The global foam plastics market accounted for a value of USD 49.1 billion in 2019. Foam Plastic market projected to register growth at a CAGR of 4.1% during forecast period.
COVID-19 has impacted the foam plastics market as supply chain got disrupted due to travel restriction and manufacturing units have to shut or halt its production due to lockdown. The demand from end-users industries is declined as the major end-users industries have to shut its units for months. The construction activities are reduced in the market which has direct effect on foams plastics. The foam plastics market will foresee a significant decline due to spread of corona virus.
For more details, visit: Global Foam Plastic Market By Type (Polyurethane, Polystyrene, Polyolefin, Phenolic, Others), By Application (Building & Construction, Packaging, Automotive, Furniture & Bedding, Others), By Region, Forecast & Opportunities to 2026
Foam plastics are used for various applications such as forging, doors, slabs, roof board, wall insulation and sound proofing etc. The ongoing developments in infrastructure involve huge investments in non-residential buildings, new housing projects and renovation projects in various regions around the globe. It utilizes foam plastics at large scale and increases demand for foam plastics. This drives growth in foam plastics market during forecast period.
On the basis of type, the foam plastics market is segmented into polyurethane, polystyrene, polyolefin, phenolic and others. The polyurethane segment is estimated to grow at highest CAGR during forecast period. Polyurethane posses low heat conduction, low water absorption, low density and good insulation properties which are highly in demand for various applications. This foam is available in various rigidity, density and hardness levels and has different applications in the market. This is likely to drive growth in polyurethane foam plastics type segment during forecast period.
On the basis of type, the foam plastics market is segmented into building & construction, packaging, footwear, sports & recreational, furniture & bedding, automotive and others. The building & construction application accounted for largest market share in 2019 and it is estimated to lead the market during forecast period. The foam plastics are used making roof board, slabs, doors, forging and wall insulation etc in building & construction industry. Foam plastics are highly preferred by manufactures due to their properties such as low density, low water absorption, good mechanical strength and low heat conduction. The demand and adoption of foam plastics is increasing in building & construction industry and this drives growth in building & construction industry during forecast period.
Asia-Pacific region is estimated to be fastest growing region in foam plastics during forecast period. This region is undergoing high economic growth and various companies are investing in various industries such as packaging, building & construction, furniture & bedding and automotive. The rate of urbanization is very high which involves construction of advanced infrastructure that involves foam plastics utilization at large scale. The demand for foam plastics is very high in Asia-Pacific region due to increase in construction activities and infrastructure development projects. This drives growth in Asia-Pacific region during forecast period.
The key market players in foam plastics are BASF SE, Covestro, Huntsman International LLC, The Dow Chemical Company, Wanhua Chemical Group, Hexion INC., MCNS, Sabic, Shell International B.V., Total S.A., Alchemie Ltd., Changzhou Dahua Group Ltd., China Petrochemical Corporation, Kumho Mitsui Chemicals Corp., Kuwait Polyurethane Industries, Lanxess and LG Chem.
- What are the expected industry trends over the next three to five years?
- Which of the foam plastics type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?