The new report by Expert Market Research titled, ‘Global Foam Plastics Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the foam plastics market, assessing the market based on its segments like type, applications and major regions.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 109.1 Billion
• Forecast CAGR (2023-2028): 3.40%
• Forecast Market Size (2028): USD 133.3 Billion
The foam plastics market is booming as a result of end-use industries that are expanding quickly. This can be ascribed to growing economies in developing countries and important end-use industries including packaging, automotive, building and construction, and furniture and bedding, among others.
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Foam plastics are in high demand in the packaging business as manufacturers and retailers work harder to make packaging solutions safer and more cost-effective. Foam plastics are also recyclable and can be burned for disposal; the byproducts of this process are used as a fuel source for waste-to-energy programs in municipalities, causing the industry to grow.
Foam Plastics Industry Definition and Major Segments
Polymers are used to make foam plastics, also known as cellular polymers, or expanded plastics. For the production of foam plastics, a synthetic resin is transformed into a sponge-like mass with a closed-cell or open-cell structure that can be flexible or rigid. Closed-cell foam plastics are created by incorporating a blowing agent that decays at the fusion point of the plastic, releasing gas bubbles that are entrapped throughout the gelling process. Meanwhile, open-cell foam plastics are created by incorporating an inert gas into the resin under pressure, then removing the mixture from the atmosphere and curing the resulting foam.
Based on type, the foam plastics market can be segmented into:
On the basis of applications, the market is segmented into:
• Building and Construction
• Furniture and Bedding
• Footwear, Sports, and Recreational
Based on region, the foam plastics market can be segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Foam Plastics Market Trends
Due to the growing demand for the polymer across a range of end-use sectors, the Asia Pacific area is one of the important markets for foam plastics. Rapid industrialization and rising investments in important industries, including packaging, automotive, building and construction, furniture and bedding, among others, are responsible for the region’s rise.
The demand for foam plastics is rising dramatically in the region’s emerging economies as a result of the fast urbanization and ensuing infrastructure development. Additionally, the demand for foam plastics is likely to rise in response to the increased building and infrastructure development activities by governments and private businesses, which is anticipated to support the industry’s overall expansion.
The demand for foam plastics is skyrocketing as the automotive industry is expanding rapidly. Because of their cushioning properties, foam plastics such as polyurethane are widely used in passenger car armrests, seats, and headrests, propelling the market growth. Foam plastics are increasingly being used to improve the cost-effectiveness and fuel-efficiency of automobiles due to their lightweight and durability. Furthermore, rising demand for vehicles with enhanced features such as shock absorption is driving up demand for innovative foam plastics, which is expected to drive market growth.
Key Market Players
The major players in the global foam plastics market report are:
- Alchemie Ltd.
- Covestro AG
- Hexion Inc
- Huntsman Corporation
- BASF SE
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.
EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.
Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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