21-Sep-16 Global demand for polymer foam was valued at US$101.50 bln in 2015 and is expected to reach US$161 bln in 2021, growing at a CAGR of 8% between 2016 and 2021, as per Zion Research. Polymer foam is an inorganic material. It is obtained by the mixture of various resins, gases, and solid phases. The common resins used for forming polymer form include polyurethane, polystyrene, phenolic and polyvinyl chloride. Raw material such as inorganic chemicals, resins, and refined petroleum solutions are also utilized in polymer foam production. It exploits variant chemical and physical features. Thus, it finds applications in numerous applications such as construction, food and beverages packaging, furniture and wood, automotive and others.
Rapidly mounting demand for polymer foam from automotive sector across the world is one of the major driving forces for global polymer foam market. Stringent rules and regulation imposed on different sectors are likely to propel the demand for polymer foam market in predicted years. However, fluctuating prices of raw material and recessionary impact are expected to have the negative impact on the growth of the polymer foam market. Nonetheless, emerging automotive industry especially in Asia-Pacific region is likely to witness immense opportunities within the forecast period.
Based on the segmentation, the global polymer foam market is segmented into various types of foam including polystyrene foam, phenolic foam, melamine foam, PVC foam, polyurethane foam and polyolefin foam. Polyurethane foam held as the leader for the market of polymer foam in 2015. It exhibits significant share of the entire volume of the market. This trend is expected to continue in coming years due to flexible cost and strong demand from various end-applications. Polyurethane foam was followed by polystyrene foam and PVC foam in 2015. Moreover, polyolefin is also expected to witness splendid growth during the upcoming period.
Building & construction, packaging, automotive, furniture & bedding and other applications are major applications of global polymer foam market. Building & construction ruled the market by contributing the largest share among all other applications for the year 2015. Immense penetration of polymer foam in the construction sector is expected to continue the dominance over the market in the near future. In addition, packaging was the second largest segment in the market and it is likely to grow at a high CAGR due to the strapping demand in the packaging industry. Automotive and furniture & bedding are also other prominent segment that is likely to grow at the significant rate within the forecast period.
Asia Pacific accounted for largest share of the entire market of polymer foam in 2015. However, it is also expected to be one of the biggest and fastest markets in coming years due to the adoption of advancing trends in automotive and construction field especially in emerging economies such as China, India, and Indonesia. Asia Pacific was followed by Europe. Surging demand for polymer foam form biomedical, automotive and furniture & bedding industries is likely to influence the positive impact in North America and Europe market during the near future. Furthermore, Latin America and the Middle East is also expected to have moderate growth within the next few years.
Some of the key players of global polymer foam include BASF SE, the DOW Chemical Company, Armacell International S.A., Stepan Company, JSP Corp, INEOS Group, Adeplast S.A., Woodbridge Foam Partner and amongst others.
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