Global Foam Plastics Market Report and Forecast 2024-2032

Global Foam Plastics Market Outlook

The global foam plastics market reached a value of about USD 116.64 billion in 2023. The industry is further expected to grow at a CAGR of 3.40% in the forecast period of 2024-2032 to reach nearly USD 157.56 billion by 2032.

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The Asia Pacific to Account for a Significant Share of the Market for Foam Plastics

The Asia Pacific region is one of the significant markets for foam plastics owing to the rising demand for the polymer in various end-use industries. The growth in the region can be attributed to rapid industrialisation and the increasing investments in major industries, such as building and construction, packaging, automotive, building and construction, and furniture and bedding, among others. With rapid urbanisation and the consequent infrastructural development in emerging economies in the region, the demand for foam plastics is significantly increasing. Moreover, the rising construction and infrastructure development activities by governments and private companies are expected to increase the demand for foam plastics, which is anticipated to contribute to the overall growth of the industry.

Foam Plastics: Market Segmentation

Foam plastics, variously known as cellular polymers or expanded plastics, are made from polymers. A synthetic resin is transformed into a sponge-like mass with a closed-cell or open-cell structure that can be flexible or rigid for the formation of foam plastics. Foam plastics with a closed-cell structure are formed by incorporating a blowing agent that decays at the fusion point of the plastic, discharging gas bubbles that are entrapped throughout the gelling. Meanwhile, foam plastics with an open-cell structure are produced by incorporating an inert gas into the resin under pressure and subsequently removing the mixture from the atmosphere and curing the resulting foam.

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By type, the market is divided into:

• Polyurethane
• Polystyrene
• Polyolefin
• Phenolic
• Others

The various applications of foam plastics in the market are:

• Building and Construction 
• Packaging
• Automotive
• Furniture and Bedding
• Footwear, Sports, and Recreational 
• Others

The EMR report looks into the regional markets of foam plastics like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Applications of Foam Plastics in Various End-Use Industries Augmenting the Market Growth

Due to rapidly expanding end-use sectors, the foam plastics industry is witnessing a boom. This can be attributed to economic expansion in developing nations and major end-use sectors like building and construction, automotive, packaging, and furniture and bedding, among others. As manufacturers and merchants are increasingly attempting to enhance the safety and cost-efficiency of packaging solutions, the demand for foam plastics in the packaging industry is surging. In addition, foam plastics are sustainable and can be disposed of by incineration, the by-products of which are utilised as a fuel source for waste-to-energy programs in municipalities, hence driving the market growth.

With the robust growth of the automotive industry, the demand for foam plastics is significantly surging. The extensive use of foam plastics like polyurethane in armrests, seats, and headrests of passenger cars owing to their cushioning properties is propelling the market growth. As foam plastics are lightweight and durable, they are increasingly utilised to enhance the cost-effectiveness and fuel-efficiency of automobiles. Moreover, the rising preference for vehicles with enhanced features such as shock absorption is surging the demand for innovative foam plastics, which is expected to provide impetus to the market growth.

Key Industry Players in the Global Foam Plastics Market

The report gives a detailed analysis of the following key players in the global foam plastics market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Alchemie Ltd.
• Covestro AG
• Hexion Inc
• Huntsman Corporation
• BASF SE
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report