DUBLIN--(BUSINESS WIRE)--The "Foam Plastics Market by Type (PU, PS, PO, Phenolic), End-Use Industry (Building & Construction, Packaging, Automotive, Furniture & Bedding, Footwear, Sports & Recreational), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The foam plastics market is projected to grow from USD 51.3 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 4.8% between 2020 and 2025.
Growth of major end-use industries of foam plastics, high demand for foam plastics in APAC, and energy sustainability and energy conservation properties of foam plastics are the major factors driving the growth of the market.
Building & construction segment is projected to be the largest end use market of foam plastics.
The building & construction industry is expected to lead the overall foam plastics end use market, in terms of value, between 2020 and 2025. Building & construction applications include forging, doors, roof board, and slabs. The building & construction industry is also expected to witness the highest growth rate during the next five years, driven by huge investments in new infrastructure development, new housing projects, and renovation of non-residential buildings in the US, China, India, and Brazil.
Polyurethane resin is the fastest-growing segment of the foam plastics market.
PU resins are used to manufacture foams which are available in a wide range of rigidity, hardness, and density levels. Low-density flexible foams are used in upholstery, bedding, automotive and truck seating, and novel inorganic plant substrates for roof or wall gardens. Low-density rigid foams are used in thermal insulation and RTM cores. PU resin-based foams are mainly used in furniture & bedding and building & construction sectors. It is produced by many leading manufacturers. BASF provides foam plastics under brands such as Elastoflex, CosyPUR, Elastopor, Elastospray, Elastofoam, and Elastopir.
APAC is estimated to be the largest market for foam plastics during the forecast period.
APAC is projected to be the largest and the fastest-growing market for foam plastics during the forecast period. The region encompasses countries with different levels of economic development. The market growth in the region is mainly attributed to its high economic growth rate and heavy investments across industries, such as building & construction, packaging, furniture & bedding, automotive, footwear, and sports & recreational. The key foam plastics market players are expanding their production capacities in APAC, especially in China and India. The advantages of shifting production to APAC are the low cost of production and the ability to serve the local emerging market better.
Market Dynamics
Drivers
- Growth of Major End-Use Industries of Foamed Plastic Resins
- Energy Sustainability and Energy Conservation
Restraints
- Volatility in Raw Material Prices
Opportunities
- Investment in Emerging Markets
- Growth Potential in Less Regulated Regions
Challenges
- High Pricing Pressure
- Stringent Regulations
- Growing Demand for Bio-Based Polyols
Companies Profiled
- BASF SE
- Covestro
- Huntsman International Llc
- The Dow Chemical Company
- Wanhua Chemical Group Co., Ltd.
- Hexion Inc.
- MCNS
- Sabic
- Shell International B.V.
- Total S.A.
- Alchemie Ltd.
- Cangzhou Dahua Group Co. Ltd.
- China Petrochemical Corporation (Sinopec Group)
- Kumho Mitsui Chemicals Corp.
- Kuwait Polyurethane Industries W.L.L.
- Lanxess
- LG Chem
- Lyondellbasell Industries Holdings B.V.
- Nova Chemicals Corporate
- Ravago Chemicals
- Repsol
- Stepan Company
- Taita Chemical Co., Ltd.
- Tosoh Corporation
- Webac-Chemie Gmbh
- Wuxi Xingda Group
For more information about this report visit https://www.researchandmarkets.com/r/cf0j64
