Polymer Foam Global Market Report 2024

The polymer foam market size has grown strongly in recent years. It will grow from $107.36 billion in 2023 to $113.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period can be attributed to several factors, including the expansion of the construction and building industry, rising demand for consumer electronics, growth in the aerospace sector, increasing utilization in furniture and bedding applications, and the widespread use of polymer foams in medical and healthcare applications.

The polymer foam market size is expected to see strong growth in the next few years. It will grow to $141.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to urbanization trends in developing regions, the emergence of renewable and biodegradable polymer foams, a focus on disaster-resilient construction practices, the demand for high-performance insulation materials, and initiatives promoting energy efficiency. Major trends expected in the forecast period include advancements in polymer foam technologies, innovation in flexible foam products, the integration of nanotechnology for enhanced properties, the development of customized solutions tailored to specific end-use industries, and the adoption of smart packaging solutions.

The polymer foam market is poised for growth, primarily driven by the surge in building and construction activities. The construction sector, encompassing the building, repair, renovation, and maintenance of infrastructures, utilizes polymer foam for insulation, roofing, and sealant purposes. Polymer foam enhances a building's strength, aids in air-sealing, and contributes to improved insulation. The global construction output, reaching $10.7 trillion in 2020, is projected to grow by 42%, or $4.5 trillion, between 2020 and 2030, reaching $15.2 trillion. In the U.S., the residential construction sector is experiencing a notable rise, escalating demand for materials and labor, thereby driving up competition and costs. Total construction spending in the U.S. has seen a 16% increase since the onset of the pandemic, underscoring the significant impact of building and construction activities on the polymer foam market.

Another growth driver for the polymer foam market is the increasing sales of wood furniture. Polymer foam, particularly polyurethane foam, is employed in wood furniture as a substitute for real wood, replicating its appearance. This foam, composed of polyol and isocyanate, is available in varying densities to achieve different levels of hardness and durability. With the demand for wood furniture on the rise, evident in Finland's 9% increase in total round wood use to 85.2 million cubic meters in 2021, the polymer foam market is experiencing heightened growth. Additionally, the utilization of by-products and other wood waste increased by 17% over the previous year, further contributing to the polymer foam market's expansion.

Innovations in products stand out as a prominent trend in the polymer foam market, with major companies concentrating on the development of programmable and expandable polymer foams. For example, Desktop Metal introduced 'FreeFoam' in June 2021, a polymer foam designed with heat-activated foaming agents and manufactured using Digital Light Processing (DLP). This unique foam expands up to 2 to 7 times its original size, providing new design possibilities and delivering a high-strength-to-weight ratio suitable for light, high-performing parts in various applications, including automotive.

Companies in the polymer foam market are emphasizing bio-friendly solutions to adopt sustainable practices, utilizing approaches such as the mass balance approach. This approach tracks the flow of sustainable materials through complex value chains and is employed in various industries, including chemicals, plastics, and food. For instance, Sekisui Alveo launched Alveolit TA foam products in January 2021, featuring a certified sustainable polyolefin foam produced through a process combining traditional fossil-based polymer with an ISCC-certified sustainable polymer blend. This sustainable material is derived from biomass transformed using certified forest waste, reflecting a commitment to environmental responsibility and sustainable sourcing.

In March 2021, Recticel acquired FoamPartner, aligning resources to strengthen and expand Recticel's global presence in specialty foam solutions. FoamPartner, a Swiss-based provider of technical foams, including polymer foam, enhances Recticel's product offering, providing innovative engineered foam solutions and consolidating their positions in the industry.

Major companies operating in the polymer foam market report are Sealed Air Corporation, Arkema Group, Armacell International SA, Borealis AG, Polymer Technologies Inc, Zotefoams plc, Synthos S A, BASF SE, TotalEnergies SE, KANEKA CORPORATION, Toray Industries Inc, Saudi Basic Industries Corporation, Huntsman International LLC, SEKISUI ALVEO AG, Covestro AG, Fritz Nauer AG, Koepp Schaum GmbH, JSP Corporation, Lanxess AG, Tosoh Corporation, DowDuPont Inc., Recticel NV, Rogers Corporation, Woodbridge Foam Corporation, Trelleborg AB, BAE Systems Plc, Honeywell International Inc., Elbit Systems Ltd., Spongex, Genesys Aero systems.

Asia-Pacific was the largest region in the polymer foam market in 2023, and is expected to be the fastest-growing region in the polymer foam market during the forecast period. The regions covered in the polymer foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the polymer foam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of polymer foams include polyurethane foam, polystyrene foam, PVC foam, phenolic foam, polyolefin foam, melamine foam, and others. Polystyrene foam is a synthetic polymer with thermoplastic properties, derived from the petroleum-based monomer known as styrene. It is available in both flexible and rigid foam forms and finds applications in diverse industries such as packaging, building and construction, furniture and bedding, automotive, rail, wind, marine, and others.

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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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