Foam Plastics Market Size to Reach USD 73.88 Billion in 2028 | Expansion of Building & Construction Industry and Rising Need for Soundproofing are Key Factors Driving Industry Demand, according to Emergen Research
VANCOUVER, B.C., Nov. 10, 2021 /PRNewswire/ -- The global foam plastics market size was USD 51.76 billion in 2020. High demand for foam plastics in packaging, expansion of building & construction industry, increasing sales of electric vehicles, and rising number of sports events are some key factors driving foam plastics market revenue growth.
Drivers: Rising Number of Sports Events
Increasing number of sports events is expected to continue to drive demand for foam plastics due properties such as good elasticity to be deployed on flooring for sports events and activities and to reduce jarring on athletes' joints and limbs in case of an impact. Ethylene vinyl acetate in combination with polyethylene foam are suitable for applications requiring excellent durability, resistance, and compression stress capabilities. Ethylene vinyl acetate foam is also used in the production of water sports equipment such as swimming kickboard and floating foam mats and noodles, among others.
Restraints: Growing Demand for Foam Alternative Packaging
Rising demand for foam alternative packaging, especially for food delivery services and related applications, could hamper market growth to some extent over the forecast period. While foam plastics are non-biodegradable, foam alternative materials, including natural plant fiber, are totally compostable. Foam alternative packaging materials are curbside recyclable, unlike containers produced from foam plastics. Usage would result in less amount of landfill wastes. Also, foam alternative food packaging containers can withstand heat, and can be washed in dishwashers and reused.
The global foam plastics market size is expected to reach USD 73.88 billion in 2028 and register a revenue CAGR of 4.5% over the forecast period, attributed to rising disposable income among consumers in countries in Asia Pacific and increasing investment by various players in emerging markets. Demand for foam plastics is also expected to increase due to expansion of e-Commerce sector and rising need for more lightweight packaging materials.
COVID-19 Direct Impacts
Foam plastics market has been significantly impacted by COVID-19 (SARS-CoV-2) pandemic, owing to imposition of lockdowns, restrictions, social distancing, and supply chain disruptions. These have severely impacted raw material procurement and impacted production and other operations. Also, production halt in automotive industry, which is a key application area for lightweight materials, and major decline in air travel have led to slow-down of revenues.
Current Trends and Innovations
Increasing emphasis on decreasing carbon dioxide emission from automotive sector due to global warming is supporting demand for foam plastics. These materials enable production of more lightweight vehicles and improved fuel-efficiency. Lightweight components are essential for increasing efficiency and mileage of electric vehicles. Vehicle parts manufactured using foam plastics, include bumpers, toolboxes, door pads, headrest, sun visors, and rear seats.
Foam plastics market in Europe accounted for second-largest revenue share in 2020, attributed to implementation of stringent regulations to curb air pollution, high demand for electric vehicles, and rising emphasis on green building concept. In addition, implementation of frameworks such as Leadership in Energy and Environmental Design (LEED) for reducing energy consumption in buildings is also expected to contribute to market revenue growth over the forecast period.
In February 2020, Liquibox announced acquisition of DS Smith PLC's plastics business unit. This acquired business unit comprises rigid and flexible packaging businesses. Injection molded products, foam products, and extruded products of this rigid division will be split into Corplex, Engineered Foam, and DW Reusables Products.
Some Key Highlights From the Report
By product type, polyurethane segment revenue is expected to register faster growth rate than other product type segments over the forecast period. Polyurethane-based foam plastics can be used to efficiently seal any gaps in buildings and provides excellent insulation in various similar applications. These materials are also capable of molding according to contours, form vapor control layers, and improve structural strength.
By application, footwear segment revenue is expected to register a robust growth rate over the forecast period. Demand for foam plastics is relatively high for shoe manufacturing, especially for various types of casual shoes. Use of foam plastic provides better breathability, strength, and environmental protection to shoes.
In aircraft, polyurethane foam finds wide use as an insulation material. Also, usage of polyurethane and polyethylene in aircraft delivers improved durability, weight reduction, and soundproofing.
Companies in the market report include SABIC, Alchemie Ltd., BASF SE, Hexion Inc., Lanxess AG, Covestro AG, LyondellBasell Industries Holdings BV, Huntsman International LLC, LG Chem Ltd., and Tosoh Corporation.
Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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