The foam market size is estimated at USD 93.9 billion in 2021 and is projected to reach USD 118.9 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted market growth.
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BASF SE (Germany), Armacell International S.A. (Germany), JSP (Japan), Kaneka Corporation (Japan), Recticel (Belgium), Rogers Corporation (US), Sealed Air Corporation (US), Arkema (France), and Zotefoams Plc (UK) are some of the major players catering to the demand for foam, globally. These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2017 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
BASF SE is a leading chemical company that offers a range of chemicals and intermediate solutions. The company operates through six business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions. BASF SE has a strong customer base and operates in around 90 countries in Europe, APAC, North America, South America, Africa, and the Middle East.
Sealed Air Corporation brings together packaging materials, services, equipment, and automation to provide essential protection for products. The company operates under two main business segments—food care and product care. Its products are used in a wide range of industries such as meat, poultry, seafood, e-commerce, food retail & service, industrial & transportation, consumer goods & retail, electronics, and healthcare & pharmaceuticals. The company serves about 124 countries in North America, Europe, the Middle East, Africa, APAC, and South America, and has 95 manufacturing facilities and 56 research facilities. It has 2,700 patents and pending applications worldwide and five comprehensive packaging development and innovation centers.
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Foam
is manufactured using raw materials such as polymers, naphtha, resins, and
additives. Lightweight material with low density, foam can be either rigid or
flexible. Most foam is flexible and soft. Some types of foam have low heat or
sound transfer properties, making them optimal insulators. Polyurethane (PU),
polystyrene (PS), polyolefin (PO), phenolic, polyethylene terephthalate (PET),
melamine, phenolic, PVC, silicone, and PVDF are the major types of foam.
The
foam market size is estimated at USD 93.9 billion in 2021 and is projected to
reach USD 118.9 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The
market is propelled by the growth of various end-use industries. Increasing
investments in infrastructure, new housing projects, and renovation of
non-residential buildings in China, India, and Brazil have also boosted the market
growth.
Foam
is widely used in the automotive, building & construction, packaging,
footwear, sports & recreational, and furniture & bedding industries.
Flexible PU foam is extensively used in the automotive and building &
construction industries. It helps automobile manufacturers address issues
related to weight reduction, vibration absorption, fuel efficiency, and
durability.
The
foam market is driven by increasing demand from the packaging, automotive, and
building & construction industries. The rising demand for high-quality
products from APAC, the Middle East & Africa, and South American countries
is also driving the market. Emerging economies such as India, China, Brazil,
Southeast Asia, and Mexico are expected to be the most lucrative destinations
for the foam market in the near future. The major challenges for foam
manufacturers are the increasing prices and stringent regulations set by
various governments. Fluctuation in raw material prices is also a restraining
factor for the market.
Continuous
developments in the market, including new product launches, investment &
expansion, merger & acquisitions, and partnerships& agreements are
expected to help the market grow. Several products are being introduced, and
investments are made in increasing the production capacity of polyolefin foam
by manufacturers for different applications. New product launch has helped
companies enhance their product portfolio.
