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Polymer Foam Market to Register 7.73% CAGR till 2027; High Demand for Polymeric Foams to Make Home Appliances Flame-Retardant to Propel Growth

September 29, 2020 | Chemicals & Materials

The global polymer foam market size is projected to reach USD 157.63 billion by 2027 owing to rapid diversification of packaging applications worldwide, states Fortune Business Insights™ in its report, titled “Polymer Foam Market Size, Share & COVID-19 Impact Analysis, By Type (Polyurethane (PU), Polystyrene (PS), Polyethylene (PE), Polyvinyl Chloride (PVC) and Others), By Application (Automotive, Building & Construction, Packaging, Furniture, Appliances, Apparel and Others), and Regional Forecast, 2020-2027”. The report further states that the global market value stood at USD 114.88 billion in 2019 and is expected to grow at a CAGR of 7.73% from 2020 to 2027.


The COVID-19 pandemic outbreak is anticipated to deflate the polymer foam market growth owing to widespread disruptions in global supply chains and slowdown in automotive manufacturing. However, rising demand for packaging materials in the health and food processing industries is expected to offset these losses.


Celanese Deepens Footprint in India’s Burgeoning Specialty Materials Domain


In January 2019, US-based Celanese Corporation announced the successful acquisition of Next Polymers, the largest engineering thermoplastics (ETP) company in India. The acquisition is in line with Celanese’s strategy to strengthen and expand its footprint in the specialty materials domain in India and emerge as a dominant force in the fledgling ETP market of India. The company aims to develop and deliver nylon and other synthesized materials to broaden their sales horizons in India. The takeover will also entail Celanese setting up additional production facilities in the country, including a world-class compounding plant and 10 production lines, to meet the domestic demand as well as provide a platform for exports.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/polymer-foam-market-101698


Surging Growth in Building & Construction to Accelerate Market Expansion


Rapid urbanization and economic progress in major regions around the globe have laid the foundation for prolific growth of the building & construction industry. According to recent data released by Oxford Economics and Global Construction Perspectives, by 2030, the volume of construction output is slated to reach USD 15.5 trillion in value, growing at a rate of 85%. This growth is expected to be driven by speedy rise in construction activities in the US, China, and India, with India overtaking Japan by 2021. In Europe, the construction industry in the UK is anticipated to showcase staggering performance, despite construction activities slowing down in the rest of the continent, the data highlights. Polymer foams are widely utilized for construction purposes as they provide solid heat insulation, low density, high specific strength, and superior resistance to corrosion. As a result, these foams aid in engineering combustion-resistant and heat insulated building materials. Thus, with rapid growth in the global construction industry, the demand for polymeric foams is likely to skyrocket in the coming years.


Strategic Takeovers to be the Core Focus Area for Key Players


Key players in this market are exploring avenues to broaden and deepen their position. The dominant strategy employed by companies to achieve this dual goal is to acquire smaller, regional players, which allows them to gain access to novel technologies and ideas as well as diversify their offerings. More importantly, the acquiring company can leverage the acquired company’s distribution network and customer base to expand its revenue streams and cement its position in the market.


Industry Development:



  • July 2019: US-based Huntington Solutions completed its acquisition of Texas Foam, a foam packaging specialist. This move will provide Huntington access to Texas’s innovative thermally-insulated molded EPS packaging products that are designed to industry-grade durability requirements.    


List of Key Players Covered in this Market Report:



  • Sealed Air (U.S.)

  • Arkema (France)

  • Armacell International S.A. (Germany)

  • Borealis AG (Austria)

  • Polymer Technologies, Inc. (U.S.)

  • Zotefoams plc (UK)

  • Synthos (Poland)

  • Sekisui Alveo (Switzerland)

  • BASF SE (Germany)

  • Total SA (France)

  • KANEKA CORPORATION (Japan)

  • Toray (Japan)

  • SABIC (Saudi Arabia)

  • Celanese Corporation (U.S.)


Further Report Findings:



  • The packaging segment, which held a share of 14.7% in 2019, is anticipated to grow steadily as polymer foams are extensively used for various food packaging applications such as food containers and egg cartons.

  • Asia Pacific is expected to lead the polymer foam market share during the forecast period on account of speedy advancements in construction materials, especially in China and Japan. In 2019, the region’s market size was at USD 50.36 billion.


Low production of synthetic materials is expected to cause sluggish growth in the market in Latin America and the Middle East & Africa.


Global Polymer Foam Market Scope














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion) Volume (Million ton)



Segmentation



  Type; Application; and Geography



By Type


 




  • Polyurethane (PU)

  • Polystyrene (PS)

  • Polyethylene (PE)

  • Polyvinyl Chloride (PVC)

  • Others



By Application


 




  • Automotive

  • Building & Construction

  • Packaging

  • Furniture

  • Appliances

  • Apparel

  • Others



By Geography


 




  • North America


    • By Type

    • By Application

    • By Country


      • U.S.

      • Canada



  • Europe


    • By Type

    • By Application

    • By Country


      • Germany

      • UK

      • France

      • Italy

      • Spain

      • Rest of Europe



  • Asia Pacific


    • By Type

    • By Application

    • By Country


      • China

      • India

      • Japan

      • South Korea

      • Rest of Asia Pacific



  • Latin America


    • By Type

    • By Application

    • By Country


      • Brazil

      • Mexico

      • Rest of Latin America



  • The Middle East & Africa


    • By Type

    • By Application

    • By Country


      • GCC

      • South Africa

      • Rest of the Middle East & Africa




Polymer Foam Market
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  • 2019
  • 2016-2018
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