Polymer Foam Market Size

Global Polymer Foam Market Overview

Polymer Foam Market Size was valued at USD 134.7 Billion in 2023. The Polymer Foam industry is projected to grow from USD 140.6 Billion in 2024 to USD 198.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.40% during the forecast period (2024 - 2032). Growing demand for the product from rapidly increasing aerospace & defense and automotive industries. Increasing the application of polymer foam in business and construction activities, rising demand in electronics packaging, and growing disposable income are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Polymer Foam Market Trends

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  Rising demand in electronics packaging to boost market growth

  
  

Polymer foams have been widely used in the electronics packaging industry due to their lightweight, cushioning, and thermal insulation properties. The rising demand for electronic devices such as smartphones, tablets, laptops, and other consumer electronics has led to an increase in demand for polymer foam packaging materials. This trend is expected to continue in the coming years, as the global electronics industry is projected to grow at a steady pace.

Polymer foams are used in a wide range of applications such as automotive, building and construction, furniture and bedding, and packaging, among others. The market for polymer foam is driven by multiple factors such as its superior insulation properties, lightweight, cost-effectiveness, and recyclability. In the automotive industry, polymer foam is used for sound insulation, shock absorption, and thermal management. In the building and construction industry, it is used for insulation and as a structural material. In the furniture and bedding industry, polymer foam is used for cushioning and comfort. The versatility and cost-effectiveness of polymer foams have made them an attractive option for a wide range of industries, and the demand for these materials is expected to continue to grow in the coming years. Therefore, such factors related to Polymer Foam have enhanced the Polymer Foam market CAGR across the globe in recent years.

BASF introduced Irgastab® PUR 71 in December 2023, a novel antioxidant improving regulatory compliance and performance of polyols and rigid polyurethane foams. This superior alternative to conventional anti-scorch additives is free of aromatic amine.

This solution has a superior environmental, health & safety (EHS) profile, satisfying the growing demands for substance classification and sustainability within the industrial sector.

Polymer Foam Market Segment Insights

Polymer Foam Form Insights

The Polymer Foam Market segmentation, based on form, includes Flexible Foam and Rigid Foam. The Flexible Foam segment held the majority share in 2022 of the Polymer Foam Market revenue. Flexible foam is one of the largest segments of the Polymer Foam Market, and it includes materials such as polyurethane foam, polystyrene foam, and polyethylene foam. These foams are widely used in applications such as bedding and furniture, automotive seating, packaging, and insulation. The demand for flexible foam is driven by factors such as increasing urbanization, rising disposable income, and growing demand for comfortable and energy-efficient homes and buildings.

Polymer Foam Product Insights

The Polymer Foam Market segmentation, based on product, includes Polyurethane (PU), Polystyrene (PS), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), and Others. The Polyurethane segment held the majority share 2022 of the Polymer Foam Market revenue. Polyurethane foam is one of the largest and most widely used segments of the Polymer Foam Market, and it is used in a variety of applications such as construction, automotive, furniture, bedding, and packaging. Polyurethane foam is popular due to its excellent insulation properties, durability, and versatility.

Polymer Foam Application Insights

Based on application, the Polymer Foam Market segmentation includes Building & Construction, Automotive, Packaging, Furniture, Wind Turbine Blades, and Others. The Building & Construction segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The building and construction segment is one of the largest and most important markets for polymer foam. Polymer foam is used extensively in building insulation, roofing, and other construction applications due to its thermal insulation properties, lightweight, and cost-effectiveness. These all factors for Polymer Foam positively impact the market growth.

Figure 2: Polymer Foam Market, by Form, 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review 

Polymer Foam Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is one of the largest and fastest-growing markets for polymer foam. This is due to factors such as rapid urbanization, increasing construction activities, and growing demand for consumer goods and packaging in countries like China, India, and Japan. The region also has a significant manufacturing base for polymer foam, which supports its growth in various end-use industries.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: POLYMER FOAM MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Polymer Foam market accounts for the third-largest market share. Europe is also a significant market for polymer foam, with a well-established manufacturing base and a high level of technological sophistication. The region's growth is driven by factors such as increasing demand for energy-efficient buildings, growing automotive production, and rising consumer awareness about the environmental impact of products. Further, the Germany Polymer Foam market held the largest market share, and the UK Polymer Foam market was the fastest-growing market in the European region.

North America, Polymer Foam market, is expected to grow at the fastest CAGR from 2023 to 2030. The region's growth is driven by factors such as the increasing demand for lightweight and fuel-efficient vehicles, rising construction activities, and growing awareness about energy conservation and sustainability. Moreover, the U.S. Polymer Foam market held the largest market share, and the Canada Polymer Foam market was the fastest-growing market in the North American region.

Polymer Foam Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Polymer Foam market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polymer Foam industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Polymer Foam. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Polymer Foam industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Polymer Foam industry to benefit customers and expand the market sector. Major Polymer Foam market players, including BASF SE, Armacell International S.A., Toray Industries, Inc., Borealis AG, Recticel NV, Polymer Technologies, Inc., Rogers Corporation, Arkema S.A., Covestro, SABIC, Synthos S.A., and Zotefoams plc, and others, are attempting to increase market demand by funding R&D initiatives.

BASF SE is a German multinational chemical company that produces a wide range of chemicals, plastics, performance materials, agricultural solutions, and other products. BASF operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. Its product portfolio includes polyurethane foam, polystyrene foam, polyethylene foam, and other polymer foam products. The company serves a wide range of industries, including construction, automotive, packaging, and electronics, among others.

Armacell International is a Luxembourg-based company that specializes in the production of flexible insulation foams for various industries, including HVAC, construction, transportation, and sports & leisure. Its product portfolio includes a wide range of insulation materials, including elastomeric foam, polyethylene foam, and polyurethane foam. The company is committed to sustainability and produces eco-friendly insulation materials that help reduce energy consumption and greenhouse gas emissions.

Huntsman introduced Acoustiflex VEF BIO, a vegetable oil-based viscoelastic foam with up to 20% bio content for molded sound absorbing applications, on November 22, 2022. This is a significant step in reducing the carbon footprint of back foaming of car carpets by as much as twenty-five percent compared to the existing Huntsman systems.

Covestro and the Selena Group, a construction chemicals producer based in Poland, will collaborate in 2023 to develop a more sustainable variety of polyurethane (PU) foams for improving building thermal insulation. Selena has employed Covestro's bio-attributed methylene diphenyl diisocyanate (MDI) in an improved version of its Ultra Fast 70 one-component foam, which is typically used for window and door installation. The material is ISSC Plus certified to contain plant-based feedstocks using the mass balancing approach, which is said to result in a 60% reduction in carbon footprint compared to fossil-derived competitors.

Key Companies in the Polymer Foam market includes

• BASF SE


• Armacell International S.A.


• Toray Industries, Inc.


• Borealis AG


• Recticel NV


• Polymer Technologies, Inc.


• Rogers Corporation


• Arkema S.A.


• Covestro


• SABIC


• Synthos S.A.


• Zotefoams plc among others

Polymer Foam Industry Developments

In June 2022, Covestro developed a new technology that involves chemical recycling of used mattress PU foams. Polyols are valuable components for mattress foam production, and the most important isocyanate TDI can be found in these kinds of foams. The process removes this precursor from TDI so that both raw materials will be used again after reprocessing for a new formulation. At present, promising results obtained are being checked at a pilot plant located at the Leverkusen site. Thus, Covestro, together with partners from the chemical industry, wants to push through this project, establishing efficient recycling cycles.

In June 2022, Desktop Metal (NYSE: DM), the global leader among additive manufacturing companies focused on serial production, announced FreeFoam™ – a new family of photopolymer resins for the production of durable closed-cell foam parts with high dimensional accuracy without tooling; it will provide new opportunities in such industries as automotive, furniture, shoes, sports equipment, and medical devices.

In June 2022, a renowned manufacturer of hotends, nozzles, and extruders for 3D printing – E3D, announced the purchase of ZODIAC. With this acquisition, E3D has taken over all the assets and intellectual property rights of the nozzle and aftermarket FDM solutions provider.

Polymer Foam Market Segmentation

Polymer Foam Form Outlook

• Flexible Foam


• Rigid Foam

Polymer Foam Product Outlook

• Polyurethane (PU)


• Polystyrene (PS) & Polyethylene (PE)


• Polypropylene (PP) & Polyvinyl Chloride (PVC)


• Others

Polymer Foam Application Outlook

• Building & Construction


• Automotive & Packaging


• Furniture & Wind Turbine Blades


• Others

Polymer Foam Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America