Flexible Foam Global Market Report 2024

The global flexible foam market has grown strongly in recent years. It will grow from $50.76 billion in 2023 to $54.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. Historical growth can be attributed to the demand emanating from the consumer electronics sector, the expanding applications within packaging, the shift towards more comfortable furniture and bedding, the increased usage in automotive applications, and the rising demand for insulation in the construction sector.

The global flexible foam market is expected to see strong growth in the next few years. It will grow to $71.14 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The expected growth in the forecast period stems from the adoption of smart and functional foam solutions, a surge in usage within packaging industries, an increase in healthcare and medical applications, advancements in bio-based materials, and a strong emphasis on energy efficiency in construction practices. Major trends anticipated during this period encompass the development of lightweight and high-performance materials, a concentrated focus on sustainability and eco-friendly solutions, innovation in comfort and ergonomic properties, advancements in insulation for better energy efficiency, and a shift towards customization and specialized applications within the foam industry.

The burgeoning demand for flexible foam across various industries is poised to propel the growth of the flexible foam market. This adaptable polymer, derived from petroleum hydrocarbons and organic chemicals bonded by urethane, finds extensive use in industrial applications due to its exceptional qualities, cost-effectiveness, and reliability. In Europe, where 160 factories produce around 1.5 million tons of flexible polyurethane slab stock foam annually, the usage spans upholstery, bedding, transportation, and other diverse applications. This increasing usage in end-user industries significantly contributes to the market's expansion.

The increasing demand for flexible foam is strongly linked to the building and construction industry. Utilized for thermal insulation, sound absorption, sealing properties, lightweight construction, and cost-effectiveness, flexible foam plays a pivotal role in this sector. A report by Oxford Economics highlights a projected 42% increase, reaching USD 15.2 trillion in global construction output by 2030. This upward trend in the construction sector substantially fuels the demand for flexible foam.

Notably, innovation drives the flexible foam market, with major companies concentrating on novel solutions to fortify their market positions. For instance, Covestro AG introduced a pioneering method to chemically recycle polyurethane (PU) flexible foam extracted from used mattresses. This distinct approach allows the recovery of both primary PU components, an advancement from existing recycling processes, minimizing waste and enhancing sustainability.

Major players in the flexible foam market are directing attention toward innovative products like bio-attributed PU foams. These foams are manufactured using renewable or bio-based raw materials, contrasting traditional PU foams derived mainly from petroleum sources. Covestro AG's collaboration with Selena Group resulted in the launch of bio-attributed PU foams, offering similar qualities to fossil fuel-derived foams but with enhanced environmental friendliness. This line of polyurethane (PU) foams, complemented by recovered PET materials and bio-based polyols, contributes to improved building thermal insulation and sustainable practices within the industry.

In January 2022, Sheela Group, the parent company of Joyce and an India-based manufacturer specializing in PU Foam, successfully acquired Interplasp. The financial specifics of the acquisition were not disclosed. This strategic move is poised to solidify the Group's standing as one of the globe's leading and highly successful foam production enterprises. The acquisition facilitates the exchange of expertise, resources, and innovations on a global scale for Sheela Group. Interplasp, a Europe-based manufacturer, specializes in flexible polyurethane foam production. Through this acquisition, Sheela Group gains access to Interplasp's capabilities, potentially enhancing its own expertise and expanding its global reach in the production of foam-based materials. This strategic alignment signifies Sheela Group's commitment to fostering innovation and leveraging synergies to further strengthen its position as a key player in the global foam production industry.

Major companies operating in the flexible foam market report are Badische Anilin- und Soda-Fabrik SE, The Dow Chemical Company, Huntsman Corporation, Ube Industries Ltd., Recticel Flexible Foams nv, Zotefoams PLC, The Woodbridge Group of Companies, SEKISUI Alveo AG, Covestro AG, Rogers Corporation, JSP Foam Products Pte. Ltd., O.R.S.A. Foam Spa, Bayer MaterialScience LLC, Mitsui Chemicals Inc., Kaneka Corporation, Flexipol Foams Pvt. Ltd., Sealed Air Corporation, UFP Technologies Inc., Vita Group, Eurofoam Group GmbH, Armacell International S.A., INOAC Corporation, FXI Inc., Future Foam Inc., W.W. Carpenter Company, Foamcraft Inc., Foam Supplies Inc., Alanto Ltd., FoamPartner (Switzerland) AG, Grand Rapids Foam Technologies, Hira Industries LLC, Innovo Packaging Group LLC.

Asia-Pacific was the largest region in the flexible foam market share in 2023. The regions covered in the flexible foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the flexible foam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Among the primary types of flexible foam are polyurethane (PU) foam, polyethylene (PE) foam, polypropylene (PP) foam, ethylene-vinyl acetate (EVA), and other variants. Polyurethane (PU) foam, a synthetic polymer, is created by combining polyols and isocyanates with a blowing agent and an amine catalyst. These foams come in various densities including high, medium, and low and find application in furniture and upholstery, automotive, packaging, construction, consumer goods, and other industries.

This report provides flexible foam market statistics, including flexible foam industry global market size, regional shares, competitors with a flexible foam market share, detailed flexible foam market segments, market trends and opportunities, and any further data you may need to thrive in the flexible foam industry. This flexible foam market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The flexible foam market consists of sales of open-cell polyurethane foam, closed-cell polyurethane foam, bio-based cross-linked polyethylene foam, and extruded polyethylene foam. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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