Flexible Foam Market 2018 Analysis, Research, Share, Growth, Sales, Trends, Supply, Forecast to 2023

Market Research Future (MRFR) has revealed in its latest study that the Global Flexible Foam Market is set to reach a valuation of USD 39,387.5 Mn by 2023-end up from USD 27,229.3 Mn in 2017. The market is estimated to register a robust CAGR of 6.45% during the forecast period 2018 to 2023. The demand for Flexible Foam is projected to expand across different industry verticals over the next couple of years, catalyzing the market proliferation. However, the price volatility of the raw materials used in the production of Flexible Foam is likely to affect the market adversely with respect to the price-sensitive consumer base.

The boom witnessed in the automotive sector has a directly proportionate relationship with the revenue creation of the Flexible Foam Market. The automotive sector has emerged as the single largest consumer of chemical foams. Comfort is the key focus of the automotive industry leaders which is enhanced by the integration of Flexible Foams into automotive components. The deep-rooted application of Flexible Foams in the automotive sector is expected to drive market expansion. The desirable properties exhibited by Flexible Foam such as lightweight, resilience, low odor, and resistance to mildew have opened avenues for increased demand from furniture and bedding industry. 

Escalated adoption of Flexible Polyurethane Foam in the furniture and bedding industry has encouraged the Flexible Foam Industry leaders to innovate its product offerings according to consumer preferences. For instance, with the shift witnessed towards thicker and firmer mattresses, non-allergenic Flexible Polyurethane Foam is anticipated to be used extensively in the bedding industry.

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Acknowledging the need for sustainable practices in the environmentally conscientious world, companies are investing in the development of safe and eco-friendly methods based on biomass, which is likely to aid market expansion.

Global Market for Flexible Foam-Segmental Analysis:

MRFR’s report offers a detailed segmental analysis of the market based on Type and End-Use Industry.

By Type, the Flexible Foam Market is segmented into polyurethane, polyethylene, polypropylene, and others. The polyurethane segment has been sub-segmented into slabstock, molded, and integral skin foam. The slabstock segment has further been sub-segmented into polyether and polyester. Led by the slabstock sub-segment, the polyurethane segment is likely to retain a dominant share of the Flexible Foam Market in the foreseeable future. The polyethylene segment is likely to gain prominence in the market during the forecast period due to increased demand from end-user industries such as automotive, aircraft, automotive, etc.

By End-Use Industry, the market has been segmented into automotive, packaging, furniture and upholstery, construction, consumer goods, and others. Among these, the automotive segment is estimated to control a significant fraction of the market towards the end of 2023. It accounted for the most significant share of the market in 2017 which accounted for 32.2% of the total share. The segment is projected to reach a valuation of USD 13,253.6 Mn by the end of 2023 up from USD 8,775.9 Mn in 2017. The growth is attributable to the shifting trend towards lightweight and durable foam in automotive components. The automotive segment is trailed by the packaging segment, and, furniture and upholstery segment in terms of share of the market.

Regional Outlook:

On the basis of Region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is estimated to register a relatively higher CAGR of 7.39% through the assessment period. It is further projected to reach a valuation of USD 17,183.8 Mn by the end of the review period. The growth is attributable to the strong value maintained by the automotive, furniture, and packaging industries. Additionally, increasing trading activities and supportive trade regime in the region is expected to augment the demand during the forecast period.

Europe is expected to remain a highly lucrative flexible foam market over the next couple of years. The region is poised to reach a market valuation of USD 8,397.4 million over 2023 thriving at a CAGR of 5.29%. The factors responsible for favoring the growth of the market in the region include inclination towards modern furniture, increasing urge for using bio-based foam in the residential sector, growing demand for lightweight vehicles, etc.

North America is projected to gain prominence as an important growth pocket of the Flexible Foam Market. Increasing demand for bio-based flexible foam coupled with a reduction in greenhouse emissions is expected to have a positive influence on the market proliferation.

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Flexible Foam Market 2018 | Trends, Top Manufactures, Industry Growth Analysis & Forecast 2023

Flexible Foam Market – Market Overview:

The Global Flexible Foam Market is growing with the instantaneous pace; mainly due to the burgeoning construction industries. According to a recent study report published by the Market Research Future, the global market of Flexible Foam is booming and expected to gain strong popularity over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the forecasted period (2017 – 2023).

Globally, the market for Flexible Foam is driven by the region North America, due to existence of leading companies and the growing need for the product in various sectors. The product is utilized in automotive components such as dashboards, armrests, airbags, and others. Additionally, the lightweight materials are also consumed in the end-use applications such as flooring, furnishings, and others due to advantages such as reliable, durable, and cost-effective nature offered by the product.
Increasing demand for the product in applications such as car seats, bumpers, spoilers, door and windows signifies the growth of automotive industries. Moreover, growing consumption of product due to unique features offered by the product such as comfort, enhanced fuel economy, corrosion resistance, insulation along with sound absorption provide a boost to the Flexible Foam Market growth.

On the other hand, extensive use of the product in bedding, building insulation, footwear and paints is projected to propel the market growth during the forecast period.

Flexible Foam are used in various end-use industries such as automotive, construction & buildings, textiles, packaging, wood & furniture, and others. They are also utilized in major sectors due to their ease of application, recyclable, and versatile nature. The growing demand of these polymers has prompted the manufacturers and investors to shift their focus from heavy materials to bio-compatible products in end-use applications. Additionally, the expanding construction industry along with the production of lightweight materials in the established companies have resulted into a remarkable growth in the market during the forecast period.

Flexible Foam Market-Regional Analysis:

Geographically, North America is leading the Global Flexible Foam Market. The U.S. holds the major portion owing to rising infrastructure developments coupled with technological advancement in the major sector. Increasing consumption of Flexible Foam in furnishings, beddings, automotive interiors, packaging, shock absorbers, and others has boosted the market demand in Canada, and Mexico. Asia Pacific has witnessed a significant growth in the market owing to rapid urbanization coupled with technological advancement in end-use industries. A notable growth has been received by the European region due to boundless use of the product in various sectors such as automotive, packaging and aerospace industries. The market is growing significantly in the Middle East & Africa due to rising adoption of flexible polymers in end-use industries. Additionally, the Latin America is estimated to witness a stagnant growth due to economic slowdown and lack of standardization in the region.

Flexible Foam Market- Competitive Landscape:

The Flexible Foam Market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Flexible Foam Market is set to grow at a significant rate which is likely to attract many entrants to the market resulting into healthy competition in the future. Manufacturers operating in the flexible foam market are striving their level best to respond to an increase in demand for the product from automotive, construction & buildings, aerospace, packaging, wood & furniture, and other sectors attributed to growing production capacity in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.

Industry/ Innovation/ Related News:

December 21, 2016 – BASF SE (Germany), one of the leading producers of flexible foam, declared that the company has launched air tight insulation solution to impart cost-effective nature and superior performance to the vehicles. Due to recently developed Elastoflex® polyurethane insulation system, the spray applied, open cell flexible polyurethane foam has ability to create a seamless and airtight seal utilized in bus’s interior cabin. One of the sources of the company also announced that the application of this product has helped to minimize the heat loss, reduce the level of noise and vibration. Therefore, these factors are expected to drive the market over the assessment period.

August 8, 2016 – The Dow Chemical Company (U.S.), one of the prominent manufacturers of Flexible Foam, declared that the company has launched a new polyurethane integral skin foam and this product was developed to lower the global warming potential by up to 99.9%. This product has excellent lightweight, flexible, adhesion to a variety of materials, mechanical properties, shell life, and others. Therefore, these factors are expected to drive the market over the assessment period.

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Flexible Foam Market 2017–Share, Growth, Key Players Analysis, Trends and Forecasts

Flexible Foam are made by crosslinking polymers such as polyurethane, polypropylene and polyethylene with blowing agents such as isocyanate, azodicarbonamide and sodium bicarbonate. These blowing agents decide the degree of firmness or rigidity of the Flexible Foam. Among these types, polyurethane is not cross linked with any of the blowing agents and is used for cushioning in a variety of products such as bedding, furniture, automotive interiors, floor carpet and packaging. While the other types such as polypropylene and polyethylene are cross-linked with blowing agents. These are used as insulating materials and also as shock absorbers in buildings. Flexible foam can be created in almost any variety of shapes and firmness. It is light, durable, supportive and comfortable.
Some of the prominent factors that positively influence the growth of Flexible Foam Market are increasing urbanization, expanding construction industry with the rising demand for insulation. Increasing urbanization along with rising per capita disposable income in the developed and emerging economies are predicted to drive the growth of the market over the forecast period, 2017 to 2023. Moreover, continuous expansion of automotive sector as well as shifting manufacturers focus towards comfortable interior vehicles are estimated to fuel the growth of the market during the review period, 2017 to 2023.

Market Segmentation:
The Global Flexible Foam Market is segmented into types, application, and regions. On the basis of type, the market is classified into polyurethane, polypropylene, and polyethylene. The polyurethane segment is predicted to lead the Flexible Foam Market over the forecast period on account of wide utilization of polyurethane Flexible Foam in a plethora of products across the globe. On the basis of application, the market is categorized into bedding, furnishing, automotive interiors, packaging, shock absorbers, insulation, and flooring. Among these application, insulation is expected to grow with the highest CAGR on account of rising demand for weather protection and sound proofing, resulting in high production of Flexible Foam Globally. Moreover, the global construction activities are increasing, as various nations are focusing more on urbanization and housing the expanding population. As of 2016, insulation segment accounted for the largest market share and is predicted to continue its dominance over the assessment period. Additionally, growth of automotive sector and expansion of furniture & interiors across the globe is estimated to fuel the demand for Flexible Foam.

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Key Players:
Key players in the Global Flexible Foam Market are BASF SE (Germany), Bayer AG (Germany), The Dow Chemical Company (U.S.), Huntsman International LLC (U.S.), Covestro AG (Germany), Mitsui Chemicals, Inc. (Japan), The 3M Company (U.S.), Woodbridge Foam Corporation (Canada), UBE INDUSTRIES, LTD. (Japan) and Recticel (Belgium).

Market Segmentation:
The Global Flexible Foam Market is segmented into types, application, and regions. On the basis of type, the market is classified into polyurethane, polypropylene, and polyethylene. The polyurethane segment is predicted to lead the Flexible Foam Market over the forecast period on account of wide utilization of polyurethane Flexible Foam in a plethora of products across the globe. On the basis of application, the market is categorized into bedding, furnishing, automotive interiors, packaging, shock absorbers, insulation, and flooring. Among these application, insulation is expected to grow with the highest CAGR on account of rising demand for weather protection and sound proofing, resulting in high production of Flexible Foam Globally. Moreover, the global construction activities are increasing, as various nations are focusing more on urbanization and housing the expanding population. As of 2016, insulation segment accounted for the largest market share and is predicted to continue its dominance over the assessment period. Additionally, growth of automotive sector and expansion of furniture & interiors across the globe is estimated to fuel the demand for Flexible Foam.

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Key Points from Table of Contents:

12. Company Profiles

12.1       BASF SE
12.1.1    Company Overview
12.1.2    Product/Business Segment Overview
12.1.3    Financial Updates
12.1.4    Key Developments

12.2       Bayer AG
12.2.1    Company Overview
12.2.2    Product/Business Segment Overview
12.2.3    Financial Updates
12.2.4    Key Developments

12.3       The Dow Chemical Company
12.3.1    Company Overview
12.3.2    Product/Business Segment Overview
12.3.3    Financial Updates
12.3.4    Key Developments

12.4       Huntsman International LLC
12.4.1    Company Overview
12.4.2    Product/Business Segment Overview
12.4.3    Financial Updates
12.4.4    Key Developments

12.5       Covestro AG
12.5.1    Company Overview
12.5.2    Product/Business Segment Overview
12.5.3    Financial Updates
12.5.4    Key Developments

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