Global flexible foam market is anticipated to register significant growth by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The versatile use of flexible foam in various industries such as transportation, construction, furniture & upholstery, consumer goods, and packaging is the major factor driving the product market growth. Increasing disposable income, more expenditure on consumer goods, and luxury beddings along with the need for safety & comfort in automobiles and furniture goods will bolster the demand for flexible foam in the upcoming years.
With the development of viscoelastic flexible foams, the furniture & automotive industry can now exploit its moisture absorbing and comfort providing properties. Automobile manufacturers are focusing on developing fuel efficient and light weight vehicles which will further contribute to the growth of flexible foam market, claims the study.
Increasing adoption of the internet in Asia and other regions has encouraged global inclination towards e-commerce and its subsequent advancements will eventually boost the demand for flexible foam. It is used in consumer goods and as packaging material owing to its light weight and ability to absorb shock. The product also possesses insulating properties enabling it to be applied in energy-saving applications.
Factors such as booming population, economic growth, urbanization, FDI investments, along with the initiatives taken by the government to develop smart cities will boost the construction activities, thereby aiding the flexible foam market growth over the forecast period. Moreover, the demand for light-weight upholstery and remodeling of furniture will fuel the product demand, cites the report.
According to the study, the major contenders of the flexible foam market are concentrating on expanding their regional outreach through strategic collaborations and mergers. For instance INOAC, which announced a joint venture with Rogers in 2012 to start a new polyurethane production line in Suzhou, China, aiding both the companies to strengthen their position is the regional market and allowing a steady flow of raw material to meet the consumer demands.
Based on the product type, polyurethane led the flexible foam market in 2018 with the demand share of 50%. The product finds usage in electronics, transportation, building & construction, and consumer goods industry owing to its superior insulating properties. It is suitable for use in substantially low & high temperatures and is available in the forms of blocks, sheets, and molded parts, making it ideal for an array of end-use applications.
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Based on the end-use outlook, flexible foam market from upholstery & furniture segment is predicted to witness a CAGR of 6% by the year 2025, owing to the increasing disposable income in developing economies such as South Africa, UAE, and India and growing demand for premium cushions & furniture. With the advancements in viscoelastic products, the end-use goods are protected against allergens and microbes, making them durable and long-lasting.
In terms of regional contribution, flexible foam market in Asia Pacific region is expected to observe significant growth over the forecast period, pertaining to the consumer inclination towards online shopping and the availability of extensive product range in online platforms. Evolving demands of consumers for home interior products, in consort with the extension of leading furniture brands such as IKEA in the APAC region offering cost-effective upholsteries will propel the flexible foam market growth in the region.
The key players operating in the flexible foam market include BASF, Recticel, Covestro AG, Huntsman International, Woodbridge Foam Corporation, Carpenter Co., ZOTEFOAMS, and Dow Chemical Company, among others.