Foamed Plastics Market Size was valued at USD 53.1 Billion in 2022. The Foamed Plastics industry is projected to grow from USD 55.8 Billion in 2023 to USD 82.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2023 - 2032). The expanding end-use industries and increasing demand for polyurethane foam in building insulation are the key market drivers enhancing the market growth
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The building and construction, telecommunications, and automobile industries all use polyurethane foam. Flexible polyurethane foam is frequently used as a cushion in the automotive industry. It is one of the best insulating materials available, which makes it perfect for usage in the electronics sector, especially in freezers and refrigerators. The construction industry is the main user of polyurethane foam since it may be used as coatings, sealants, rigid insulation, and adhesives. Highly flexible polyurethane foams save overall infrastructure costs by lowering building energy consumption. Foam is used for sealing and thermal insulating in the industrial and construction sectors. Due to its flexibility and lack of fibrous qualities, it makes a perfect thermal and acoustic insulator. Additionally, because foam helps maintain heat during cold periods, it is increasingly employed in domestic housing in cold areas where internal and exterior temperatures range significantly. This kind of foam aids in dampening noise in structures. As a result, these elements support the growth of the Foamed Plastics Market.
Because they can be moulded into any shape and offer comfort and support, PU foams, also known as polyurethane foam, are extensively utilised in the production of mattresses and other furniture items. In comparison to other types of foam, polyurethane foam is produced employing procedures like coring and contouring foam, which result in a completed product that provides a more supportive sleeping surface. Consumer demand in luxury and designer furniture is expected to increase, which will fuel the industry's revenue growth. New polyurethane foams have been created as a result of numerous chemistry advancements. These foams will self-adjust to each individual's body form and offer a very high level of comfort. As a result, the market for foamed plastics is expanding.
The expanding end-use industries are contributing to the rapid growth of the worldwide foamed plastics market. The market is expanding as a result of economic expansion in developing nations and expansion in important end-use sectors like the automobile, packaging, furniture, and bedding industries. Manufacturers and merchants are searching for packaging options that can protect the goods while keeping the entire cost of packaging and shipping within reason. This aspect has increased demand for foamed plastics in recent years. Foamed plastics can also be burned to be disposed of. Municipal incinerators create water and carbon dioxide, which can be utilised as a fuel source for waste-to-energy projects that absorb heat and transform it into useful energy. Thus, driving the Foamed Plastics market revenue.
The Foamed Plastics Market segmentation, based on type, includes polyurethane, polystyrene, polyolefin, phenolic, and others. Polyurethane segment accounted for the largest revenue share in 2022. This is explained by the fact that polyurethane foam is frequently used in the automotive sector to produce vehicles and their parts. Additionally, growing industrialization fuels demand for flexible foams in a variety of sectors, including the automotive, home furnishings, transportation, and packaging industries.
The Foamed Plastics Market segmentation, based on application, includes building & construction, packaging, automotive, furniture & bedding, footwear, sports, & recreational, and others. Building & construction segment dominated the Foamed Plastics Market in 2022. Foam is utilised in the building and construction industry for sealing and thermal insulating due to its light weight and resilience. It is the ideal thermal and acoustic insulator due to its flexibility and lack of fibrous characteristics. Stiff polyurethane foam is a good material to use for home walls and roofing since it can be made in a wide range of densities. It is widely used in freezing places where temperatures vary greatly and aids in keeping people warm during periods of extreme cold. This foam reduces interior noise levels by insulating sound in the original rooms. The building and construction industry regularly uses rigid polyurethane foam due to its closed-cell structure, high crosslink density, and superior insulating properties.
Figure 1: Foamed Plastics Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Foamed Plastics Market dominated this market in 2022 (45.80%). Numerous growing economies are now developing their infrastructure, which supports industrial growth. In numerous construction projects, EPE (expanded polyethylene) foam is the main acoustic material. It is projected that US real estate growth will boost product demand. EPE foam is also being used increasingly frequently as reusable floor protection for interior construction projects, which is promoting industry growth. Further, the U.S. Foamed Plastics market held the largest market share, and the Canada Foamed Plastics market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FOAMED PLASTICS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Foamed Plastics market accounted for the healthy market share in 2022. The expansion of significant end-use segments, such as automotive components and furniture & bedding, particularly in the United Kingdom, as well as polyurethane's versatility as a product in new applications, as well as its uses and qualities, such as sustainability and lightness, are expected to drive consumption in Europe. Further, the German Foamed Plastics market held the largest market share, and the U.K Foamed Plastics market was the fastest growing market in the European region
The Asia Pacific Foamed Plastics market is expected to register significant growth from 2023 to 2032. Strong expansion has been seen in the Asia Pacific foam plastics market share, especially in China, India, and Southeast Asia. The demand in China is driven by foreign investments made by multinational firms. By making an investment in foam manufacture, one can obtain cheap labour and raw materials. Foam plastics are in high demand, especially in Asia-Pacific. This is brought on by a growth in home and luxury goods purchases by consumers as well as a sharp increase in the demand for foam plastics used in bedding and mattresses. Regional prosperity is also being fueled by an increase in disposable income, a significant expansion of the local furniture and bedding industry, and supportive FDI regulations. Moreover, China’s Foamed Plastics market held the largest market share, and the Indian Foamed Plastics market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Foamed Plastics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Foamed Plastics industry must offer cost-effective items.
Manufacturing locally to minimize Typeal costs is one of the key business tactics used by manufacturers in the global Foamed Plastics industry to benefit clients and increase the market sector. In recent years, the Foamed Plastics industry has offered some of the most significant advantages to medicine. Major players in the Foamed Plastics market, including Hexion Inc., COVESTRO AG, BASF SE, Total SE, Wanhua Chemical Group Co., Ltd., SABIC, Alchemie Ltd., The Dow Chemical Company, HUNTSMAN CORPORATION, and Repsol, are attempting to increase market demand by investing in research and development Types.
BASF SE (BASF) is a company that produces chemicals. It manufactures, markets, and sells chemicals, polymers, crop protection products, and performance items. The company's product line includes solvents, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides. The company works with a wide range of industries, including those related to building, woodworking, agriculture, electronics and electrical, paints and coatings, transportation, home care, nutrition, and chemicals. In partnership with international customers, partners, and researchers, BASF carries out R&D. The company's operations are supported by a global network of production facilities. It can be found all over the world, including in North America, Europe, Asia, South America, Africa, and the Middle East. The BASF corporate headquarters are in Ludwigshafen, Germany. In March 2019, BASF improved its regional innovation capabilities with new facilities at the Innovation Campus Shanghai in order to further develop partnership with the automobile industry and offer cutting-edge process catalysts to the chemical industry.
Manufacturer of unique organic chemical compounds is Huntsman Corp (Huntsman). A wide variety of chemicals and formulations are available, including amines, maleic anhydride, MDI, formulations for epoxy-based polymers, textile chemicals, and dyes. The business markets its goods to a variety of retail and business clients. The adhesives, aerospace, personal care and hygiene, automotive, construction, durable and non-durable consumer goods, digital inks, electronics, power generation, refining, medical, packaging, coatings and construction, synthetic fibre, textile chemicals, and dyes industries are just a few industries where Huntsman products are used. The business is run through a worldwide network of administrative, R&D, and production facilities located in North America, the Middle East, Europe, and Asia. Huntsman's US headquarters are in Texas. Icynene-Lapolla, a top North American manufacturer and distributor of spray polyurethane foam (SPF) insulation products for residential and commercial applications, was acquired by Huntsman Corporation in February 2020, according to a press release.
June 2022: DualPakECOâ, a certified biodegradable and dual ovenable food tray made of paper, was created in partnership by Confoil and BASF SE.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 53.1 Billion |
| Market Size 2023 | USD 55.8 Billion |
| Market Size 2032 | USD 82.4 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hexion Inc., COVESTRO AG, BASF SE, Total SE, Wanhua Chemical Group Co., Ltd., SABIC, Alchemie Ltd., The Dow Chemical Company, HUNTSMAN CORPORATION, and Repsol |
| Key Market Opportunities | Manufacture of bio-based polyols |
| Key Market Dynamics | The growing demand for polyurethane foam in building insulation and growing end-use industries |
Foamed Plastics Market Highlights:
Frequently Asked Questions (FAQ) :
The Foamed Plastics Market size was valued at USD 53.1 Billion in 2022.
The global market is projected to grow at a CAGR of 5.00% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Hexion Inc., COVESTRO AG, BASF SE, Total SE, Wanhua Chemical Group Co., Ltd., SABIC, Alchemie Ltd., The Dow Chemical Company, HUNTSMAN CORPORATION, and Repsol
The Polyurethane Type dominated the market in 2022.
The Building & Construction Application had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
