Global Polymer Foam Market to Grow at a CAGR of 6.5% During 2020 –2030

Polymer foams, also known as expanded polymer or cellular polymer, are used in structural applications because of their lightweight and stiffening qualities. There are two types of polymer foam: open- and closed-cell foams. The relative density of the polymer foam, together with its shape and size, are essential characteristics of polymer foams. Among the applications for high-density polymer foam with thicknesses between 60 and 80 kg/m3 is a range of pipe insulations. Polymer foams have many possible uses due to their lightweight, strong impact resistance, high thermal insulation, and excellent damping properties. Various industries have exploited polymer foams, including the automotive, packaging, electronic, aerospace, construction, bedding, and medical sectors. In addition, rigid polystyrene foam is utilized extensively in refrigerators, microwave components, and laboratory trays.

Polymer foam market growth is predicted to be propelled by the increasing use of polymer foams in automotive applications. Polyurethane foams are typically used in automobile seats and door panels. In addition, alterations in customer lives and shopping patterns have led to a growth in demand for fast food, beverages, and various electronic devices, raising the demand for polymer foams used in disposable packaging. However, the non-recyclable nature of polymer foams is a significant issue for industry participants. The government's growing concern over the environmental impact of plastics may impede the rise of the polymer foam market.

Market Dynamics

Increased Usage of Polymer Foam in Building & Construction Activities and Electronics Packaging and Increased Disposable Income to Drive the Global Polymer Foam Market

The growth of the polymer foam market is projected to be driven by the anticipated surge in demand for a variety of polymer foams utilized in construction and building applications. Joint filler comprised of polymer foam is an exceedingly common component of many construction projects. Due to its low density, low heat conduction coefficient, and low water absorption, polyurethane is appropriate for numerous construction and building insulation applications. Moreover, an increase in the use of electronic products such as smartphones and LED televisions is predicted to fuel the market for polymer foam in electronics packaging.

The adaptability of these foams makes them a good choice for the protective packaging of electronic devices since they can absorb stress and vibration while retaining cushioning properties. The increase in disposable wealth in emerging nations has led to an expansion of the market for polymer foam, which is utilized in various furniture foams and car seats. Due to the cushioning properties of polymer foam, such as polyurethane and polyethylene, it is well-suited for automotive upholstery, furniture, and bedding applications. It is projected that this rise in demand would catalyze the market expansion for such foams.

The Developments in Additive Manufacturing to Create Global Polymer Foam Market Opportunities

As a result of advancements in additive manufacturing of various polyurethane foams, it is now possible to print products in multiple sizes and forms for use in packaging applications. This has contributed further to the growth of the market for polymer foam. It is anticipated that these recent technological developments will create profitable opportunities for the growth of the polymer foam sector.

Regional Insights

The Asia Pacific will command the market with the largest share while growing at a CAGR of 6.7%. China owns the highest percentage of the global polymer foam market due to its widespread use in the construction and packaging industries. In addition, polyethylene polymers make up the majority of the polymer foam industry in India. It is anticipated that Asia-Pacific will have substantial growth due to technological advances. The growing economies in the Asia-Pacific region are adopting a wide variety of foreign machinery, enhancing their output efficiency. In addition, industry participants supported the expansion of production capacity, which improved the overall production capacity of countries such as China, India, and South Korea. Dow Inc., for instance, announced opening a new polyol factory for rigid polyurethane foam in Rayong, Thailand, in 2019. This facility will manufacture insulating materials. Such developments will provide appealing prospects soon.

Europe will hold a share of USD 48,877 million, growing at a CAGR of 6%. Increased polymer foam usage in the automotive and packaging industries is anticipated to stimulate market demand. Increased demand for rigid and flexible polyurethane in the building and construction insulation industries, as well as flexible packaging, is expected to fuel the growth of the polymer foam market. Intense research and development efforts, as well as the existence of regulatory authorities such as EUROPUR, the European association of manufacturers of flexible polyurethane foam blocks, are pushing the development of new investment opportunities in the polymer foam sector. In addition, key industry players such as BASF SE, Covestro AG, Zotefoams, and DSM, which offer a large selection of polymer foams, help the market's growth. In Europe, the market for polymer foams is primarily determined by the vast number of polymer foam producers who supply stiff and flexible low-density polyurethane.

Key Highlights

• The global polymer market had a revenue share of USD 94,698 million in 2021, envisioned to reach USD 156,725 million growing at a CAGR of 6.5% during the forecast period.
• Based on type, the Polyurethane (PU) Foam segment is projected to advance at a CAGR of 5.6% and hole the largest market share.
• Based on application, the furniture & bedding segment is projected to advance at a CAGR of 6.2% and hold the largest market share.
• Based on regional analysis, the Asia Pacific will command the market with the largest share while growing at a CAGR of 6.7%.

Market Segments

Global Polymer Foam Market: Segmentation

By type

• Polyurethane (PU)
• Polyethylene (PE)
• Polypropylene (PP)
• Ethylene-Vinyl Acetate (EVA)
• Others

By application

• Furniture and Bedding
• Transportation
• Packaging
• Construction
• Others 

By region

• North America 
• Europe
• Asia Pacific 
• LAMEA