Foamed Plastics Market Size Worth USD 82.4 Billion by 2032 With CAGR of 5% | MRFR
Research Reports
Sep 05, 2023
The study documents by MRFR state that the Foamed Plastics Market Research Report Information by Type, Application, and Region – Forecast Till 2032, the Foamed Plastics market is predicted to expand substantially during the evaluation era from 2022 to 2032 at a sizable CAGR of closely 5.00%. The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 82.4 Billion by the end of 2032. As per the reports, the market was priced at almost USD 53.1 Billion in 2022. The Foamed Plastics market has recently advanced. The main feature causing a rise in market performance is the expanding end-use industries. Furthermore, the increasing demand for polyurethane foam in building insulation is also considered to be one of the vital parameters enhancing the growth of the global market for foamed plastics.
Competitive Analysis
- Hexion Inc.
- Wanhua Chemical Group Co., Ltd.
- COVESTRO AG
- SABIC
- BASF SE
- Alchemie Ltd.
- Total SE
- The Dow Chemical Company
- Repsol
- HUNTSMAN CORPORATION
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Market Drivers
The Foamed Plastics market has recently advanced. The main feature causing a rise in market performance is the expanding end-use industries. Furthermore, the increasing demand for polyurethane foam in building insulation is also considered to be one of the vital parameters enhancing the growth of the global market for foamed plastics. In addition, the growing demand for polyurethane foam in building insulation is also likely to positively impact the development of the global market over the coming years.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Foamed Plastics. One of the main restraints in advancing the market’s growth is the elevated prices allied with raw materials.
Segment Analysis
The global market for foamed plastics has been fragmented into various segments based on application, type, and region.
Based on type, the global market for foamed plastics is split into phenolic, polyolefin, polystyrene, polyurethane, and others.
Based on application, the global market for foamed plastics is split into sports & recreational, building & construction, footwear, furniture & bedding, packaging, automotive, and others.
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Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The North American Region ensured the prime position across the Foamed Plastics market in 2022, with a maximum share of about 45.80%. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Foamed Plastics market is the numerous growing economies developing their infrastructure, which supports industrial growth. Furthermore, the increasing use of EPE foam is being used increasingly frequently as reusable floor protection for interior construction projects, which in turn is also projected to boost the growth of the regional market.
The European Region is estimated to hold the second position across the Foamed Plastics market over the assessment era. The area is recognized for dynamic development contributors such as Germany, France, and the U.K. The primary aspect boosting the development of the regional Foamed Plastics market is the expansion of significant end-use segments, such as automotive components and furniture & bedding, particularly in the United Kingdom. Furthermore, polyurethane’s versatility in new applications and its uses and qualities, such as sustainability and lightness, are also projected to boost the regional market’s development over the coming years.
The Asia-Pacific region will grow at the maximum CAGR across the Foamed Plastics market from 2023 to 2032. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The foreign investments made by multinational firms are the primary aspect boosting the development of the regional Foamed Plastics market. Producers can acquire cheap labour and raw materials with this massive funding in foam manufacturing. The region has witnessed a major rise in demand for foam plastics caused by a growth in home and luxury goods purchases by consumers. In addition, the sudden rise in demand for foam plastics used in bedding and mattresses has also benefited the regional market’s performance. Factors such as significant expansion of the local furniture & bedding industry and an increase in disposable income are also projected to boost the regional market’s development over the coming years.
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