NEWARK, Del, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The foam market is poised for significant growth, with its size expected to increase from US$ 109.6 billion in 2024 to US$ 179 billion by 2034. Over the next decade, a moderate 5.0% CAGR in the demand for foams is projected to drive the expansion, which had seen a CAGR of 6.0% between 2019 and 2023.
Increased demand from the automotive industry is a significant driver. Automakers utilize foam in various applications, such as seating, insulation, and soundproofing. Its lightweight nature and ability to absorb vibrations enhance comfort and reduce noise levels within vehicles.
As online shopping continues to rise, so does the demand for foam packaging solutions. With the growth of eCommerce, foam provides cushioning and protection for fragile goods during transit. This helps reduce the risk of damage and enhances the overall customer experience.
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The expanding construction sector, particularly in emerging economies, is driving the growth of the insulation foam market. Foam materials are widely employed in insulation, roofing, and sealing applications. They offer excellent thermal efficiency and moisture resistance. Additionally, their ease of installation contributes to energy savings and building durability.
The rising awareness of environmental sustainability is fueling the demand for bio-based and recyclable foams. Consumers and businesses are prioritizing eco-friendly materials. This trend creates opportunities for foam manufacturers to innovate and offer greener alternatives.
Key Takeaways from the Foam Market
- The United States is on track to dominate the foam industry with a projected 5.3% CAGR from 2024 to 2034, driven by advancements in foam manufacturing technologies and favorable government regulations promoting energy efficiency and environmental sustainability.
- China's foam industry is projected to follow closely, with an estimated 5.9% CAGR through 2034, attributed to strong investments in infrastructure development, construction projects, and the automotive sector.
- The foam market in the United Kingdom is likely to show a 5.5% CAGR between 2024 and 2034, influenced by increasing awareness about the benefits of foam-based products in terms of insulation and sustainability.
- Japan's foam industry is projected to develop at a 6.1% CAGR through 2034, propelled by the country's commitment to technological advancements, stringent quality standards, and a rising focus on sustainable practices.
- The South Korea foam industry is likely to exhibit a 7.5% CAGR from 2024 to 2034, impacted by innovations in material science and growing demand from key sectors such as construction, automotive, and packaging.
“Polyurethane foam is on the brink of a transformation with a third-generation blowing agent, boasting low thermal conductivity and resilience to chemicals. The rise of functionally graded polymer foams is revolutionizing the landscape by enhancing energy absorption and optimizing material usage for specific applications. Biodegradable foams are sparking interest across academia and industry, promising eco-friendly solutions. The future of foam lies in these advancements, opening new avenues for market players”- Says Ismail Sutaria, Principal Consultant of Packaging and Materials at Future Market Insights.
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Key Players’ Strategies for Success in the Foam Market
Here are some key strategies that players in the foam industry employ for success:
- Continuous product innovation
- Efficient supply chain management
- Streamlined and sustainable manufacturing practices
- Investment in technology and automation
- Embracing digital technologies
- Effective marketing and branding strategies
- Adaptation to changing regulations and industry trends
- Effective quality control measures
- Strong distribution networks
- Sustainable sourcing practices
- Building strong customer relationships
- Implementing cost-effective strategies
- Skilled workforce development
Recent Developments in the Foam Market
- To broaden its range of goods and provide a more varied selection of materials for this particular sector, Tekni-Plex Consumer Products declared in January 2022 that it plans on adding foam polypropylene processor trays for fresh food products such as meat, poultry, pork, fruits, and vegetables.
- Desktop Metal introduced a groundbreaking expandable 3D printable resin called FreeFoam™ in June 2022 with the goal of producing foam parts in large quantities. Digital light processing (DLP) is used in the 3D printing of this new line of photopolymer resins, which contains heat-activated foaming ingredients.
- Foamplant introduced Moorefoam®, the world's first environmentally friendly open-cell foam, in November 2022. In the automotive, avionics, furniture, and bedding industries, circular manufacturing is made possible by patented Moorefoam® technology. Manufacturers can accomplish 90% CO2 reduction, significantly lower the carbon footprint of their operations, and meet their sustainability targets by frequently recycling Moorefoam®.
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Market Segmentation
By Resin Type:
- Polyurethane
- Polystyrene
- Polyolefin
- Phenolic
- PET
- Others
By Type:
- Flexible Foam
- Rigid Foam
By End-use Industry:
- Building & Construction
- Packaging
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Authored By
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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