The market size of polymer foam is estimated at USD 94.86 billion in 2017, and is projected to reach USD 126.08 billion by 2022, at a CAGR of 5.86% from 2017 to 2022.
Asia-Pacific is the largest and fastest-growing market for polymer foam, in terms of value and volume, and is expected to retain its leadership until 2022. The region is projected to register a CAGR of 6.46%, in terms of value, from 2017 to 2022. The countries in this region, such as China, Japan, South Korea, India, Indonesia, and Thailand, are witnessing an increase in the use of polymer foam in the automotive, building & construction, furniture & bedding, and packaging industries. This growth is mainly backed by increasing industrialization; large industrial base of the construction, automobile, and packaging industries; and increasing investment & expansions, mergers & acquisitions, new product launches, and joint ventures activities in the region.
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The automotive industry is projected to register the highest CAGR of 6.26% between 2017 and 2022. The need for lightweight vehicles, fuel efficiency, durability, comfort, and safety has boosted the use of different types of polymer foam in automotive applications. Environmental regulations have encouraged automobile manufacturers to focus on recyclable materials, which are replacing traditional materials with polymer foams. Manufacturers are focusing on R&D activities to provide safety and comfort to passengers. These activities have also fueled the need for polymer foam in the automotive industry.
Sealed Air (U.S.), Arkema (France), Armacell (Germany), BASF (Germany), Borealis (Austria), Total (France), JSP (Japan), Kaneka (Japan), Recticel (Belgium), Rogers (U.S.), Sekisui Alveo (Switzerland), Synthos (Poland), Woodbridge (Canada), and Zotefoams (U.K.). are the key players that are actively present in the global polymer foam market. The market players are expected to undertake organic growth strategies, such as regional expansion, joint venture, and new product developments, to expand their overall business and tap the fast growing regions.
Many companies are also engaged in developing innovative products as well as enhancing their presence in the emerging markets. Apart from this, the major companies are striving to strengthen their R&D facilities to provide cost-effective products. These products are manufactured adhering to the regulations set by associations and governments. All such developments are expected to lead to sustainable growth of the players in the polymer foam in the next five years.
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