NEW YORK, March 25, 2019 /PRNewswire/ -- The global polymer foam market size is expected to reach USD 144.46 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.0% over the forecast period. Polymer foams are widely utilized in combination with other materials in various composite constructions, high-resilience foam seating, rigid insulation panels, automotive components, carpet underlays, upholstery stuffing, packaging, and other such applications. Rigid foams are used primarily as an insulation material in construction and refrigeration applications.
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They are energy-efficient and help reduce energy costs. Flexible foams are used as cushioning materials in transportation, furniture, bedding, packaging, etc. Thus, rising demand from the automotive and building and construction industries, particularly in Europe and Asia Pacific regions, is the key factor driving the market growth. Moreover, focus on the development of biodegradable foams owing to stringent environmental regulations across the globe has opened new growth opportunities for manufacturers. However, the manufacturing cost of biodegradable types is still higher than petroleum-based chemicals, due to which it will take a couple of years for manufacturers to completely adopt this variant.
The market is segmented on the basis of type into Polyurethane (PU) foam, polystyrene foam, Polyvinyl Chloride (PVC) foam, phenolic foam, polyolefin foam, melamine foam, and others. Polystyrene foam was the largest segment and accounted for 32.2% of the global revenue in the past. Expanded polystyrene-based products have excellent shock absorbing properties and are preferred in storing, packaging, and transporting of electrical equipment, cooked food, and perishable goods. It is also preferred in several marine floatation applications including construction of floating docks, surfboards, and boat stands.
Polyolefin foams including Polypropylene (PP) and Polyethylene (PE) are expected to witness significant growth in the coming years. The low melt strength of these products, particularly of PP, limited the growth of this segment in the past. However, the advent of technologies, such as post reactor radiation method and compounding modifiers method, has augmented their demand. These technologies were introduced to improve the product strength to meet the requirements in wind energy applications (spar webs and shell panels) and in marine applications (vibration control and cushion seats).
Further key findings from the study suggest:
Polyolefin foam is estimated as one of the fastest-growing segments over the forecast period. They are eco-friendly and lightweight thus, have the maximum demand in flooring and automotive industries
Building and construction was the largest application segment in 2017 and accounted for 37.3% of global market volume
Asia Pacific region is estimated to witness the highest growth over the forecast period due to high demand from manufacturing sectors of India, China, and Indonesia
Prominent companies 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
Capacity expansions and acquisitions are some of the strategies adopted by most of the companies to expand their product portfolio. In 2016, Synthos S.A. acquired INEOS Styrenics to increase its production capacity for Expandable Polymer Styrene (XPS).
Grand View Research has segmented the global polymer foam market on the basis of type, application, and region:
Polymer Foam Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Polyurethane (PU) Foam
Polystyrene Foam
Polyvinyl Chloride (PVC) Foam
Phenolic Foam
Polyolefin Foam
Melamine Foam
Others
Polymer Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Packaging
Building & Constructions
Furniture & Bedding
Automotive
Rail
Wind
Marine
Others
Polymer Foam Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
U.K.
Spain
Russia
Asia Pacific
China
India
Japan
South Korea
Singapore
Indonesia
Central & South America
Brazil
Middle East & Africa
Read the full report: https://www.reportlinker.com/p05741256/?utm_source=PRN
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