Automotive foam market estimated to see CAGR of 10.50% uptil 2019

30-Apr-15

The automotive foam market is estimated to witness a CAGR of 10.50% between 2014 and 2019, and is expected to generate a global market value of US$40.83 bln by 2019, as per Research and Markets. The report considers its five commonly used applications: seatings, instrument panels, headliners, door panels & water shields, seal, gaskets & NVH and others. The global automotive foams industry is witnessing high growth because of increasing end-use industry, technological advancements, and growing demand in the Asia-Pacific region. Automotive foams are largely used in all types of vehicles including light commercial vehicles, heavy commercial vehicles and passenger cars. Increasing use of automotive foams in seating industry is expected to drive the automotive foam market globally. Seating is one of the largest applications of automotive foams across the world. Growing end-user industries in emerging nations such as China, and India, and energy efficiency are some of the drivers for automotive foam market. Automotive foams such as polyurethane, polyolefin and polystyrene, are expected to show high demand in their respective applications. Polyurethane was one of the majorly consumed automotive foams in 2013. The major advantages of polyurethane include excellent thermal & sound insulation, easy installation, superior fire resistance, and increased light weight characteristics properties. The prime driver for automotive foam consumption comes from the increasing demand in developing countries coupled with growing manufacturer's preference for automotive foams products in commercial vehicle applications. The commercial vehicle industry including heavy commercial vehicles, and light commercial vehicles, has a wide scope for its expansion, which in turn would help in increasing the consumption for automotive foams in the forecasted period.