(MENAFN- GetNews) Shifting Consumer Buying Patterns Along With Increasing Inclination Towards Enhancement in the Interior Design of Cars are Among the Key Factors Driving the Growth of Flexible Foam Market
Flexible Foam market size is forecast to reach $64.70 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026. Shifting consumer buying patterns along with increasing inclination towards enhancement in the interior design of cars are among the key factors propelling flexible foam market expansion over the forecast period. Growing demand for furniture due to growing disposable income, coupled with advantages such as improved cushioning and longevity in packaged product safety, would also further help the growth of the flexible foam industry.
Flexible Foam Market Segment Analysis - By Type
Polyurethane Foam held the largest share in the Flexible Foam market in 2020. This is due to the fact that polyurethane foam is commonly used in the manufacture of automobiles and their various components in the automotive industry. The adoption of polyurethane foams in building and automotive applications has increased the preference for flexible foams among consumers. In addition, the rise in industrialization is driving the market for flexible foams across multiple industries such as automotive, interior decoration, transport, and packaging.
Flexible Foam Market Segment Analysis - By Application
Furniture and Upholstery held the largest share in the Flexible Foam market in 2020. Increasing disposable income in developing countries, coupled with changing customer purchasing habits due to changing lifestyles, would stimulate the demand for furniture & upholstery, which will, in turn, drive the demand for the flexible foam sector. The growth of the industry is driven by growing investments in residential construction, backed by technological innovations providing highly robust, durable, air-permeable and lightweight furniture. Growing demand for memory and viscoelastic foam in bedding and mattress products in both developed and emerging economies would further drive product demand.
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Flexible Foam Market Segment Analysis - By End Use
Transportation is projected to witness the highest share in Flexible Foam market in 2020 and is expected to grow by 7.2%. In the transportation industry, flexible Foam is commonly used for seating, headrests, armrests, HVAC parts, interior panels and skins, car and truck fenders, truck beds and run-flat tire support rings, headliners and other interior structures. Recent advances in automotive polyurethane technology are leading to improved weight reduction, passenger comfort, absorption of energy and sound, stability, resistance to moisture and heat and compressive strength in vehicles.
Flexible Foam Market Segment Analysis - By Geography
Asia-Pacific (APAC) dominated the Flexible Foam market growing at CAGR of 40% followed by North America and Europe. Rapid industrialization in emerging economies such as China and India is expected to fuel the sliding demand for flexible foam in the region. Market growth will be influenced by increasing product demand from the region's diverse end-user industries such as furniture, packaging, consumer goods and automotive. Increasing the penetration of green building technology into the construction sector would fuel regional growth, along with rapid growth in the automotive industry. Because of the increased foreign direct investment in the world, China is expected to dominate the market in the region. Currently, the manufacturing and other related industries have been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in the year 2020.
Flexible Foam Market Drivers
Properties and Increasing demand for end-use industry.
Various features offered by Flexible Foam, such as durability, relative clarity, resilience and others are another factors expected to increase the adoption of Flexible Foam, which in turn, is expected to drive growth in the target market over the forecast period. In addition, the growing demand for flexible foam in furniture and upholstery applications is another factor expected to increase the demand for additives which in turn, is expected to drive growth in the near future.
Flexible Foam Market Challenges
Volatility in Raw Material Prices will restrict market growth.
Polyurethane foam is expensive due to the fluctuating raw material prices, which act as a major restraint for the market. Changes in the demand and supply of these raw materials could have a major impact on the polyurethane foam industry. Furthermore, supply disruption has rocked the polyurethane foams market which in turn has augmented the price of polyurethane foam.
Flexible Foam Market Landscape
Technology launches, acquisitions, and R & D activities are key strategies adopted by players in the Flexible Foam market. In 2020 the Flexible Foam market has been consolidated by the top five players accounting for xx% of the share. Major players in the Flexible Foam market are BASF SE, Covestro AG, Huntsman Corporation, INOAC Corporation, Recticel NV and Others.
Acquisitions/Technology Launches/ Product Launches
In April 2018, Huntsman acquired Demilec, one of North America's leading manufacturers and distributors of spray polyurethane foam (SPF) insulation systems. Demilec's acquisition is consistent with the stated strategy of Huntsman to increase its downstream polyurethane business and exploit its global platform to extend Demilec's SPF formulations portfolio into international markets.
Key Takeaways
Asia Pacific dominates the Flexible Foam market increasing utilization of thermal insulation in the construction industry and increased spending by the private companies in the sector.
The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications in Flexible Foam market and their specific segmented revenue
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