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NEWARK, Del, May 17, 2023 (GLOBE NEWSWIRE) -- The plant-based foam market is anticipated to be worth US$ 220.0 million in 2023 and US$ 457.0 million by 2033. During the projection period, plant-based foam sales are expected to grow at a substantial CAGR of 7.6%.
In today's notably evolving world, sustainability has become a paramount concern across industries. As consumers increasingly seek eco-friendly alternatives, one remarkable innovation that has gained significant attention is plant-based foam.
The rise of plant-based foam signifies a shift toward sustainable and eco-friendly materials. With its renewable nature, versatile applications, and growing consumer demand, plant-based foam is reshaping various industries.
Regulatory support and collaboration among stakeholders are fostering innovation and improving product performance. Awareness campaigns and sustainability initiatives are educating consumers and industries about the benefits of plant-based foam.
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Emerging economies like India and China are becoming key players in the market. While the current cost may be high, economies of scale and advancements in manufacturing processes are expected to reduce costs
The future of the plant-based foam market appears promising. As economies of scale and advancements in manufacturing processes continue to reduce costs, plant-based foam is becoming increasingly competitive with traditional foam materials.
Ongoing research and development efforts are expected to bring forth sustainable and high-performance variants of plant-based foam, opening new possibilities across industries.
In 2022, soy-based foam captured a 40% market share due to its renewable nature and derived from soybean oil. It offers cushioning properties, durability, and resistance to deformation, making it popular in mattresses, furniture, automotive seating, and insulation materials. The packaging industry holds a significant 50% share, utilizing plant-based foam in packaging applications for electronics, fragile goods, food and beverages, healthcare products, and consumer goods. Flexible foam dominates with a 60% market share, valued for its versatility and comfort in furniture, bedding, automotive, and packaging. North America commands a 35% market share, driven by consumer awareness, established industries, supportive regulations, and advanced capabilities. Europe holds a substantial 29.7% share, influenced by demand for eco-friendly materials, regulations, and automotive and packaging industries. Asia Pacific region is projected to expand by 6.9%, driven by demand for eco-friendly products, government initiatives, and increased use in packaging, automotive, and construction.
Plant-based foam provides a sustainable and environment-friendly alternative to traditional foam materials. Its advantages include reduced environmental impact, biodegradability, non-toxicity, versatility, comparable performance, consumer demand, ongoing innovations, regulatory support, and collaborative efforts toward a green future.
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By Choosing Plant-based Foam, Companies can Lead the Way in Creating a World where Sustainability and Innovation Go Hand in Hand.
Key players in the industry focus on factors like product quality, innovation, pricing, and customer service. Collaborations and partnerships are common to accelerate sustainable foam development.
Companies emphasize sustainability, investing in research and development and eco-friendly practices. The market is characterized by intense competition, innovation, and a strong focus on meeting customer demands and regulations.
Huntsman purchased the Icynene-Lapolla in February 2020. Huntsman's downstream footprint in spray polyurethane foam insulation has grown as a result of this acquisition. Huntsman is now the top supplier of spray foam materials used to insulate residential and commercial structures as a result of the acquisition. BASF SE and Liyang Shanhu Industry Auto Trim Material Co., Ltd. ("Shanhu Industry") signed a strategic collaboration agreement in May 2019 to develop lightweight and low-emission polyurethane system products. Considering the demand in the automotive sector of China, these businesses set out to manufacture polyurethane system goods.
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Key Segments Covered in the Plant-based Foam Market Report
Soy Corn Bamboo Sugarcane Algae
By Product Type:
Rigid Foam Flexible Foam Spray Foam Molded Foam Others
By End Use:
Packaging Automotive Construction Furniture Bedding Textiles, Electronics
North America Latin America Western Europe Eastern Europe Asia Pacific Excluding Japan (APEJ) Japan The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Product Launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
3.6. Pricing Analysis
4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Projections, 2023 to 2033
5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tonnes) Analysis By Material, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tonnes) Analysis and Forecast By Material, 2023 to 2033
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Explore Research-Related Reports of Packaging:
foam pouch market size : The global foam pouch market is set to enjoy a valuation of US$ 550.4 Million in 2022 and is further expected to grow at a CAGR of 5.0% between 2022 and 2032, reaching around US$ 892.7 Million by 2032.
foam bottle technology market share : The global foam bottle technology market is projected to have a moderate-paced CAGR of 5.3% during the forecast period. The current valuation of the market is US$ 1.42 billion in 2022.
foam food container market trends : Foam food containers are disposable containers used to store a variety of food and beverage items. Take-out food is typically served in foam food containers at restaurants or food shops.
foam hinged take-out containers market analysis : Foam hinged take out containers are excellent eco-friendly disposable options for eateries that offer takeout food and don't have concession stands, dishwasher, and food trucks.
foam labels market outlook : The market for foam labels is estimated to reach the value of US$ 284.9 million for the forecasted period 2023, increasing with a CAGR of 5.4% throughout the projected period.
foam cups market overview : Asia Pacific is attributed to be the largest consumer of foam cups owing to large number of food service providers in China, India, ASEAN countries and Japan.
foam end caps market growth : The presence of high growth economies and healthy growth rate end-use industries in the South Asia region is likely to offer lucrative opportunities for the growth of foam end caps market during the forecast period.
foam tube mailer market demand : Foam tube mailers are used to protect specimens during shipping and storage. Fragile products such as blood collection tubes need an insulated environment for their transportation.
anti-static foam pouch market forecast : Expected to flourish at a 4.9% CAGR, the anti-static foam pouch market is forecast to reach a valuation of US$ 890 Million by the end of the 2022-2032 assessment period.
packaging foam market segmentation : The global packaging foam market was valued at US$ 6.6 Bn in 2022 and is projected to record a CAGR of 5.7% during the review period from 2022 to 2026.
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