Automotive Foam Market Overview:
According to Zion Market Research’s report, “Automotive Foam Market: Information by Type (Polyurethane (PU) Foam, Polyolefin (PO) Foam, Others), Application (Seating, Door panels, Bumper System, Others), End-use (Car, Light Commercial Vehicle, Heavy Commercial Vehicle) and Region – Forecast till 2028,” the market is expected to be worth USD 80.27 billion by 2028, growing at a CAGR (2021 – 2028). , In 2021, the market was worth USD 38.61 billion.
Competitive Landscape in the Market:
The following are some of the leading firms in the worldwide automotive foam industry that have been profiled:
BASF SE (Germany), Johnson Controls (United States), Saint-Gobain (France), Recticel (Belgium), Woodbridge Foam Corporation (Canada), Armacell (Germany), DOW (United States), Rogers Corporation (United States), Bridgestone Corporation (Japan), and Lear Corporation (United States), among others.
Scope of the Market:
Automotive foam is commonly utilized around windshields, instrument panels, door panels, and headliners to offer cushion and sound management. These foams are created by combining a solid and a gas phase to create a plastic foam. Depending on the raw materials utilized, they come in a variety of foam kinds.
Vehicles are seen as a status symbol in society, changing lifestyles, and growing sales of electric vehicles are among the fundamental drivers driving the automotive foam industry. Furthermore, increased urbanization and renewable feedstock for making green PU foams will create new opportunities for the automotive foam market throughout the forecast period.
Market Unique Selling Proposition (USP):
The market is being driven by rising demand for electric vehicles and increased investments in vehicle research & development as well as automotive foam for various uses. The automotive foam also has distinct physical features and higher mechanical strength. The demand for automotive foam on the international market has risen as a result of this.
Restraints on the Market:
The market’s expansion is being stifled by the fluctuating pricing of raw materials used to make automotive foam.
COVID-19 is a global public health emergency that has impacted virtually every industry. Its long-term consequences are projected to have an impact on industry growth over the predicted period. The pandemic-induced economic slowdown has cut demand for automobiles and forced individuals to acquire used vehicles, decreasing market development. Lockdowns imposed by the government have hindered output. However, as regional government agencies begin to lift these imposed lockdowns, the worldwide automobile foam market is expected to grow.
Segmentation of the Market:
The global automotive foam market is segmented based on application, type, and end-use.
The door frame segment is the most popular application. Around 15% of the global market for automotive foam is accounted for by this industry.
PU foam is the most popular form of foam on the market. It’s a synthetic polymer with insulation and protective properties. Polyurethane foams are divided into two types: rigid and flexible. Rigid polyurethane foams account for about 55% of the market. Rigid polyurethane foam is generally used for insulation, while flexible polyurethane foam is employed in a range of commercial applications.
The market is divided into three categories based on end-use: cars, light commercial vehicles, and heavy commercial vehicles. Due to rising industrialization, heavy commercial trucks are the most important end-users in the industry.
The North American market for automotive foam is being driven by increased research and development for various automobile materials to improve fuel efficiency. As a result, the market expansion is being fueled by new manufacturing technologies and research & development initiatives in the United States.
Because there are so many car manufacturers in this area, demand for automotive foams is projected to rise. The Asia-Pacific region has the fastest-growing market. Electric car manufacturing and sales are predicted to grow rapidly in developing economies, particularly in China, India, and Southeast Asia, in the coming years. Similarly, over the review period, the Chinese government’s incentives and subsidies to both manufacturers and buyers of electric cars raised the demand for automotive foam, allowing the country to meet its goal of 35 million electric vehicles by 2025.
The retail and tourism industries in the United Arab Emirates and Saudi Arabia are expected to grow significantly in the Middle East and Africa area, creating demand for lightweight and heavy commercial vehicles for product transportation. Brazil and Mexico are the top producers and exporters of automobiles and parts in Latin America. Economic stability and modernization in the region are strengthening the automotive industry and, as a result, regional market growth.
Market Segmentation Involved in the Study:
Information on the Automotive Foam Market by Type (Polyurethane (PU) Foam, Polyolefin (PO) Foam, Others), Application (Seating, Door panels, Bumper System, Others), End-use (Car, Light Commercial Vehicle, Heavy Commercial Vehicle), and Region – Forecast to 2028