Increasing Demand and Production of Automobile to Boost Demand for Polyolefin Foams

Mon, 14 December 2020 6:44

Automotive is one of the primary consumers of polyethylene foams specially used as cushioning materials for headliners, door and window trims, trunk mats, and other interior parts. With the growing industrialization and globalization in many developing economies, the market is witnessing growth in the sale of automobiles and production capacity year on year. Ongoing efforts in the automobile industry to make vehicle lightweight and more energy-efficient is likely to fuel the growth of the polyolefin foams market during the forecast period.

Table 1: Global Vehicle Production Statistics, 2018–2019 (Units)

Region

2018 (YTD)

2019 (YTD)

Europe

22,262,540

21,312,082

NAFTA

17,424,475

16,783,398

South America

3,423,143

3,319,361

Asia-Oceania

52,656,826

49,266,873

Africa

1,102,036

1,105,147

Others

22,262,540

21,312,082

Total

96,869,020

91,786,861

Source: International Organization of Motor Vehicle Manufacturers (OCIA)

Asia-Pacific to Hold Lucrative Opportunities for Polyolefin Foam Market

Burgeoning demand for automobiles is projected to grow in the rural parts of Asia-Pacific, particularly among emerging economies such as India, Indonesia, and China, which is expected to fuel the growth of the polyolefin foam market. The region is turning out to be an auto component manufacturing hub as foreign investors are setting up their facility in these countries, owing to the growing middle-class population and ample supply of low-cost labor.

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According to the IBEF, the Indian automobile industry has attracted foreign direct investment (FDI) of more than USD 17 billion from 2000 to 2017. This is primarily attributed to favorable government norms, increasing focus on the implementation of the electric vehicle, and favorable vehicle financing programs. Moreover, primary players in the automotive industry, such as Maruti, Hyundai, Tata Motors, Honda, Ford, and others, are adopting various strategies such as new product launches, capacity addition, marketing, and advertisement to have a strong foothold within the automotive industry. Recently, Kia Motors and MG Motors entered into India to capture the exceptionally growing passenger car market in the world.

COVID-19 to Restrain the Growth of the Polyolefin Market

COVID-19 has severely affected various industries, and the polyolefin foam market is no exception. Polyolefins foam market has been witnessing huge disruption in the whole supply chain as suppliers, vendors, producers, and consumers are severely affected by the pandemic. Some of the production of the polyolefin plants were completely closed or partially operated during the crisis. While various end-use industries of polyolefin foam were also affected by COVID-19, it impacted the overall demand for polyolefin foam, which leads to the restricted growth of the global polyolefin foam market.

 

Polyolefin Foam Market: Segmentation

By Type

  • Polyethylene
  • Polypropylene
  • Ethylene Vinyl Acetate
  • Others

By Application

  • Automotive
  • Building and Construction
  • Cushioning
  • Footwear
  • Furniture and Bedding
  • Packaging
  • Sports
  • Others (Rail, Wind, Marine)

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • The Netherlands
  • Russia
  • The Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
  • Singapore
  • Vietnam
  • The Rest of Europe

Central and South America and the Caribbean

  • Brazil
  • Argentina
  • Colombia
  • The Rest of Central and South America and the Caribbean

The Middle East

  • Saudi Arabia
  • The UAE
  • Oman
  • Bahrain
  • The Rest of the Middle East

Africa

  • Nigeria
  • South Africa
  • Ghana
  • Tanzania
  • The Rest of Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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