Allied Market Research recently published a report, titled, "Polymer Foam Market by Type (Polyurethane (PU) Foam, Polyethylene (PE) Foam Polypropylene (PP) Foam, Ethylene-Vinyl Acetate (EVA), and Others) and Application (Furniture and Bedding, Transportation, Packaging, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global polymer foam market size was valued at $83.9 billion in 2019, and is projected to reach $134.1 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
Major determinants of the market growth
Significant surge in demand for various polymer foam in construction, furniture and automotive applications is expected to drive the polymer foam market growth. Polyurethane exhibits low density, low heat conduction coefficient, and low water absorption, which makes it suitable for various furniture foams and car seats. Additionally, polystyrene styrene foam being an inert material, is widely used in vacuum cleaners, microwave parts, food packaging, and laboratory trays. Furthermore, increase in disposable income in emerging nations will lead to rise in demand for electronic appliances and packaging foams.
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Covid-19 scenario:
The Covid-19 pandemic negatively affected the market due to disrupted the supply chain, prolonged lockdown, and fluctuations in prices of raw materials.
However, the market is expected to get back on track as governments announced relaxation regarding lockdown regulations.
The Polymer Foam resins segment dominated the market
The polyurethane segment accounted for a significant revenue share in 2019, owing to growing application of polyurethane in transport, furniture and construction applications. Such foams exhibit low density, low heat conduction coefficient, and low water absorption which makes it suitable for various furniture foams and car seats. In addition, polyurethane foams used in cushion materials and sofa sets have very low density, which is around four times lower than that of conventional rubber.
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The Polymer Foam segment to portray the highest CAGR through 2030
The packaging application segment accounted for highest market growth. This is attributed to the rising demand of various lightweight polymer foams in food and electronics packaging applications, which will positively influence the polymer foam market growth. Busy lifestyle and great range of fast food meal options in various restaurants further enhanced the application for polymer foams which is a good thermal insulator with good energy absorption qualities.
Asia-Pacific, followed by Europe and North America, held the lion's share
Asia-pacific accounted for highest revenue share, owing to the massive demand in construction and packaging industries. The emerging economies in Asia-pacific are procuring various foreign equipment; thus, improving the production efficiency. In addition, industry players adopted various business expansion strategies, which further improved the overall production capacity in Asia-pacific.
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Major Market Players
ZOTEFOAMS, Recticel, Sealed Air Corporation, Kaneka Corporation, DOW INC., COVESTRO AG, BASF SE, Huntsman Corporation, ROGERS CORPORATION, ACH Foam Technologies
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