Kenneth Research recently added a report on the Polymer Foam Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global market for polymer foam is projected to grow at a CAGR of nearly 4.3% over the estimated period of time. Polymer foam is a combination of a polymer’s solid phases with the gas phases. The polymer matrix is created during the manufacturing of polymer foams with air bubbles or air tunnels which produce a structure known as closed or open cell foam. Closed foams provide such characteristics as stiffness and less permeability. In turn, this leads to better isolation. Closed-cell foams are also great sound absorbers, and have elevated thermal flow strength, also referred to as R-values. Flexible foams are open-cell polymer spumes. They work as noise obstacles and better absorption in normal noise frequency ranges.
The polymer foam industry is growing moderately worldwide due to increased end user demand. Asia-Pacific is the leading polymer foam region, with more demand for end customers and strategic trends, such as product launches, increasing R&D, development and acquisitions in automobile, construction and other sectors, being continued in Europe, North America and elsewhere. The use of polymer foams by the automotive, construction & packaging industry, infrastructure developments, urbanization and many other significant variables in the polymer foam industry is increasing. Concentration to expand on the bio-based product development may provide the polymer foam industry with a growth chance. However, the market growth is to be curbed by variables such as currency changes and strict public regulations.
Due to the increasing application of polymer foam for insulation reasons, flooring, piping, molding and for wire and wires, construction and construction were the biggest segment. The second biggest segment is furniture and bedding due to growing apps such as padding, fiber, chair padding, mattress padding and furnishings. Due to increased use in several car parts such as seats, dashboards, energy trains and suspension covers, automotive is expected to be one of the fastest growing sectors during the forecast era.
The market dominated by polyurethane foam in 2018 and its dominance is anticipated to continue over the entire prediction era. The product is used in different applications, such as furnishings, covers and tapestries. Due to its high capacity as lightweight, low heat and sound transfer, high energy dispersion and insulation, it offers a large client base. Increasing demand for residential and commercial space is also anticipated to boost product demand in building apps in Southeast Asian nations, such as Singapore, Korea and Indonesia.
Leading companies featured in the Polymer Foam Market 2019-2029 report include Covestro AG,BASF SE, Recticel NV, Sealed Air Corporation, DowDuPont Inc., Total S.A., Rogers Corporation, SABIC and Zotefoams PLC among others. Manufacturers in North America and Europe are the majority and are therefore highly competitive in those areas. The players on the market give a variety of polymer foams made of polyurethane, polyethylene and extended polystyrene and serve a wide variety of industries, including building, wind, automobiles, mass transportation, marine transport and packaging.
The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2029. In addition, the report includes dedicated leading companies covering 10 leading polymer foam industry producers.
The report on the Polymer Foam Market 2019-2029 will appreciate anyone who wants to better understand the marketing packaging, building & construction, furniture & bedding, automotive, rail, wind, marine and other applications of polymer foam. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the polymer foam industry.
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