According to the report, published by Zion Market Research, global demand for polymer foam market was valued at USD 101.50 billion in 2015 and is expected to reach USD 161.0 billion in 2021, growing at a CAGR of 8.0% between 2016 and 2021.
Different gases and solid phases are mixed together to form polymer foam. Primarily the polymer foam is obtained from chemical resins such as polyurethane, polystyrene, phenolic and polyvinyl chloride. It possesses different chemical properties such as flexibility, low density, and heat transfer capacity. It is extensively used in different industries such as food and beverages, packaging, construction, furniture and amongst others.
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Global polymer foam market is primarily driven by heavy demand from automotive industry across the globe. The polymer foam has multitude uses in the automotive industry for various components of the automobile such as headlights, cables, gasket and cushioning. In addition, stringent environmental rules and regulations imposed by government are likely to facilitate the demand for polymer foam in near future years. Nevertheless, volatile prices of feedstock are likely to slow down the growth of the polymer foam market. Furthermore, growing demand for polymer foam from building and construction is likely to open new doors for the major manufacturers of polymer foam across the world over the years to come.
Based on the types of foam, the global polymer foam market is segmented into different foam such as polystyrene foam, phenolic foam, melamine foam, PVC foam, polyurethane foam and polyolefin foam and others. Among all, polyurethane foam was leading segment of global polymer foam market in 2015. Further, it is also predicted to have its dominance over the entire market in coming years. This growth is attributed to robust demand coupled with the cost to performance characteristics. It comes in two distinct forms such as flexible and rigid. Whereas, rigid polyurethane foam is employed for thermal insulation and flexible polyurethane foam is utilized in cushioning purposes in various applications. Moreover, polyolefin foam is expected to experience the lucrative growth in near future owing to the mounting demand from building and construction industry.
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The global polymer foam market has various applications. Out of them some of the major applicants that are included in the market are building & construction, packaging, automotive, furniture & bedding, and other applications. Building and construction were the foremost application segment of global polymer foam market in 2015. It accounted for more than 30.0% share of the total volume consumption and it is also predicted to continue this trend in coming years. Moreover, packaging was the second largest application segment for the same year. Automotive and furniture & bedding are the important outlets that are projected to have significant growth rate within the forecast period.
In terms of regions, with the significant shares of global polymer foam market, Asia Pacific held a dominating position in the market in 2015. Furthermore, it is also expected to remain dominant region for polymer foam market during the years to come owing to the rising demand from the construction industry. Countries such as China, India, Malaysia and Indonesia are expected to contribute towards the strong demand for polymer foam due to emerging automotive and construction industry in these countries. Moreover, Europe was the second largest market in the same year. North America and Latin America is also the augmenting market that will witness the exponential growth in near future.
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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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