Polymer Foam Market to Foresee Growth from Developing Countries
The polymer foam market is expected to witness a CAGR of 5.5% to reach $141.87 billion by 2023
Bangalore, India, November 28, 2018: With its recent published study “Polymer Foam Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the global market for polymer foam will continue to grow. The growing disposable income among developing countries, increasing awareness about environment, and changing packaging aesthetics are the factors driving the polymer foam market growth. The market revenue will increase to $141,87 billion by 2023, growing at a CAGR of 5.5%.
Polymer foam are widely used owing to its various characteristics like, they have low density and thus weight reduction in comparison with another substitute is high. Some polymer foams are soft and flexible thus making it apt to be utilized in furniture and bedding. Also, some polymer foams have very low heat & sound transfer coefficients, making them suitable insulators.
Building & construction end user segment is dominating the polymer foams market. The next major end user segment contributing towards the market is automotive. Automotive largely uses polymer foam for cushions, seats, and insulation. The packaging segment is expected to grow rapidly with a high CAGR pushing the polymer foam market demand growth during forecast period.
Polyurethane segment is contributing heavily towards the market. It is expected to grow at a CAGR of 5.1% during the forecast period. The major trend impacting the market positively is the increasing demand from end use sectors. Specifically, the increased demand for packaging and automotive in various geographies is accelerating the global polymer foam market.
“Technological development along with innovation is leading to come up with better polymer foam with various new characteristics. For example, the polymer foam utilized in furniture and bedding is now customized as per customer demand whether they want the foam to be soft and flexible or rigid. This in the coming years will positively impact the global polymer foam market.” said Vasundhara Singh, Research Associate, Infoholic Research.
Key insights of the report include
- Major types
- Key end-users
- Building and Construction
- Furniture and Bedding
- Industry outlook - Market trends, drivers, restraints, and opportunities