Allied Market Research recently published a report, titled, “Foam Plastics Market by Type (Polyurethane, Polystyrene, Polyolefin, Phenolic, and Others) and Application (Building & Construction; Packaging; Automotive; Furniture & Bedding; Footwear, Sports, & Recreational; and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027”. As per the report, the global foam plastics industry generated $102.0 billion in 2019, and is projected to reach $123.7 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027.
Drivers, restraints, and
opportunities
Rise in demand for polyurethane
foam in building insulation for energy conservation, consumption of polystyrene
foam in construction, and comfort provided by polyurethane foam drive the
growth of the global foam plastics market. However, stringent environmental
regulations regarding use of flexible polyurethane foam hamper the growth of
the market. On the contrary, production of bio-based polyols is expected to
open new opportunities for the market players in the coming years.
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Covid-19 scenario:
·
Building & construction, furniture &
bedding, automotive, and packaging are the prime end users of foam plastics.
However, the lockdown across various countries have negatively affected the
growth rate of these sectors, which in turn, affected the demand for foam
plastics.
·
The Covid-19 outbreak led to a decline in the economy
due to halt of several industries, especially the supply chain and transport. This
affected the demand for the product.
·
The disrupted supply chain, gap in
demand-supply, and lack of raw materials have negatively affected the demand
for foam plastics.
·
However, the production of foam plastics is
estimated to rise steadily post-pandemic as the demand for protective packaging
solutions has increased across several industries.
·
Manufacturers now aim to resume work in few countries including Canada, China, and
India and are planning to rebound from the losses.
The polyurethane segment held
the largest share
By type, the polyurethane segment
held the lion’s share in 2019, accounting for more than one-fourth of the global
foam plastics market. This is due to its key features such as lightweight
enhanced cushioning and sealing, improved thermal insulation, environmental
benefits including recyclability, reduction in wastage, and higher
sustainability. However, the polyolefin segment to manifest the highest CAGR of
3.9% from 2020 to 2027, due to rise in use in various passenger car cushions,
armrests, gasket seals, headrest, and cushioned instruments panels to create
lightweight, durable, and fuel-efficient structure along with the scope of the
broad application.
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The automotive segment to
manifest the highest CAGR through 2027
By application, the automotive
segment is estimated to register the highest CAGR of 4.0% from 2020 to 2027, due
to increase in economy and rise in expenditure on commercial and luxury
vehicles in emerging economies such as China, India, and Brazil. However, the building
& construction segment dominated the market in 2019, contributing to more
than one-third of the global foam plastics market, owing to growing
construction spending, particularly in the emerging markets of Latin America
and Asia-Pacific.
North America to register the
highest CAGR by 2027
By region, the market across
North America is estimated to manifest the highest
CAGR of 4.2% during the forecast period, due to expansion of the
residential construction sector across the U.S., Canada, and Mexico. However,
the global foam plastics market across Asia-Pacific held the largest share in
2019, accounting for nearly half of the total revenue of the market. This is
due to diverse end-user industries present in the region and growth in the
industrial sector in the region.
Key market players
·
Alchemie Ltd.
·
BASF SE
·
Covestro
·
Hexion Inc.
·
Huntsman International LLC
·
Repsol
·
Sabic
·
the Dow Chemical Company
·
Total S.A.
·
Wanhua Chemical Group Co., Ltd.
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