The global polymer foam market size is projected to reach USD 157.63 billion by 2027, exhibiting a CAGR of 7.73% during the forecast period. Development of biodegradable polymeric foams will play a crucial role in expanding the scope of this market, observes Fortune Business Insights™ in its report, titled “Polymer Foam Market Size, Share & COVID-19 Impact Analysis, By Type (Polyurethane (PU), Polystyrene (PS), Polyethylene (PE), Polyvinyl Chloride (PVC) and Others), By Application (Automotive, Building & Construction, Packaging, Furniture, Appliances, Apparel and Others), and Regional Forecast, 2020-2027”. This foam is created by dispersing gas into the polymer matrix and can take the form of expanded rubber, cellular elastomers, or sponges.
Traditional polymeric foams use petroleum products as raw materials, which has led to heightened environmental concerns as these products are extensively utilized in various end-use industries. As a result, companies are now focused on developing biodegradable polymer foams that are sustainable and whose cost or production is not affected by changes in crude oil prices. For example, New York-based Ecovative Design released Myco Foam in 2016, which the company developed from mycelium, the vegetative part of mushroom. This foam is 100% biodegradable that can substitute polystyrene in packaging and thermal insulation applications.
The outbreak of the COVID-19 pandemic has triggered widespread turmoil in the global economic dynamics. Businesses around the world are struggling to cope with the rapidly changing circumstances. Governments are devising innovative policies and measures to steer their countries out these troubled waters. We are also taking solid efforts to generate intelligent analysis on different markets and providing detailed assessment of the impact of this pandemic on your business.
Browse Complete Report [email protected] https://www.fortunebusinessinsights.com/industry-reports/polymer-foam-market-101698
The report states that the global market value stood at USD 114.88 billion in 2019 and provides the following:
• Quantitative and qualitative analysis of the short-term and long-term impact of the COVID-19 pandemic on the market;
• Actionable insights into the upcoming opportunities in the market;
• Granular study of the market, drivers, restraints, and segments; and
• Detailed examination of the regional developments, competitive landscape, and emerging investment pockets for the market.
Research into Recyclable Polymer Foams to Create Promising Prospects
An emerging trend that is expected to catalyze the polymer foam market growth is the increasing research conducted to study the viability of recycling waste polymer foams such as phenolic foam and polyethylene terephthalate (PET) foam. A study published in the journal ‘Industrial Crops and Products’ in 2017, which created polyurethane rigid foams from recycled PET, found that the rigidity of PU foams grew three-fold and strength enhanced two-fold after adding adipic acid and glycerol. Another study published in the journal ‘Polymer Degradation and Stability’ found that recycled rigid polyisocyanurate foams derived from recovered polyols exhibited improved mechanical properties and cellular structure compared to those made from virgin polyols. Such research studies can be utilized by players to synthesize environment-friendly polymeric foams and augment the potential of this market.
Asia Pacific to Lead the Market Backed up High Consumption of Polymer Materials
Asia Pacific, with a market size of USD 50.36 billion in 2019, is expected to dominate the polymer foam market share during the forecast period owing to the consistently high demand and consumption of polymerized materials. This trend is mainly driven by the exponential growth in building & construction activities in the developing economies of India, China, Vietnam, and Bangladesh.
In Europe, the market is anticipated to grow at a remarkable pace on account of wide utilization of these polymer type of foams in automotive interiors and augmenting the safety quotient in vehicles. In North America, increasing demand for effective insulation materials for food packaging will be the prime factor driving the regional market growth.
Exciting Product Launches by Key Players to Fuel Competition
Operations of small number of companies are shaping the competitive dynamics of this market. These companies, with their well-established presence and a strong product portfolio, are injecting money into R&D to engineer innovative polymeric foams with broad applicability in multiple industries.
• March 2020: BASF introduced new variant of its polypropylene foam range Neopolen® called the Neopolen® P 9235+. The new material features optimized filling behavior for industrial manufacturing, an enhanced color impression depth, and superior surface properties.
• July 2019: India-based Sheela Foam Ltd acquired majority stake in the Spanish company Interplasp SL for an estimated value of USD 46.7 million. The purchase will allow Sheela Foam to establish presence in Europe, which is touted to be the world’s largest market for polyurethane foam.
List of Companies Profiled in the Polymer Foam Market Report:
• Sealed Air (U.S.)
• Arkema (France)
• Armacell International S.A. (Germany)
• Borealis AG (Austria)
• Polymer Technologies, Inc. (U.S.)
• Zotefoams plc (UK)
• Synthos (Poland)
• Sekisui Alveo (Switzerland)
• BASF SE (Germany)
• Total SA (France)
• KANEKA CORPORATION (Japan)
• Toray (Japan)
• SABIC (Saudi Arabia)
• Celanese Corporation (U.S.)