Consumer Foam Market Size to Hit 58.37 USD billion by 2029 at 4.95% CAGR - Report by Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Consumer Foam Market.

The global consumer foam market is expected to grow at 4.95% CAGR from 2023 to 2029. It is expected to reach above 58.37 USD billion by 2029 from 32.50 USD billion in 2022.

Consumer foam is used in many different ways in the furnishings and bedding sectors. This foam is used in furniture padding, bedding, carpet underlay, and beds due to its low density, which greatly reduces the product's weight. These foams are some of the best insulation products available, which qualifies them for use in electronics sector coolers and freezers. The footwear industry is another significant consumer of foam, using it for shoe bases, shoe uppers, and shoe midsoles.

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Key Developments

• In February 2020, For USD 350 million, Huntsman Corporation purchased Icynene-Lapolla (US), a producer and supplier of spray polyurethane foam (SPF) insulation solutions for domestic and industrial uses. With this acquisition, Huntsman Corporation hopes to expand its downstream polyurethane business and fortify its line of polyurethane products.

Market Dynamics

Drivers

• Increased Local Car Sales to Drive the Demand for Consumer Foam
• Strong Automobile Production to Drive the Demand for Foam
• High Growth in the Automotive Industry to Drive the Market

Restraints

• Increasing Use of PU Foam in the Bedding & Furniture Sector to Drive the Market

Opportunities

• Growth in the Automotive Industry to Drive the Demand for Foam
• Automotive Industry to Boost the Market

Challenges

• Moderate Growth Expected in this Mature Market
• Automotive and Consumer Electronics Sectors to Boost Demand
• Presence of Key Automotive Players to Positively Influence the Market

North America has a dominating 41% share in the consumer foam market due to rising demand for plastics in end-users’ industry and increasing infrastructure and construction industry.

North America is expected to be the fastest-growing consumer foam market. Factors such as increased consumer foam demand from various sectors, as well as the expanding presence of global companies dealing in polyurethane foams, are projected to boost the consumer foam market in the area.

China, India, Japan, and South Korea are major contributors to the region’s increasing demand for Consumer foam. Innovation, price deflation, and growing family incomes, particularly in emerging Asian economies, have produced in increased demand for consumer electrical items, adding to the region’s Consumer foam market growth.

The increased production of bio-based polyols provides an opportunity for the consumer foam industry to expand in the future.

Polyols are mostly utilised in the production of consumer foam. Concerns about the usage of fossil fuels and the environmental effect of plastics have prompted the consumer foam sector to seek for more sustainable business methods. In terms of sustainability and cost-effectiveness, bio-derived materials, such as soy-based polyols, outperform conventional polyols. They also lessen reliance on raw materials derived from petroleum.

The price and availability of raw materials, which define the cost structure of goods, are the key restraints on the growth of the consumer foam market.

The price and availability of raw materials, which define the cost structure of goods, are the key restraints on the growth of the consumer foam market. The primary basic ingredients utilised in the production of foam are benzene, toluene, polyol, and phosgene. These are petroleum derivatives that are susceptible to price swings. Oil prices were very unpredictable in 2023-2029 as a result of increased global demand, turmoil, and foreign military action in the Middle East.

Consumer Foam Market Report Scope

Consumer Foam Market Players

The global consumer foam market key players include Covestro AG, BASF SE, JSP Corporation, Dow Inc., Huntsman Corporation, Sekisui Chemical Co., Ltd., Saint-Gobain, JSP Corporation, Trelleborg AB, Chemtura Corporation (Lanxess) and others.

Various businesses are focusing on organic growth tactics such as new launches, product approvals, and other things like patents and events. Mergers & Acquisitions, partnerships, and collaborations were among the inorganic growth tactics observed in the market. These initiatives such as developing new products and upgrading others, have paved the road for market participants to expand their business. These market players in the consumer foam market are expected to benefit from attractive growth prospects in the future.

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Key Market Segments: Consumer Foam Market

Consumer Foam Market by Foam Type, 2023-2029, (USD Million) (Kilotons)

• Flexible Foam
• Rigid Foam

Consumer Foam Market by Resin Type, 2023-2029, (USD Million) (Kilotons)

• Polyurethane
• Polystyrene
• Polyolefins
• Phenolic

Consumer Foam Market by End Use Industry, 2023-2029, (USD Million) (Kilotons)

• Bedding & Furniture
• Footwear
• Automotive

Key Trends

• The key trends in Consumer Foam technology are lighter weight foams, improved durability, and better environmental sustainability.
• Lighter weight foams are being developed that still offer the same level of comfort and support as traditional foams. This is important as it can help reduce the overall weight of products, making them more portable and easier to transport.
• Improved durability is another key trend, as consumers are looking for products that will last longer and stand up to more wear and tear. This is especially important for products that are used frequently or are subject to rough treatment.
• Finally, there is a trend towards more environmentally sustainable foams. These foams are made from renewable resources and are designed to degrade more quickly after use. This helps to reduce the impact of foam products on the environment.

Key Drivers

• There are several key drivers of the consumer foam market. One of the most important is the increasing demand for flexible and comfortable packaging solutions. This is being driven by the growth of the e-commerce sector, as online retailers require packaging that can protect delicate items during transit.
• Another key driver is the increasing use of foam in the construction industry. This is due to its thermal and acoustic insulation properties, which can help to improve the energy efficiency of buildings.
• Other important drivers of the consumer foam market include the increasing use of foam in the automotive industry and the growing demand for sports and leisure products. The automotive industry is using foam to create lighter, more fuel-efficient vehicles, while the sports and leisure sector is benefiting from its cushioning and impact absorption properties.

Restraints & Challenges

The Consumer Foam market is highly competitive with a large number of players. The key restraints and challenges in the market are:

1. Low barriers to entry: The Consumer Foam market is relatively easy to enter, with low barriers to entry such as low capital requirements and easy access to raw materials. This leads to a large number of small and medium-sized enterprises competing in the market.

2. Fragmented market: The Consumer Foam market is fragmented, with a large number of small and medium-sized enterprises. This makes it difficult for any one player to gain a significant market share.

3. Slow economic growth: The global economy has been growing slowly in recent years, which has led to slower growth in the Consumer Foam market.

4. Changing consumer preferences: Consumer preferences are constantly changing, making it difficult for companies to keep up with the latest trends.

Key Question Answered

• What is the current size of the consumer foam market?
• What are the key factors influencing the growth of consumer foam?
• What is the major end-use industry for consumer foam?
• Who are the major key players in the consumer foam market?
• Which region will provide more business opportunities for consumer foam in future?
• Which segment holds the maximum share of the consumer foam market?

Have a Look at Exactitude Consultancy Reports:

Ceramic Foams Market is expected to grow at 5.2% CAGR from 2023 to 2029. It is expected to reach above USD 601.91 million by 2029 from USD 381.40 million in 2022.

Microcellular Polyurethane Foam Market is expected to grow at 5.55% CAGR from 2023 to 2029. It is expected to reach above 10.42 USD billion by 2029 from 6.56 USD billion in 2022.

Polyurethane Foam Market will witness a CAGR of 7% for the forecast period of 2023-2029. It is expected to reach above USD 41.10 Billion by 2029 from USD 38.60 Billion in 2022.

Acrylic Foam Tapes Market size is expected to grow at 6.8% CAGR from 2023 to 2029. It is expected to reach above USD 15.25 billion by 2029 from USD 8.44 billion in 2022.

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