Polymer Foam Market

Polymer Foam Market Size (2023-2028):

The polymer foam market is predicted to expand from USD 90.3 billion in 2022 to USD 114.4 billion by 2028, developing at a CAGR of 6.2%.

Composites are those compounds that are synthesized by a collaboration of two or more constituent compounds with different physical or chemical features. As a result, the resulting material or composite acquires important characteristics that are different from those of the constituent materials. The composite materials thus formed are at the same time lighter, stronger, and less expensive. Polymeric foam, also known as polymeric matrix composites, is a combination of polymeric resins, which are inserted into a resin matrix. These types of composites exhibit extraordinary strength, excellent mechanical strength, and high rigidity and modulus of elasticity. The worldwide polymer foam market is experiencing strong expansion due to the expansion of end-use industries. Economic expansion in developing countries and the expansion of major end-use industries, such as construction, automotive, packaging, and the furniture and bedding industries, are driving market expansion.

Polymer Foam Market Trends:

Due to its excellent thermal conductivity and dimensional ability, as well as its lightweight and superior electrical properties, the polymeric foam has a host of applications in the automotive, aerospace, defense, and construction industries. Furthermore, the strength-to-weight ratio of polymer foam is higher than that of traditional materials, promoting its expansion in the call for manufacturing aircraft engines, wind turbines, and marine applications.

Recent Developments in the Polymer Foam Market:

Sabic launches new qualities of polymeric foam. Sabic is committed to the continuous development of innovative solutions beyond its established foam solutions portfolio and is therefore also launching a new grade of dedicated foam.

Polymer Foam Market Drivers:

The main factors driving the expansion of the worldwide polymer foam market are the escalating call for the product from the rapidly growing aerospace, defense and automotive industries and the increase in the use of rigid but lightweight materials in the sports, electronics industries consumer, and automotive. The worldwide defense and aerospace market is supposed to grow at a solid CAGR of more than 10% due to the rising call for commercial and combat aircraft and the escalating number of air passengers worldwide. This is likely to fuel the call for polymer foam during the outlook period. Emerging markets in the Asia-Pacific region are preparing their polymer foam production facilities to meet the escalating call of the growing population. Countries with high GDP expansion rates, such as China and India, are predicted to see rapid expansion in the automotive, construction, pharmaceutical, and manufacturing sectors. These factors are likely to drive the call for polymer foam in several related applications.

Polymer Foam Market Restraints:

The expensive nature of the thermoplastic compound is estimated to hamper market expansion for years to come.

Opportunities in the Polymer Foam Market:

The escalating focus on the production and use of renewable energy to reduce the worldwide carbon footprint and global warming is rapidly gaining popularity in emerging economies in the Asia Pacific. The worldwide composite materials market is projected to reach more than USD 110 billion during the conjecture period due to escalating calls from major end-use industries. Additionally, leading polymer foam manufacturers are investing heavily in the production of thermoplastic composites to meet the growing call from various end-use industries. Significant technological advancements, such as the introduction of bio-based polyols and non-toxic isocyanates, are also likely to drive call for polymer foam in various applications. Therefore, both new and new entrants are forced to innovate or improve their current production processes to achieve higher margins in this extremely competitive industry. Large multinationals such as Bayer and The Dow Chemical Company have developed innovative manufacturing processes and raw materials to reduce dependence on conventional fossil fuel-based resources and improve production efficiency. With the advancement of additive manufacturing for polyurethane foam, the ability to print products in custom sizes and shapes for packaging applications enhances the market expansion. These new advancements will create lucrative opportunities that will influence the market boom.

Challenges in the Polymer Foam Market:

Several governments and federal agencies are highly concerned about the adverse health effects of isocyanates employed in polyurethane production.

POLYMER FOAM MARKET REPORT COVERAGE:

Polymer Foam Market Segmentation:

Polymer Foam Market By Resin Type:

• PU

• PS

• PO

• Phenolic

The polyurethane resins segment is foreseen to record the highest CAGR. Polyurethane has a low coefficient of thermal conduction, low density, low water absorption, relatively good mechanical strength, and good insulating properties. PU foam is available in a wide range of stiffness, hardness, and density levels. Low-density foams are employed in thermal insulation and RTM cores.

Polymer Foam Market By Foam Type:

• Rigid
• Flexible

Polymer Foam Market By End-Use Industry:

• Building and Construction
• Packaging
• Automotive
• Furniture and Bedding
• Footwear
• Sports and Recreational

The polymeric foam market is employed in the building and construction industry for forging, pipes in pipes, doors, roof panels and slabs. PU is the dominant foam employed in the building and construction industry for insulation. It has a low coefficient of thermal conduction, low density, low water absorption, and relatively good mechanical strength and insulating properties, which are useful in the building and construction industry.

Polymer Foam Market Regional Analysis:

The Polymer Foam Market Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia-Pacific Polymer Foam Market accounted for the largest market share in 2018. This is primarily attributed to the strong call for composite materials in the fast-growing automotive, consumer electronics, and wind turbine industries. Additionally, government policies favorable to the expansion of the renewable energy and construction industries are fueling the expansion of this regional market for polymer foams. North America had a substantial market in 2021 and is supposed to grow at a healthy CAGR during the evaluation period due to growing calls from the well-established aerospace, defense, and automotive industries in the regional market. Europe is another key region where market expansion is primarily driven by the growing call for products in the automotive and energy sectors.

The US  Polymer Foam Market has been driven by a growing call for polyurethane and polystyrene foams in building and construction, as well as marine applications and PVC foam in wind power applications. According to the US Department of Housing and Urban Development, shipments of new residential homes have increased from approximately 900,000 units in 2014 to 1,200,000 units in 2021. This steady increase in residential units has stimulated calls for polymer foam for construction and construction applications. The Asia-Pacific region was the largest regional market for polymer foam, accounting for 39.6% of worldwide sales in 2019. The positive outlook for the manufacturing industry in light of an escalating focus on research and development, together with favorable government initiatives to attract investment, will lead to an expansion of the regional market. Escalating industrialization, auto interior or parts production, and packaging industries in emerging economies such as India and China are expected to drive calls for polymer foams during the forecast period. Increased foreign direct investment is also estimated to contribute to investment in these sectors.

Impact of COVID-19 on the Polymer Foam Market:

The polymer foams could be hit hard by the coronavirus outbreak on many fronts: decreased calls and productivity, operational and supply chain disruptions and possible tightening of the credit and healthcare markets in the workforce country. The industry can be particularly vulnerable as the majority of its production workforce has on-site jobs that cannot be done remotely. Also, given the nature of the industry, companies may need to think about how to create social distancing in often high-density workplaces. On top of that, many companies are determined to prepare for a major worldwide supply chain and other distribution disruptions. They must also expect that supply chain partners face their own challenges and cannot or cannot complete orders on time during the crisis. Finally, expect a slowdown in product calls due to some affected industries, including automotive and industrial products. However, at the same time, we may see the continued appeal from other end-users, such as producers of personal and household health products.

Polymer Foam Market Key Players:

The prominent players in the global polymer foam market are

• BASF SE (Germany)
• Armacell International S.A. (Germany)
• Toray Industries, Inc. (Japan)
•  Borealis AG (Austria)
• Recticel NV (Belgium)
•  Polymer Technologies, Inc. (US)
•  Rogers Corporation (US)
• Arkema S.A. (France)
• Total S.A. (US)
• SABIC (Saudi Arabia)
• Synthos S.A. (Poland)
• Zotefoams plc (UK)