Polymer foam market size is expected to gain notable proceeds from 2021 to 2027 with increasing adoption in the transport sector and the production of automotive across the world. The surging need for remodeling existing infrastructures has made way for numerous building & construction activities. It has been estimated that the total construction spending in the U.S. reached more than USD 1.3 trillion in 2019. The growing government concerns over the usage of plastic will also potentially contribute to the lucrative market growth.
Rapid industrialization, increasing adoption of electronic appliances, and the rising influx of technological advancements are other factors fueling the expansion of the industry.
Based on types, the polymer foam industry is bifurcated into rigid and flexible. Out of these, the market revenue from flexible polymer foam will expand with the growing emphasis on enhanced support, comfort as well as durability in furniture. Increasing penetration in transportation, footwear, bedding, packaging, textiles, and sports verticals will further favor product adoption.
With regards to product, the polymer foam industry share from the polyurethane segment is anticipated to see colossal growth on account of higher adoption in furniture and car seats. On account of their low water absorption and optimum insulating characteristics, polyurethane foam marks an extensive presence in upholstery as well as truck seating. Moreover, the surging number of construction activities in North America will act as a promising driver for market expansion.
Based on end-user, the packaging sector is estimated to capture a dominant share in the polymer foam industry owing to the increasing need for low fuel consumption, surface protection, and thermal insulation. Polymer foam is excessively incorporated in furniture, protective bands, and trays as well as various bedding materials. Increasing demand for fast food meals will additionally drive the industry expansion.
Demand for polymer foam is set to expand in the Asia Pacific between 2021 to 2027 on account of increase in the number of government initiatives and manufacturing units across the continent. The strong presence of the construction and packaging sectors has triggered the rise in R&D activities. There is also a burgeoning requirement for residential and commercial space in the region. The growing incursion of foreign machinery in most APAC countries and the rising number of large industrial investments will add positive impetus to the preference for polymer foam in the region.
Global participants in the polymer foam business are employing inorganic expansion strategies, including mergers, acquisitions, as well as partnerships, and are focused on technological progressions to strengthen their market position while gaining competitive advantages.
For instance, Huntsman Corporation, in February 2020, acquired leading SPF (spray polyurethane foam) insulation manufacturer, Icynene-Lapolla for $350 million. The acquisition helped the company in expanding its downstream polyurethanes business.
In another instance, in April 2021, Borealis partnered with Sulzer Chemtech, a Swiss industrial engineering firm, to introduce a new polypropylene foam extrusion technology to offer lower cost and enhanced efficiencies across the value chains.
Roger Corporations, Simona America, The Dow Chemical Company (Dow Inc.), Polymer Technologies, Synthos (FTF Galleon S.A.), Ach Foam Technologies, Foam Partner Group (Recticel Flexible Foams), Armacell International, Dyplast Products, Toray Industries, Sealed Air, PAR Group, SABIC (Saudi Aramco), Total, and BASF are some prominent players in the polymer foam industry.
The economic upheaval caused by the ongoing COVID-19 pandemic tremendously impacted the operations of millions of businesses worldwide while imposing horrific trade and supply chain barriers. Its effects were also substantially laid on the polymer foam sector on account of the stringent lockdown policies and abrupt shuttering of almost all industries. The depleting demand for electronics and the stalled construction activities amidst the pandemic also added to the stunted growth of the market.