Polymer Foam Market Expected to Witness a Surge in Revenue US$ 114.8 Billion by 2025, at a CAGR of 4.8%, Concludes MarketsandMarkets™
The global polymer foam market size is projected to grow from USD 90.7 billion in 2020 to USD 114.8 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. APAC is the largest consumer of polymer foam. The overall growth of the market is triggered by the growth of major end-use industries of polymer foams, high demand for polymer foams in APAC, and energy sustainability and energy conservation properties of polymer foam.
Polymer foams are used in various applications such as packaging, building & construction, furniture & bedding, automotive, and others. These are the main applications considered in the report. The automotive application is projected to register the highest CAGR between 2020 and 2025. Lightweight, fuel efficiency, durability, comfort, and safety have boosted the use of different types of polymer foam in automotive applications. Environmental regulations have encouraged automobile manufacturers to focus on recyclable materials, which is replacing traditional materials with polymer foams. Manufacturers are focusing on R&D activities to provide safety and comfort for passengers. These activities trigger the growth of the automobile, thus driving the polymer foam market in automotive applications.
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Asia-Pacific is the largest market for polymer foam, in terms of value and volume, and is expected to continue its dominance till 2025. The countries in this region, such as China, Japan, South Korea, India, Malaysia, and Thailand, are witnessing a gradual increase in the use of polymer foam in applications such as building & construction, furniture & bedding, packaging, and others. This growth is mainly due to rising industrialization, large industrial base of the construction, automobile, and packaging sectors, and increasing expansion, mergers & acquisitions, new product launches, joint ventures, and agreement/collaboration activities in the region. A wide range of use of polymer foam in different end-use applications has increased its demand in Asia-Pacific.
The key players operating in the market are BASF SE (Germany), Rogers Corporation (US), The Dow Chemical Company (US), Recticel NV/SA (Belgium), Sealed Air Corporation (US), Huntsman International LLC (US), and Armacell International S.A. (Germany). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement, to grow in the market. Investment & expansion was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies enhance their global presence.
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BASF SE (Germany) is a diversified chemical company. The company has five business segments: Functional Materials & Solutions, Chemicals, Performance Products, Agricultural Solutions, and Others. The company operates through six integrated production sites and 390 other production sites in Europe. It has a strong customer base and operates in many countries in Europe, North America, APAC, Africa, and the Middle East. In March 2019, BASF enhanced its regional innovation capabilities with new facilities at the Innovation Campus Shanghai to further strengthen collaboration with the automotive industry and to offer new process catalysts to the chemical industry. With an investment of approximately USD 38.0 million, the new 5,000-square-meter facilities include the Automotive Application Center and the Process Catalysis Research & Development (R&D) Center. One of the innovations include polyurethane (PU) integral foam solutions with an open cell structure offering unique performance as they are light-weight, with excellent sound insulation and flame resistance.
The Dow Chemical Company is a diversified, global manufacturer and supplier of products which are used primarily as raw materials in the manufacture of customer products and services. It operates through three business segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings.
The company caters to numerous end-use industries such as appliances, automotive, agricultural, building and construction, chemical processing, electronic, furniture, houseware, oil & gas, packaging, paint, coating and adhesive, personal care, pharmaceutical, processed food, pulp & paper, textile and carpet, utilities, and water treatment.
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