(MENAFN- iCrowdNewsWire) Polymer Foam market Size to reach $134.1 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027
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iCrowdNewswire Jan 8, 2021 2:07 PM ET
According to a new report published by Report Ocean, titled, 'Polymer Foam Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027', the global polymer foam market size was valued at $83.9 billion in 2019, and is projected to reach $134.1 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
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Polymer foams, also known as plastic foams, foamed plastics, consist of a solid and gaseous phase. One of the widely used polymer foams is polyurethane foams, owing to its low density and thermal conductivity. Various types of polymer foams include polyurethane (PU), polyolefin (PO), ethylene vinyl acetate (EVA), and others. Such materials are majorly used in disposable packaging of fast-food, the cushioning of furniture and joint filler in various construction projects.
Surge in application of polymer foams in automotive and construction for car seats, door panels, and sealing is expected to drive the market growth. The high load bearing capacity and high heat resistance make it suitable for such applications. Additionally significant usage of polymer foams in electronics appliances as a lightweight protective material will positively impact the market growth.
Based on type, polyurethane emerged as the market leader, owing to wide application in automotive and furniture. Polyurethane foams used in cushion materials and sofa sets have very low density, which is around four times lower than that of conventional rubber. In addition, the properties of the foam can be changed by varying the functionality of the polyol and nature of isocyanate according to specific requirements.
Based on application, the furniture and bedding, and transport segment accounted for a significant revenue share in 2019. Polymer foams are often used in car seats, bumpers, the interior headliner ceiling section, and door panels. Reduced weight and increased fuel efficiency provide increased mileage and speed as demanded by the consumers.
Asia-pacific accounted for considerable revenue share. This is attributed to growing demand of polymer foam in building, construction, and packaging applications. In addition, industry players in China, Japan, and South Korea are adopting various business expansion strategies, which will further improve the overall business landscape.
Major players have adopted product launch, business expansion, and acquisition to sustain the intense market competition. The key players profiled in the report include BASF SE, Dow Inc., Kaneka Corporation, Recticel, Rogers Corporation, Huntsman Corporation, Covestro AG, Sealed Air Corporation, and others.
Key Findings Of The Study
Packaging application is projected to grow at the highest CAGR of approximately 11.3%, in terms of revenue, during the forecast period.
By type, the Polypropylene foam segment is anticipated to grow with a CAGR of 6.4%, in terms of revenue, during the forecast period.
The Asia-pacific dominated the market with around 48.3% revenue shares in 2019.
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