Polymer Foam Market Size, Global Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Polymer Foam Market


The global polymer foam market size was valued at USD 113.89 billion in 2019 and is projected to expand at a CAGR of 3.8% from 2020 to 2027. Growing applications in various industries, such as packaging, furniture and bedding, and automotive industries, are expected to drive the type 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 is 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.

Environmental benefits of polymer 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 the 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 polymer foam 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 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 polymer foam production facilities to meet ever-growing demand from burgeoning population. Countries with high GDP growth rates, such as China and India, are expected to witness rapid expansion in automotive, construction, pharmaceuticals, and manufacturing sectors. These factors are likely to foster demand for polymer foam in several related applications.

Type Insights of Polymer Foam Market

Polyurethane foam dominated the polymer foam market in 2019 in terms of revenue and is expected to maintain its dominance throughout the forecast period. The type is used in various applications, including furniture, cushions, and carpets. It has a wide customer base owing to its superior capabilities, such as lightweight, low heat and sound transfer, high-energy dissipation, and insulation. Increasing demand for residential and commercial space in Southeast Asian countries such as Singapore, Korea, and Indonesia is further expected to fuel product demand in construction applications.

Expanded polystyrene foam is one of the lightest materials and on account of its high strength to weight ratio, it is used in packaging applications as it results in low fuel consumption and transport cost savings. It can also be used in rail applications, such as construction of train station platform extensions and rail embankment. Increasing number of rail infrastructure construction projects in Asia Pacific and Middle East and Africa is expected to drive the demand for polystyrene foam over the forecast period.

Application Insights of Polymer Foam Market

Building and construction was the largest application segment with a market share of 37.3% in terms of revenue in 2019 owing to rising applications of polymer foam for insulation purposes, flooring, pipe, molding, and in wire and cables. Furniture and bedding will remain the second largest segment owing to increasing applications, such as carpet padding, fibers, chair cushions, mattress padding, and furniture.

Automotive is estimated to be one of the fastest-growing segments, in terms of revenue, over the forecast period on account of increasing use of polymer foam in various automotive components, such as seats, dashboards, power trains, and suspension bushings. Recovery of the U.S. automobile sector, coupled with increasing automotive production in emerging economies of India and China, is expected to have a positive impact on the overall market growth. Packaging is expected to follow the automotive segment and is likely to witness significant growth owing to surging demand for polystyrene foams from the packaging sector.

Regional Insights of Polymer Foam Market

The U.S. market was driven by rising demand for polyurethane and polystyrene foams in building and construction as well as marine applications and PVC foam in wind energy applications. According to the U.S. Department of Housing and Urban Development, new residential housing completions increased from approximately 900 thousand units in 2014 to 1,200 thousand units in 2018. This steady rise in residential units has driven the demand for polymer foam from the building and construction application.

Asia Pacific was the largest regional market for polymer foam and accounted for 39.6% share in the global revenue in 2019. Positive outlook of the manufacturing industry in light of increasing focus on research and development, coupled with favorable government initiatives to attract investments, is expected to result in regional market expansion.

Growing industrialization, production of automobile interiors or parts, and packaging industries in emerging economies such as India and China are expected to boost demand for polymer foams over the forecast period. Rising foreign direct investment is also expected to contribute to investments in these sectors.

Market Share Insights of Polymer Foam Market

The market for polymer foam is fragmented in nature with various regional players, such as CIRES SpA, Sealed Air, Vulcan Corporation, and Premier Foam, and well-established global manufacturers, including DowDuPont Inc.; BASF SE; and Armacell International S.A. Majority of the manufacturers are based in North America and Europe and therefore these regions witness high competition. Market players offer a wide variety of polymer foams based on polyurethane, polyethylene, polyether, and expanded polystyrene and serve a broad range of markets, such as construction, wind energy, automotive, mass transportation, marine, and packaging.

The market is characterized by forward integration through raw material production, polymer foam manufacture, and distribution to various application industries. Integration across the stages of the value chain results in continuous raw material supply, as well as low manufacturing costs. R&D initiatives by a few companies to enhance their type specifications and market reach is expected to further augment the type demand in the years to come.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Polymer Foam Market Research Report

This report forecasts volume and revenue growth at a global, regional, and country levels, and provides an analysis on the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global polymer foam market report on the basis of type, application, and region:

Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  
Polyurethane
  
Polystyrene
  
PVC
  
Phenolic
  
Polyolefin
  
Melamine
  
Others

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  
Packaging
  
Building & Constructions
  
Furniture & Bedding
  
Automotive
  
Rail
  
Wind
  
Marine
  
Others