Market Research Future (MRFR) has revealed in its latest study that the Global — Flexible Foam Market is set to reach a valuation of USD 39,387.5 Mn by 2023-end up from USD 27,229.3 Mn in 2017. The market is estimated to register a robust CAGR of 6.45% during the forecast period 2018 to 2023. The demand for flexible foam is projected to expand across different industry verticals over the next couple of years, catalyzing the market proliferation. However, the price volatility of the raw materials used in the production of Flexible Foam is likely to affect the market adversely with respect to the price-sensitive consumer base.
The boom witnessed in the automotive sector has a directly proportionate relationship with the revenue creation of the Flexible Foam Market. The automotive sector has emerged as the single largest consumer of chemical foams. Comfort is the key focus of the automotive industry leaders which is enhanced by the integration of Flexible Foams into automotive components. The deep-rooted application of Flexible Foams in the automotive sector is expected to drive market expansion. The desirable properties exhibited by Flexible Foam such as lightweight, resilience, low odor, and resistance to mildew have opened avenues for increased demand from furniture and bedding industry. Escalated adoption of Flexible Polyurethane Foam in the furniture and bedding industry has encouraged the Flexible Foam Industry leaders to innovate its product offerings according to consumer preferences. For instance, with the shift witnessed towards thicker and firmer mattresses, non-allergenic Flexible Polyurethane Foam is anticipated to be used extensively in the bedding industry.
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Acknowledging the need for sustainable practices in the environmentally conscientious world, companies are investing in the development of safe and eco-friendly methods based on biomass, which is likely to aid market expansion.
Global Market for Flexible Foam-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on Type and End-Use Industry.
By Type, the Flexible Foam Market is segmented into polyurethane, polyethylene, polypropylene, and others. The polyurethane segment has been sub-segmented into slabstock, molded, and integral skin foam. The slabstock segment has further been sub-segmented into polyether and polyester. Led by the slabstock sub-segment, the polyurethane segment is likely to retain a dominant share of the Flexible Foam Market in the foreseeable future. The polyethylene segment is likely to gain prominence in the market during the forecast period due to increased demand from end-user industries such as automotive, aircraft, automotive, etc.
By End-Use Industry, the market has been segmented into automotive, packaging, furniture and upholstery, construction, consumer goods, and others. Among these, the automotive segment is estimated to control a significant fraction of the market towards the end of 2023. It accounted for the most significant share of the market in 2017 which accounted for 32.2% of the total share. The segment is projected to reach a valuation of USD 13,253.6 Mn by the end of 2023 up from USD 8,775.9 Mn in 2017. The growth is attributable to the shifting trend towards lightweight and durable foam in automotive components. The automotive segment is trailed by the packaging segment, and, furniture and upholstery segment in terms of share of the market.
On the basis of Region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is estimated to register a relatively higher CAGR of 7.39% through the assessment period. It is further projected to reach a valuation of USD 17,183.8 Mn by the end of the review period. The growth is attributable to the strong value maintained by the automotive, furniture, and packaging industries. Additionally, increasing trading activities and supportive trade regime in the region is expected to augment the demand during the forecast period.
Europe is expected to remain a highly lucrative flexible foam market over the next couple of years. The region is poised to reach a market valuation of USD 8,397.4 million over 2023 thriving at a CAGR of 5.29%. The factors responsible for favoring the growth of the market in the region include inclination towards modern furniture, increasing urge for using bio-based foam in the residential sector, growing demand for lightweight vehicles, etc.
North America is projected to gain prominence as an important growth pocket of the Flexible Foam Market. Increasing demand for bio-based flexible foam coupled with a reduction in greenhouse emissions is expected to have a positive influence on the market proliferation.
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