The global polymer foams market was valued at around US$ 81 Bn in 2018 and is anticipated to expand at a CAGR of approximately 4.5% during the forecast period, according to a new report titled ‘Polymer Foams Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’ published by Transparency Market Research (TMR) . According to the report, rise in usage of polymer foams in the insulation of buildings is driving the market. Asia Pacific is a leading region of the global polymer foams market. The polymer foams market in the region is projected to expand at a significant pace during the forecast period owing to the growth in construction activities and rise in demand for automotive.
Increase in Demand for Polymer Foams in Building & Construction Sector to Boost Market
Based on application, the global polymer foams market has been segmented into building & construction, packaging, furniture, automotive, footwear, and others (including electrical & electronics and appliances). The building & construction segment is estimated to expand at a significant pace during the forecast period. The buildings sector consumes about 35% to 40% of energy in developing nations. Governments are focusing on sustainable building projects to lower the consumption of energy.
Approximately 5% to 6% energy can be saved by using polymer foams. This, in turn, is likely to drive the demand for polymer foams across the globe. Expansion of the polymer foams market can be ascribed to its properties such as lightness of weight, high k-factor, flexibility, low heat, and sound transfer. Polymer foams are extensively used for insulation purposes in the building & construction sector. For instance, flexible polymer foams are used for padding cushions in carpets. Polymer foam acts as reflective covering to bounce sunlight and heat away from roofs. This, in turn, helps houses to stay cool and aid in reducing energy consumption. This is expected to boost the demand for polymer foams in the construction sector.
Growth of Automotive Sector to Propel Demand for Polymer Foams
Rise in disposable income has led to an increase in the spending power of consumers across the globe. This has boosted the disposable income and spending power of consumers. In turn, this is driving the demand for vehicles in developing economies such as China, India, and GCC countries. Rise in sale of vehicles across the globe has been fuelling the demand for polymer foams. Polymer foams are employed in seating, auto bumper systems, and sandwich panels in the automotive sector. Additionally, increase in demand for electrical and fuel-efficient vehicles across the globe is estimated to fuel the demand for polymer foams.
Polyurethane Segment to Gain Momentum
The report presents a detailed segmentation of the global polymer foams market based on type and application. In terms of type, the polyurethane segment constituted a major share of the global polymer foams market in 2018. Polyurethane foams are being used in several applications due to their characteristics such as high impact resistance and excellent load bearing capacity. This is likely to augment the usage of these foams in the construction industry.
Additionally, increase in natural calamities, such as hurricanes, is expected to boost the building & construction industry. This, in turn, is anticipated to propel the demand for polyurethane foams in the region. Additionally, increase in implementation of stringent regulations in the building & construction sector is projected to boost the requirement for research activities on polymer foams across the globe. For instance, according to the International Building Code, a foamed plastic has to pass fire tests such as NFPA286, FM 4880, and UL1715. Therefore, manufacturers of polyurethane foams are striving to obtain the certification of these test standards.
Asia Pacific to Lead Global Polymer Foams Market
Asia Pacific and Europe were key regions of the global polymer foams market in 2018. The polymer foams market in Asia Pacific is anticipated to expand at a rapid pace owing to the increase in per capita income of the people and rise in urbanization. These factors have augmented the purchasing power of the people. This, in turn, is fueling the demand for automotive and housing facilities across the region. Polymer foams are primarily used to reduce the weight of the structure and manufacture various parts of vehicles.
Additionally, government initiatives are projected to boost the construction industry in Asia Pacific. The market in North America is projected to expand at a steady pace during the forecast period. The market in Latin America is likely to expand at a substantial pace during the forecast period owing to the high demand for automotive in Mexico.
Prominent Players in Global Polymer Foams Market
Major players operating in the global polymer foams market include BASF SE, Covestro AG, Sealed Air Corporation, Recticel NV, SABIC, Rogers Corporation,Total S.A., DowDuPont Inc. and Zotefoams PLC. These players offer sustainable and durable solutions to clients. Innovation of new products and techniques through R&D is one of the approaches adopted by these companies.