Segments - Polymer Foam Market by Type (Rigid Foam and Flexible Foam), Product (Polyethylene, Polyurethane, Polypropylene, Polystyrene, Polyvinyl Chloride, Polyolefin, Phenolic, and Others), Application (Packaging, Cushioning, Insulation, and Others), End-user (Automotive & Aerospace, Building & Construction, Electronic, Medical, Furniture & Bedding, Footwear, Transportation, Sports & Recreational, Food & Beverages, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global polymer foam market size was valued at USD 98.69 Billion in 2022 and is likely to reach USD 141.69 Billion by 2031, expanding at a CAGR of 4.1% during the forecast period 2023-2031. The market growth is attributed to the rising demand for lightweight materials across various applications and the increasing awareness regarding environmentally friendly products.
Polymer foam is characterized by its cellular structure, which is made up of long-chain molecules that help to provide strength and elasticity. It is a dispersion of gas, which comprise the solid and gaseous phase. Polymer foams are widely utilized for packaging and cushioning owing to their enhanced performance, as they are highly durable and light in weight.
Polymer foam can be installed to fill the gaps between the wall and ceiling. It is an effective medium that insulates against heat as it absorbs shock. It is eco-friendly in nature as it can be recycled. Polymer foams are produced from resins, such as polyethylene (PE), polyurethane (PU), polystyrene (PS), and polyvinyl chloride (PVC).
It offers several superior advantages, such as low density, good resistance to corrosion, high specific strength, good heat insulation, and good sound insulation effects, which play a significant role in the polymer industries and make it suitable for various industrial applications.
The market report finds that the COVID-19 pandemic negatively impacted on the polymer industries. The market growth decreased due to a prolonged shutdown of manufacturing units that produce polymer foams. Many manufacturing industries already announced possible delays in the production and delivery of polymer foams due to the lack of availability and irregular supply of raw materials owing to travel restrictions, which disrupted the overall supply chain of the market.
Preventive measures imposed by the government, such as emergency lockdowns, social distancing, and several limitations & restrictions slowed down the operation of many industries. Thus, a sharp decline in demand for polymer foams from the various end-use industries hampered the overall revenue generation of the polymer foam industry during the COVID-19 pandemic.
The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The polymer foam market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.
Growing Popularity in Packaging Applications
Increasing use in packaging applications is a major factor driving the growth of the polymer foam market. Polymer-foam is considered a safe packaging solution due to its lightweight, high thermal insulation, flexibility, and damping properties. The rapid expansion of various consumer goods industries highly demands for protective packaging solutions, which further boosts the adoption of polymer-foam during the projected period.
Rising Demand for Cushioning from Various Industries
Growing demand for cushioning from various industries, such as automotive, furniture, and bedding is another major factor driving the growth of the polymer foam market. Foams can absorb enormous energy owing to better heat and sound insulation properties compared to solid polymers, which makes them suitable for cushioning.
Polymer foams used in cushions leaves a positive impact on the comfort system. Increasing use in the manufacturing of furniture items, such as beds, sofas, and office chairs demands for polymer foam. Furthermore, polymer-foam plays a vital role in vehicles seat as it offers comfort to passengers. Growing requirement for a high comfort system in vehicles is attributed to drive the growth of the market in the coming years.
Environmental Benefits of Polymer Foam
Polymer foam has environmental benefits, such as clean incineration for pollutant filtration and it can be recycled, which helps to reduce waste. Growing demand for eco-friendly products due to the rising environmental concerns and increasing awareness regarding the benefits of polymer-foam is projected to fuel the market growth during the assessment period.
Volatility in the cost of raw materials is expected to hinder the polymer foam market growth during the forecast period. A sudden rise and fall in the costs of raw materials may limit the availability of raw materials, which encouraged manufacturers to increase the production costs of polymer foam. Thus, volatility in raw materials costs restrains the growth of the market at a certain limit.
Rising investments in research and development activities create immense growth opportunities for the prominent players competing in the market. Market players are shifting their focus toward reducing costs by enhancing properties by using technological advancement. Furthermore, the introduction of bio-based and non-toxic products is likely to accelerate the market growth.
The polymer foam market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Polymer Foam Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016-2021 |
Forecast Period |
2023–2031 |
Segmentation |
Type (Rigid Foam and Flexible Foam), Product (Polyethylene, Polyurethane, Polypropylene, Polystyrene, Polyvinyl Chloride, Polyolefin, Phenolic, and Others), Application (Packaging, Cushioning, Insulation, and Others), End-user (Automotive & Aerospace, Building & Construction, Electronic, Medical, Furniture & Bedding, Footwear, Transportation, Sports & Recreational, Food & Beverages, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Polymer Foam Market Size and Analysis, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
BASF SE; JSP; Dow (Dow Chemical Company); ACH Foam Technologies, LLC; Arkema; Armacell; Borealis AG; Covestro AG; DuPont; Hanwha Solutions Chemical Division Corporation; Huntsman International LLC; KANEKA CORPORATION; Koepp Schaum GmbH; Polymer Technologies, Inc.; Recticel NV (Fritz Nauer AG); Rogers Corporation; Sealed Air; Sekisui Alveo; Synthos; Trelleborg AB (publ); Woodbridge; and Zotefoams plc. |
Based on type, the polymer foam industry is bifurcated into rigid and flexible. The flexible segment held a key share of the market in 2021 and is expected to expand at a significant growth rate during the projected period. The segment growth is attributed to the growing demand from various industries as it protects products from damage.
Flexible foam can retain its original shape due to its high air retention property, which makes it suitable for footwear and cushioning applications. It offers high compression resistance at a constant temperature. It is widely used in the food processing industries to form seals and to absorb shock during transportation. Rising demand from the packaging and transportation industries boosts the market growth.
The rigid segment is anticipated to hold a key share of the market in the coming years due to rising demand from the construction industry. Rigid polyurethane foams are energy-efficient, which allows to use as an insulation. They are better at controlling moisture, which helps to control indoor temperature. Increasing need for insulating from construction and refrigeration applications demands for rigid foam.
On the basis of product, the global market is segregated into polyethylene, polyurethane, polypropylene, polystyrene, polyvinyl chloride, polyolefin, phenolic, and others. The polystyrene segment accounted for a large revenue share of the market in 2021 and is projected to register a considerable CAGR during the forecast period owing to its superior properties.
Polystyrene foam can be recycled into new products, which helps to reduce environmental impact. It is widely preferred in medical packaging and storing cooked food and perishable goods owing to its excellent shock absorption property. Furthermore, its lightweight, low heat, and sound transfer capability make it suitable for cushions and carpets. Increasing demand from food & beverages industries and residential & commercial space accelerate the market growth.
The polyurethane foam segment is anticipated to account for a major market share during the forecast period as it is light, durable, supportive and comfortable. Polyurethane foams sheets are available in wide range of rigidity, hardness, and density levels, which used in bedding, automotive and truck seating. Rapid expansion of automotive industry demands for the polyurethane foam, which leads to drive the market growth.
Based on application, the polymer foam industry is fragmented into packaging, cushioning, insulation, and others. The packaging segment is anticipated to hold major market share during the assessment period owing to the rising demand for consumer packaged goods. Polymer foams gain popularity in the safety packaging solution due to flexibility and lightweight.
It also protects the product from damage due to damping property. Rising various industries across the globe demands for the lightweight and safe packaging solution, which boosts the market growth. However, the cushioning segment estimated to grow at a rapid pace during the forecast period owing to the surging demand for luxurious furniture and bedding.
On the basis of end-user, the market is segmented into automotive & aerospace, building & construction, electronic, medical, furniture & bedding, footwear, transportation, sports & recreational, food & beverages, and others. The building & construction segment accounted for large market share in 2021 and is anticipated to grow at a high CAGR in the coming years.
Polymer foam in building & construction applications helps to improve energy efficiency. It uses as an insulation material in wall, ceilings, and floors, which helps to maintain the indoor temperature. It also works as a sealant that minimize air leakage. Furthermore, rising use for soundproofing, molding, pipe, flooring, and wires & cables attributed to fuel the growth of the market.
The automotive segment is expected to expand at a substantial growth rate in the coming years due to the rapid expansion of automotive industry across the globe. Polymer foam installed in vehicles to reduce noise level as it absorbs sound. It is use in helmets, airbags, and seats to provide cushioning. Thus, growing demand from automotive industries boosts the market growth during the projected period.
In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific accounted for major market share in 2021 and is expected to dominate the market during the projected period owing to the growing industrialization at a rapid pace.
Rising automotive industries in the emerging economies demands for polymer foam to produce automobile parts. Furthermore, rapid expansion of manufacturing hub in the region demands for protective and safe packaging solution, which boosts the market growth in the coming years.
The market of North America is anticipated to expand at a rapid pace during the forecast period owing to the wide presence of well-established automotive and aerospace industries. Rising building & construction activities within the region demands for polymer foam, which drive the market growth.
The polymer foam market has been segmented on the basis of
The competitive landscape of the polymer foam market report provides key insights into the growth strategies and development initiatives implemented by the key players in the market.
Key players competing in the market are BASF SE; JSP; Dow (Dow Chemical Company); ACH Foam Technologies, LLC; Arkema; Armacell; Borealis AG; Covestro AG; DuPont; Hanwha Solutions Chemical Division Corporation; Huntsman International LLC; KANEKA CORPORATION; Koepp Schaum GmbH; Polymer Technologies, Inc.; Recticel NV (Fritz Nauer AG); Rogers Corporation; Sealed Air; Sekisui Alveo; Synthos; Trelleborg AB (publ); Woodbridge; and Zotefoams plc.
Some of these major companies adopted various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share. For instance,
BASF SE; JSP; Dow (Dow Chemical Company); ACH Foam Technologies, LLC; Arkema; Armacell; Borealis AG; Covestro AG; DuPont; Hanwha Solutions Chemical Division Corporation; Huntsman International LLC; KANEKA CORPORATION; Koepp Schaum GmbH; and Polymer Technologies, Inc. are some key players competing in the global polymer foam market.
Asia Pacific is anticipated to dominate the global polymer foam market during the projected period.
The global polymer foam market size was USD 94.8 Bn in 2021 and is likely to reach USD 144.2 Bn by 2030, expanding at a CAGR of 4.1% during 2022–2030.
Type, product, application, and end-user are the major segments provided in the global polymer foam market report.
The global polymer foam market is driven by the growing popularity in packaging applications, rising demand for cushioning from various industries, and the environmental benefits of polymer foam.