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The global polymer foam market size is projected to reach USD 154.08 billion by 2026, as per a recent report by Fortune Business Insights. Various strategies such as contracts, joint ventures, product launches, mergers and acquisitions, and others adopted by market players will help to boost the market. According to the report titled, “Polymer Foam Market Size, Share & Industry 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, 2019-2026,” the market will gain from increasing construction activities. As per this report, the market value was USD 110.85 Billion in 2018 and will rise with a CAGR of 4.28% within the forecast period of 2019 to 2026.
Increasing Demand for PET Foams from Packaging Industry to Boost Market
Major factors boosting the market include increasing demand from bedding applications, food packaging, furniture, and automotive industries. These industries use polymer foams for roll coverings, food packaging, facades, car seats, pipe covers, and others. The lightweight of the foam makes it more preferable by consumers for personal use such as in furniture, bedding, and others. This, as a result, is driving the market. Moreover, there is a rise in demand for polyethylene terephthalate or PET foams from industries such as transportation and packaging industry due to their ease-of-use properties and efficiency. Thus, the increasing demand for PET foams may accelerate the polymer foam market growth in the years to come. Furthermore, the change in lifestyle has propelled people to adopt a lavish lifestyle change their living standards. This propelled people to buy new furniture and set better interiors in their homes, and commercial spaces. This is further anticipated to create better growth opportunities for the polymer foam market in the coming years.
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Building and Construction Segment to Lead Market
As per current polymer foam market trends, the market is categorized on the basis of type, application, and geography. Based on type, the market is segmented into Polyvinyl Chloride (PVC), Polyethylene (PE), Polystyrene (PS), Polyurethane (PU), and others. Among these, the polyurethane foam segment generated the highest polymer foam market share in 2018. The rise in demand for memory or viscoelastic foam on bedding products and mattresses is anticipated to promote the growth of the polyurethane foam, especially in lower-middle-income nations such as Indonesia, Vietnam, Bangladesh, and India.
In terms of application, the market is classified into apparel, appliances, furniture, packaging, building and construction, automotive, and others. Among these, the building and construction segment generated a market share of 49.10% in 2018, making this segment dominate the market. Polymer foam is very popular and most preferred in a number of industries such as furniture, automotive, appliances, building and construction, apparel, packaging, and others. With high demand from end-uses such as pipe section, sandwich, laminates, pipes, panels, and others, the building and construction sector is likely to continue its dominance in the market in terms of application. Besides this, there is a high demand for polymer foam from the packaging industry as well, which further drives the polymer foam market growth.
Asia Pacific to Dominate Market Owing to Presence of Large Manufacturing Base
From a geographical perspective, the market is dominated by Asia Pacific attributable to the surging demand for polymer foam and building and construction appliances. The rise in disposable incomes of people, coupled with changes in lifestyle and living habits, increased the demand for better furniture and bedding products. This has further increased the demand for polymer foam and is expected to boost the regional market in the forthcoming years.
On the other hand, the market in North America is expected to witness progressive growth rates on account of rising demand for interiors in the automotive industry. Besides this, polymer foam is also used in packaging and furniture appliances and the rise in demand for these appliances is expected to help the region grow remarkably in the forecast duration. Furthermore, the demand for polyurethane is increasing in European nations such as Poland, Slovakia, and Hungary owing to the rise in the construction industry for flooring, building roofs, and other purposes.
Fragmented Nature of Market Expected to Attract High Revenue in Forthcoming Years
The polymer market is fragmented in nature with the presence of various local and international players. Most of the players have their base in Asia Pacific. Major strategies adopted by key players to strengthen their polymer foam market revenue include expansion of geographical presence, distribution channels, and broadening of product offerings.
Some of the significant players operating in the polymer foam market include:
Global Polymer Foam Market Scope
Value (USD Billion/USD Million) and Volume (Kilo Ton)