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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.
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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.
List of Key Players Covered in this Market Report:
Further Report Findings:
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
Value (USD Billion) Volume (Million ton)
Type; Application; and Geography