Flexible Foam Market size to grow by USD 15.06 billion from 2022 to 2027

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19 Jul, 2023, 12:30 ET

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NEW YORK, July 19, 2023 /PRNewswire/ -- The flexible foam market size is expected to grow by USD 15.06 billion from 2022 to 2027, progressing at a CAGR of 6.2% as per the latest Technavio market research report. APAC is estimated to account for 42% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. During the forecast period, the region is expected to witness significant market growth, primarily driven by increased consumption of flexible foam in the packaging and transportation industries, particularly in emerging economies like India. The region's infrastructural developments, combined with China's emergence as a global manufacturing hub, are further contributing to the rising demand for flexible foam. Additionally, the growing e-commerce industry in APAC will propel the use of flexible foam for packaging heavy goods. Furthermore, vendor investments in countries such as India and China will positively impact the regional market's growth during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

What's New?

Flexible Foam Market: Growth in bedding and furniture industry driven by expanding population to drive growth

The high demand from emerging economies is a significant factor driving market growth. The global market is experiencing significant growth in emerging economies, including Brazil, Turkey, Indonesia, South Korea, Mexico, and India. These countries are attracting original equipment manufacturers due to factors such as abundant land, affordable labour, low transportation costs, and favorable government regulations. Moreover, the bedding and furniture, building and construction, transportation, electronics, and packaging industries in these economies are witnessing growth, further driving the demand for flexible foam. Additionally, the rise in disposable incomes and evolving lifestyles in these regions contribute to the increased demand for flexible foam across various applications. As a result, these factors are expected to propel market growth during the forecast period.

Flexible Foam Market: Expansions Of Production Capacity By Vendors

The growing focus on the production of bio-based flexible foams is an emerging trend shaping market growth. The global market is projected to witness a rise in the production of bio-based flexible foam in the coming years. This is primarily driven by key players in the market who are adopting bio-based materials as a more environmentally-friendly alternative to chemicals like TDI, MDI, and PMDI. These players are actively investing in research and development to develop eco-friendly bio-based flexible foam options. For instance, INOAC's Polyolefin foam incorporates 25% or more plant-based raw materials in its manufacturing process. As a result, the increasing focus on developing bio-based flexible foam by vendors will contribute to the market's growth during the forecast period.

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Some of the key Flexible Foam Market Players:

The flexible foam market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the key vendors are:

American Excelsior Inc., BASF SE, Covestro AG, Dow Inc., FXI, Greiner AG, Huntsman Corp., INOAC Corp., Kaneka Corp., Mitsubishi Gas Chemical Co. Inc., ORSA foam Spa, Recticel NV, Rogers Corp., Sekisui Chemical Co. Ltd., Sheela Foam Ltd., Technomak, Ube Corp., Wisconsin Foam Products, Woodbridge Foam Corp., and Zotefoams Plc.

Flexible Foam Market: Segmentation Analysis

This market research report segments the flexible foam market by application (Furnishings, Transportation, Packaging, and Others), type (Polyurethane flexible foams, Polyethylene flexible foams, Polypropylene flexible foams, and Others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

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The Global Polyurethane (PU) Foam Market size is estimated to grow at a CAGR of 7.63% between 2022 and 2027. The size of the market is forecast to increase by 6.84 million tons. This report extensively covers market segmentation by application (furniture and bedding, building and construction, transport, appliances, and others), Type (flexible PU foams, rigid PU foams, and molded PU foams), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The increasing demand for PU foams in furniture and bedding is notably driving market growth.

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Flexible Foam Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.2%

Market growth 2023-2027

USD 15.06 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.34

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 42%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio

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