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Global Foam Plastics Market to Reach USD 133.3 Billion by 2027, Aided by Rapidly Expanding End-Use Sectors

According to a new report by EMR titled, ‘Global Foam Plastics Market Report and Forecast 2022-2027’, the global foam plastics market reached a value of about USD 109.1 billion in 2021. The industry is further expected to grow at a CAGR of 3.40% in the forecast period of 2022-2027 to reach nearly USD 133.3 billion by 2027.

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.

Market Analysis by Type, Application, and Regions:

  • Based on product type, the market is divided into polyurethane, polystyrene, polyolefin, and phenolic, among others.
  • The various applications of the market are building and construction, packaging, automotive, furniture and bedding, footwear, sports and recreational, among others.
  • The regional markets for foam plastics include North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.

Key Findings of the Report:

  • One of the major reasons driving the market is the increase in infrastructure spending.
  • The increase in population, along with the rising consumer spending levels, is expected to augment the market growth.
  • The high economic growth rate, followed by research and development across industries, is expected to propel market growth.
  • The high rate of urbanisation and industrialisation is further fuelling the growth of the market globally.

Key Offerings of the Report:

  • The EMR report gives an overview of the global foam plastics market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for type, applications, and major regions of foam plastics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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