PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1424576
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1424576
In terms of value, The market size of flexible foam is estimated at USD 42.7 billion in 2023 and is projected to reach USD 56.8 billion by 2028, at a CAGR of 5.9%. Flexible foams consist of different types of foam used for cushioning purposes. They are a type of polymeric foam produced using a combination of TDI, polyols, additives, and blowing agents. Flexible foam is used to render comfort, and support which makes it suitable for automotive applications (armrests, headrests, bumpers, side impact pads, energy-absorbing bumper inserts, side seat inserts, under floor inserts, panel stiffeners, and others). The lightweight property of flexible foam helps reduce the overall weight of a vehicle, which provides better fuel efficiency. Hence, automotive manufacturers are focusing on increasing the usage of flexible foam in vehicles. Increasing demand for non-hazardous, green, and sustainable foam drives the demand for eco-friendly foams manufactured using bio-based raw materials.
Scope of the Report | |
---|---|
Years Considered for the Study | 2017-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Million) |
Segments | Type, Application, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Polyethylene (PE) is expected to be the second largest type of the flexible foam market, in terms of value, during the forecast period."
Properties of flexible polyethylene foam are durable, lightweight, resilient, non abrasive, flexible, odorless, and cost effective, and a closed-cell structure. The closed cell structure of this foam provides cushioning properties which makes it helpful in packaging and automotive applications. PE foam is largely used for packaging. It is used for the packaging of fragile goods in the medical, electronics, military, and automotive industries. It is preferred due to its excellent vibration dampening and insulation properties, and high resistance to chemicals and moisture. This foam is also available in fire retardant grades which is used in the packaging of sensitive types of machinery.
"Transportation accounted for the second largest share of the flexible foam market, in terms of value, in 2022."
Transportation is the second largest application of the flexible foam market. It includes automobile, aerospace, and railway applications. The automotive industry is one of the fastest-growing industries, in terms of value and volume. The growing economy and increasing expenditure on commercial and luxury vehicles in emerging economies such as China, India, and Brazil are expected to increase the demand for flexible foam in transportation applications during the forecast period. The use of flexible foam has resulted in significant improvements in weight, safety, durability, and comfort of the transportation industry. Flexible foam plays an important role in the automotive application.
"South America is projected to be the second fastest growing region, in terms of value, during the forecast period in the Flexible foam market."
As South America makes progress in solving its economic and social problems, companies seeking growth and profit in the region are expected to refocus on the vast and growing lower-class and lower-to-middle-class consumers. Major companies such as Honda (Japan) and General Motors (US) from developed countries are investing in South America where a large workforce is available. Low exchange rates and lenient business environment and health & safety laws are also presenting opportunities for major market players in the region.
The key players profiled in the report include BASF SE (Germany), Covestro AG (Germany), Dow Inc. (US), Huntsman International LLC (US), JSP Corporation (Japan), Rogers Foam Corporation (US), UBE Corporation (Japan), Recticel Group (Belgium), Zotefoams Plc (UK) and Woodbridge (Canada) and others.
Research Coverage
This report segments the market for flexible foam based on type, application and region and provides estimations of value (USD million) and volume (Kiloton) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for flexible foam.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the flexible foam market; high-growth regions; and market drivers, restraints, and opportunities.
(Business overview, Products/Services/Solutions offered, Recent Developments, MNM view)**