Polymer Foam market estimated to grow to US$171.96 bln by 2021, at a CAGR of 8.5%.

12-May-16

The global polymer foam market is estimated to grow from US$105.37 bln in 2016 to USD$171.96 bln by 2021, at a CAGR of 8.5%, as per MarketsandMarkets. Demand will be driven by a diverse range of applications - building & construction, furniture & bedding, packaging. Furthermore, high demand comes from the automotive sector which finds its usefulness in a myriad of applications such as gaskets, headliners, cushioning, and cables. Environment regulations set for different industry sectors, considered in study facilitate the growth of foams. Among all regions considered, Asia-Pacific and RoW are estimated to witness a strong growth in the next five years. The demand across these regions is reinforced by the emerging markets, namely, China, Brazil, and India. Polymer foam are used in various applications such as packaging, building & construction, furniture & bedding, automotive, and others. These are the main applications considered in the report. In 2015, the building & construction application segment accounted for the largest market share, in terms of volume. The automotive application segment is estimated to register the highest CAGR between 2016 and 2021, followed by packaging application. In 2016, Asia-Pacific is estimated to account for the largest market share, in terms of volume, and is projected to register the highest CAGR between 2016 and 2021. The robust demand in Asia-Pacific is the major driver of the Polymer Foam Market. China led the foam demand owing to increased manufacturing and assembling of vehicles in the past 2-3 years. It is the largest consumer of polymer foam at globally. Other emerging economies such as Brazil, India, and Mexico are projected to have a positive future in this market.