Polymer Foam Market Size to Reach $134.1 Billion by 2027 | CAGR: 6.0%: AMR
9 December 2020
Portland, OR, Dec. 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global polymer foam market generated $83.9 billion in 2019, and is expected to generate $134.1 billion by 2027, witnessing a CAGR of 6.0% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, top investment pockets, key segments, major winning strategies, product performance, and competitive scenario.
Rise in application in building and construction activities, increase in demand in electronics packaging, and surge in disposable income fuel the growth of the global polymer foam market. However, availability of eco-friendly substitutes restrains the market growth. On the other hand, advancements in additive manufacturing for polymer foams present new opportunities in the coming years.
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- Manufacturing activities have been halted due to lockdown imposed in many countries. Moreover, the supply chain has been disrupted. The shortage of raw materials and unavailability of labors have occurred.
- Many end-user industries such as construction and packaging have come to standstill. So, the demand from these industries decreased significantly.
- Decline in per capita income led to reduced purchase of various electronics products and sports & recreational equipment. This, in turn, reduced demand for polymer foam.
- The demand would recover steadily as lockdown restrictions are lifted off and construction activities & factories have begun their operations.
The report provides detailed segmentation of the global polymer foam market based on type, application, and region.
Based on type, the polyurethane (PU) foam segment held the highest share in 2019, accounting for nearly three-fifths of the market, and is projected to maintain its lead position during the forecast period. However, the polypropylene (PP) foam segment is projected to manifest the highest CAGR of 6.4% from 2020 to 2027.
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Based on application, the furniture and bedding segment accounted for the highest market share in 2019, contributing to nearly two-thirds of the global polymer foam market, and is estimated to maintain its highest contribution in terms of revenue by 2027. However, the packaging segment is expected to witness the fastest CAGR of 11.3% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue, holding nearly half of the global market share in 2019, and will maintain its lead position by 2027. In addition, the region is estimated to portray the highest CAGR of 6.4% during the forecast period. The report also explores regions including North America, Europe, and LAMEA.
Key players of the global polymer foam market analyzed in the report include BASF SE, Kaneka Corporation, Dow Inc., Rogers Corporation, Recticel, Covestro AG, Huntsman Corporation, Sealed Air Corporation, and others.
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