Polymer Foam Market Soaring Demand Assures Motivated Revenue Share By 2025

The global polymer foam market size was valued at USD 109.71 billion in 2018 and is projected to expand at a CAGR of 4.0% from 2019 to 2025. Growing applications in various industries, such as packaging, furniture and bedding, and automotive industries, are expected to drive the product demand.
Polymer foams are extremely lightweight and versatile, highly durable, mildew resistant, and dermatologically-friendly. These properties make them safe and recommendable for numerous consumer applications. Polyurethane based foams are widely used in building and construction, automotive, and marine industries. Polyurethane (PU) foams are durable, lightweight, versatile, and resistant to corrosion and vibration, recyclable, and offer high level of freedom in geometric design. PU are increasingly used in various passenger car seat cushions, gasket seals, arm rests, head rests, cushioned instrument panels, airbags, and other components to create lightweight, fuel-efficient, and durable structures. Owing to the above factors and their broad application scope, polyurethane foams are expected to witness significant demand in the Asia Pacific automotive industry.
U.S. polymer foam market
Environmental benefits of the PU foam include high recyclability, clean incineration for pollutant filtration, reduced wastage, and greater sustainability. However, several governments and federal agencies are increasingly raising concerns regarding detrimental health effects of isocyanates utilized in polyurethane production.
Significant technological advancements, such as introduction of bio-based polyols and non-toxic isocyanates, are also likely to promote PU foams demand in several applications. Existing and new market entrants are thus compelled to innovate or improve their current production processes to gain higher margins in this extremely competitive industry. Major multinationals such as Bayer and the Dow Chemical Company have developed innovative manufacturing processes and raw materials to reduce dependence on conventional fossil-fuel based resources and to improve production yield.
Emerging markets across Asia Pacific are gearing up their production facilities to meet ever-growing demands from burgeoning population. Countries, such as China and India, with high GDP growth rates are expected to witness rapid expansion in automotive, construction, pharmaceuticals, and manufacturing sectors. These factors are likely to foster demand in several related applications.
Government support in the form of tax incentives and subsidy schemes to encourage the manufacturing sector in these countries is also likely to promote demand for bio-based PU to replace environmentally harmful crude oil based solvents. Initiatives such as “Make in India” by the Indian government seek to facilitate investments and encourage domestic production. This is expected to generate high returns for companies investing in high potential products, such as polyurethane, polystyrene, and PVC foams, especially with the introduction of their bio-based counterparts. 
Further key findings from the study suggest:
  • On the basis of type, polyolefin is estimated to emerge as one of the fastest-growing segments over the forecast period. The product penetration has increased over the past few years in the flooring and automotive industries. Companies such as Sekisui Alveo AG, Armacell International S.A., and Borealis AG produce polyolefin foams in rolls and sheets that are environmentally friendly, versatile, and lightweight
  • Building and construction was the largest application segment in 2018 and accounted for 37.32% of the overall volume. Asia Pacific is estimated to witness the highest growth over the forecast period on account of surging demand from the manufacturing sector in countries, including India, China, and Indonesia
  • Capacity expansions and acquisitions are some of the strategies adopted by the leading manufacturers to expand their product portfolio, thus retaining their position in the market. For instance, in 2016, Synthos S.A. acquired INEOS Styrenics to increase its production capacity for expandable polymer styrene (XPS)
  • Key players operating in the polymer foam market include BASF SE, Woodbridge Foam Corporation, Borealis AG, Sealed Air Corporation, Zotefoams PL, Armacell International S.A., and Recticel Group.   
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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