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Due to growing expansion in the end-use industries for foam plastics, the market for foam plastics is witnessing tremendous expansion. In the coming years, energy sustainability and conservation activities are expected to increase the foam plastics industry. The market growth in the region is mainly attributed to its high economic growth rate and heavy investments across industries, such as building and construction, packaging, furniture and bedding, automotive, footwear, and sports and recreational. The growing demand for foam plastics from the automotive industry and the increasing production of automobile interiors are major factors driving the market growth during the forecast period. Increasing emphasis on decreasing carbon dioxide emissions from the automotive sector due to global warming supports the demand for foam plastics. These materials enable the production of more lightweight vehicles and improve fuel efficiency. Also, foam insulation and household products such as bedding, furniture, and appliances are rising due to new housing activity. Demand for foam plastics is also expected to increase due to the expansion of the e-commerce sector and the rising need for more lightweight packaging materials.
The polyurethane resin segment in the market is likely to register the highest CAGR because of its properties. Polyurethane has a low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties, which is driving the market growth. For instance, in February 2020, Huntsman Corporation (NYSE: HUN) successfully acquired Icynene-Lapolla to distribute spray polyurethane foam (SPF) insulation systems for residential and commercial applications.
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The major players in the global foam plastics industry are Alchemie Ltd., Covestro AG, Hexion Inc, Huntsman Corporation, and BASF SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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