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Foam Plastics Market size is likely to exhibit an upward growth trend in the foreseeable future. increasing demand for polyurethane foam in building insulation for energy conservation & comfort provided by polyurethane foam drive the growth of the global foam plastics market. As per the report, the global foam plastics industry s projected to cross $123.7 billion by 2027.Building & construction, furniture & bedding, automotive, and packaging are the prime end users of foam plastics. However, the lockdown across various countries have negatively affected the growth rate of these sectors, which in turn, affected the demand for foam plastics.
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By type in the foam plastics industry, the polyurethane segment held the lion's share in 2019, accounting for more than one-fourth of the global foam plastics market. This is due to its key features such as lightweight enhanced cushioning and sealing, improved thermal insulation, environmental benefits including recyclability, reduction in wastage, and higher sustainability. However, the polyolefin segment to manifest the highest CAGR of 3.9% from 2020 to 2027, due to rise in use in various passenger car cushions, armrests, gasket seals, headrest, and cushioned instruments panels to create lightweight, durable, and fuel-efficient structure along with the scope of the broad application.
The Covid-19 outbreak led to a decline in the economy due to halt of several industries, especially the supply chain and transport. This affected the demand for the product.
The disrupted supply chain, gap in demand-supply, and lack of raw materials have negatively affected the demand for foam plastics. However, the production of foam plastics is estimated to rise steadily post-pandemic as the demand for protective packaging solutions has increased across several industries.
By application in the foam plastics market, the automotive segment is estimated to register the highest CAGR of 4.0% from 2020 to 2027, due to increase in economy and rise in expenditure on commercial and luxury vehicles in emerging economies such as China, India, and Brazil. However, the building & construction segment dominated the market in 2019, contributing to more than one-third of the global foam plastics market, owing to growing construction spending, particularly in the emerging markets of Latin America and Asia-Pacific.
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The major players operating in the global market include Alchemie Ltd., BASF SE, Covestro, Hexion Inc., Huntsman International LLC, Repsol, Sabic, the Dow Chemical Company, Total S.A., and Wanhua Chemical Group Co., Ltd.
Key offerings of the report:
• Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
• Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
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• Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
• Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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