The new report by Expert Market Research titled, ‘Global Foam Plastics Market Size, 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. Additionally, it assesses market dynamics, considering crucial demand and price indicators, and employs SWOT and Porter’s Five Forces models to analyze the market.
Foam Plastics Market Share
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 due to end-use industries expanding quickly. This can be ascribed to growing economies in developing countries and essential end-use industries, including packaging, automotive, building and construction, furniture, and bedding.
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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.
Additionally, foam plastics offer recyclability and the option for incineration; municipalities utilize the byproducts of this process as a fuel source for waste-to-energy programs, contributing to industry growth.
Foam Plastics Industry Definition and Major Segments
Polymers make foam plastics, also known as cellular polymers or expanded plastics. In producing foam plastics, manufacturers transform synthetic resin into a sponge-like mass with a closed-cell or open-cell structure, creating flexibility or rigidity. Manufacturers make closed-cell foam plastics by introducing a blowing agent that decomposes at the plastic’s melting point, releasing gas bubbles that become trapped during the gel formation process. Meanwhile, manufacturers create open-cell foam plastics by infusing an inert gas into the resin under pressure, removing the mixture from the atmosphere, and curing the resulting foam.
Based on type, the foam plastics market can be segmented into:
• Polyurethane
• Polystyrene
• Polyolefin
• Phenolic
• Others
Based on applications, the market is segmented into:
• Building and Construction
• Packaging
• Automotive
• Furniture and Bedding
• Footwear, Sports, and Recreational
• Others
Based on region, the foam plastics market can be segmented into:
• North America
• Europe
• 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 various end-use sectors, the Asia Pacific area is one of the essential markets for foam plastics. Rapid industrialization and rising investments in crucial industries, including packaging, automotive, building and construction, furniture, and bedding, are responsible for the region’s rise.
The demand for foam plastics is rising dramatically in the region’s emerging economies due to fast urbanization and ensuing infrastructure development.
Governments and private businesses’ increased building and infrastructure development activities are anticipated to drive the industry’s expansion, leading to a heightened demand for foam plastics.
The demand for foam plastics is skyrocketing as the automotive industry is expanding rapidly. Foam plastics like polyurethane are use extensively in passenger car armrests, seats, and headrests due to their cushioning properties, propelling the market growth. Furthermore, foam plastics are increasingly vital in enhancing automobiles’ cost-effectiveness and fuel efficiency thanks to their lightweight and durability. The growing demand for vehicles that require innovative foam plastics to improve features like shock absorption 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
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers, and acquisitions, among other latest developments of those market players.
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