/EIN News/ — New York, Sept. 15, 2021 (GLOBE NEWSWIRE) — Automotive Foam Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Foam Market: Information by Type (Polyurethane (PU) Foam, Polyolefin (PO) Foam, Others), Application (Seating, Door panels, Bumper System, Others), End-use (Car, Light Commercial Vehicle, Heavy Commercial Vehicle) and Region – Forecast till 2028” the market is projected to be worth USD 80.27 billion by 2028, registering a CAGR of 10.23% during the forecast period (2021 – 2028)., The market was valued at USD 38.61 billion in 2021.
Market Competitive Landscape:
List of the prominent companies in the global automotive foam market profiled are:
- BASF SE (Germany)
- Johnson Controls (US)
- Saint-Gobain (France)
- Recticel (Belgium)
- Woodbridge Foam Corporation (Canada)
- Armacell (Germany)
- DOW (US)
- Rogers Corporation (US)
- Bridgestone Corporation (Japan)
- Lear Corporation (US), among others.
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The automotive foam provides cushion and sound management generally used around windshields, instrument panels, door panels, and headliners. These foams are made comprised of a solid and a gas phase mixed together to form a plastic foam. They come in a variety of foam types depending on the raw materials used.
Expansion in the industries in emerging countries is a key factor propelling market growth; vehicles are seen as a status symbol in society; changing lifestyles of people, and increased sales of electric vehicles are among the primary factors driving the automotive foam market. Furthermore, in the forecast period, rising urbanization and renewable feedstock for producing green PU foams will generate new opportunities for the automotive foam market.
Market USP Covered:
The increase in demand for electric vehicles and higher investments in the research and development of vehicles and automotive foam for other applications are the factors driving the market. Along with this, automotive foam highlights unique physical properties and higher mechanical strength. This has increased the demand for automotive foam in the international market.
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The fluctuating prices of raw materials required to manufacture automotive foam is restraining the market growth.
COVID-19 is an unprecedented global public health crisis that has impacted practically every business. Its long-term repercussions are expected to influence industry growth during the forecast period. The economic slowdown followed by the pandemic has reduced the demand for cars and pushed people to buy second-hand cars, thereby slowing the market growth. The government-mandated lockdowns have slowed down production. However, the global automotive foam market is predicted to develop as regional government agencies begin to lift these enforced lockdowns.
The application, type, and end-use are in the segmentation of the global automotive foam market.
By application, the door frame segment is the most popular segment. The sector accounts for around 15% of the worldwide automotive foam market.
By type, PU foam is the most dominant category in the market. It’s a synthetic polymer that can be used for insulation and protection. There are two types of polyurethane foams: rigid and flexible, which account for around 55% of the market. Flexible polyurethane foam is utilized in a variety of commercial applications, while rigid polyurethane foam is mostly used for insulation.
By end-use, the market is segmented into cars, light commercial vehicles, and heavy commercial vehicles. Heavy commercial vehicles are the most significant end-users in the market due to rapid industrialization.
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Increased research and development for various automobile materials to improve fuel efficiency are driving the North American market for automotive foam. As a result, new manufacturing technologies and research and development efforts in the United States are propelling market expansion.
Since this region has many automobile manufacturers, demand for automotive foams is likely to increase. The fastest-growing market is in the Asia-Pacific region. The expanding production and sale of electric vehicles in developing economies, particularly in China, India, and Southeast Asia, is expected to boost demand for automotive foam at a large rate in the future years. Similarly, the Chinese government’s incentives and subsidies to both makers and buyers of electric cars have increased demand for automotive foam over the review period to reach the objective of about 35 million electric vehicles by 2025.
In the Middle East and Africa region, the retail and tourism industries in the UAE and Saudi Arabia are predicted to grow significantly, increasing the demand for lightweight and heavy commercial trucks for products transportation. In Latin America, the leading producers and exporters of automobiles and parts are Brazil and Mexico. The region’s economic stability and increasing modernization are boosting the automobile sector and, as a result, regional market growth.
Segmentation of Market covered in the research:
Automotive Foam Market: Information by Type (Polyurethane (PU) Foam, Polyolefin (PO) Foam, Others), Application (Seating, Door panels, Bumper System, Others), End-use (Car, Light Commercial Vehicle, Heavy Commercial Vehicle) and Region – Forecast till 2028
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