The polymer foam market size was valued at USD 114.88 billion in 2019. It is projected to grow to USD 157.63 billion by 2027 at a CAGR of 7.73% during the forecast period. The market is thriving at an exponential rate due to its excellent properties in the manufacturing of flooring products and insulation panels. Fortune Business Insights™ stated this in a report titled, "Polymer Foam Market, 2021-2028."
IInformation Source- https://www.fortunebusinessins....ights.com/industry-r
Segmentation-
Growing Demand for Bedding ProductsSpurs PolyurethaneSegment
On the basis of type, the market is classified into polyethylene (PE), polyvinyl chloride (PVC), polyurethane (PU), polystyrene (PS), and others. The polyurethane segment will dominate due to increasing demand for bedding products and viscoelastic foam for making mattresses.
Rise in Residential Constructional Activities Surge demand in Building & construction segment
In terms of application, the market is categorized into packaging, furniture, appliances, automotive, building & construction, and apparel. The building & construction segment will gain traction due to a rise in residential constructional activities to make building designs classier.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Drivers and Restraints
Increasing Stress Level among the Students and Working Classto Stimulate Product Demand
The rise in the global geriatric population has surged a demand for memory foam-based bedding products such as cushions and mattresses. Another reason that surged the need for the product is the increasing stress level among the students and working-class individuals to relax the muscles strain. Meanwhile, due to its non-biodegradable nature, it could hamper the polymer foam market growth.
Regional Insights
Growing Awareness about Energy Security Nurtures Growth in North America
Asia Pacific held the significant polymer foam market share and is expected to lead the global market during the projection period due to the increased disposable income and rising demand from various applications such as construction and packaging.
Europe has projected remarkable growth across regions during the forecast period due to the growing demand for the product in furniture and packaging applications for better interior design.
The Middle East & Africa is expected to contribute to sluggish growth due to the lack of production of foams across the regions to meet the local demand.
Competitive Landscape
Partnerships among Renowned Companies to Grow Its Client Base
Leading companies will likely invest in R&D activities, technological advancements, and product rollouts to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
