Market is expected to grow at a faster pace than world GDP over the next decade. Additionally, as Asian economies continue to industrialize and the U.S. recovers from a sharp downturn during the global financial crisis, rising demand for cushioning in automobile industry, and increasing expenditure on research activities pave way for the market growth. Moreover, the demand for Polymer Foam is predicted to witness a significant growth over the assessment period due to surging furniture industry. Rising crude oil production across the globe is anticipated to be an important driver for Polymer Foam Market as it bridges the demand gap for introductory Polymer Foam raw materials during the review period. Increasing automobile production and sales along with rising consumption of Polymer Foam based cushioning materials is estimated to fuel the growth of the market. Furthermore, rapid urbanization coupled with increasing disposable income in the emerging economies is predicted to propel the growth of the market, Polymer Foam based textiles for sports purposes market during the assessment period, 2017 to 2023.

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Recently, researchers found that polyurethane foams are showing signs of biodegradation in the presence of fungus, which is expected to rise the market growth of Polymer Foams. However, high pricing of these materials and with no measures to cost optimize the Polymer Foam based end products owing to the lack of innovation and manufacturing technology is anticipated to hamper the growth of the market.

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