|Fastest Growing Market:||Asia-Pacific|
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The Polyolefin Foam market is projected to register a CAGR of around 5% during the forecast period (2022-2027).
COVID-19 negatively impacted the market in 2020. The COVID-19 pandemic affected the polyolefin foam market because of supply chain and market disruption. During the pandemic, many factories producing polyolefin foam were shut down. There was a change in priority to the health sector; sectors like automotive, construction, footwear, and bedding & furniture were on temporary hold. In construction, polyolefin foam is used as joint filler, backup material, and roof insulation material. It is also used in automobiles as ceiling material and sound-absorbing material.
- Over the short term, rising demand for polyolefin foam for application in the automotive industry and increasing consumption in the packaging industry are some of the driving factors stimulating the market demand.
- Increasing demand for other polymer foams like polyurethane and polystyrene is expected to hinder the market growth.
- Increasing demand for lightweight applications in various industries and growing demand for bio-based polyols will likely create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market and will also witness the highest CAGR during the forecast period.
Scope of the Report
Polyolefin foams are made up of multiple elements mixed in a kneading process using an organic blowing agent and a cross-linking agent. Polyolefin resin is thermally decomposed in a closed system to produce it. Polyolefin is a broad term for any compound made from an olefin monomer. Polyolefins come in different varieties depending on the type of olefin used. The Polyolefin Foam Market is segmented by foam type, end-user industry, and geography. By foam type, the market is segmented into Polyethylene (PE), Polypropylene (PP), and Ethylene Vinyl Acetate (EVA). By End-user Industry, the market is segmented into Automotive, Construction, Packaging, Footwear, Bedding & Furniture, and Other End-user Industries. The report also covers the market size and forecasts for the Polyolefin Foam Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue value (USD Million).
|Ethylene Vinyl Acetate(EVA)|
|Bedding & Furniture|
|Other End-user Industries (Healthcare, Electronics, Sports, Aerospace)|
Key Market Trends
Increasing Usage in the Automotive Industry
Polyolefin foam is majorly used as ceiling and sound-absorbing material in the automotive industry. Polyolefin foams are also used in exterior, interior, and under-the-bonnet applications in automotive, such as bumpers, body panels, trims, dashboards, door claddings, climate control, and cooling systems air intake manifolds, and battery cases.
Globally the automotive industry is constantly trying to lower the average weight as the lower weight will lead to improved fuel consumption and better performance. Polyolefin foams can be used in both commercial and small private vehicles and in large quantities in buses and coaches and can help reduce the average weight.
According to OICA, in 2021, global motor vehicle production increased from 7,77,11,725 units in 2020 to about 8,01,45,988 in 2021, an increase of more than 3%. In 2021 China, the United States, Japan, India, South Korea, Germany, and Mexico were the top manufacturer of the vehicle globally.
According to EV Volumes, global EV sales reached 6.75 million units in 2021, registering a growth of 108% compared to 3.24 million sales in 2020. Also, globally the share of EVs in sales of light vehicles was 8.3% in 2021 compared to 4.2% in 2020.
Owing to all these factors, the polyolefin foam market will likely grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies in the world.
Asia-Pacific region dominated the global market share. One of the major factors driving the demand for the polyolefin foam market in the Asia-Pacific region is increasing automotive production in countries like China, Japan, and India, which is expected to drive the demand for polyolefin foam in the region.
China, India, the United States, and Indonesia are expected to record significant growth in the construction industry in the coming years. China alone will account for 26.1% of global growth. India is expected to account for 14.1% and the US for 11.1%, while Indonesia is expected to account for 7.0% of global growth, which in turn will be expected to drive the demand for polyolefin foam in the region due to the application of polyolefin foams in building and construction industry.
As per the EV Volumes, In 2021, out of a total of 6.75 million EVs sold, around 3.4 million, i.e., around 50%, were sold to mainland China.
China continues to be the world’s largest automotive producer. China is focusing on increasing the production and sale of electric vehicles in the country. The economic shifts and the U.S.-China trade war affected the Chinese automotive industry.
In India, 4,399,112 vehicles were produced in 2021, which is 30% more than that of 2020. Japan is the third-largest automotive producer in the world, producing 7,846,955 vehicles in 2021, which is expected to increase further in 2022.
Due to all such factors, the region's polyolefin foam market is expected to have a steady growth during the forecast period.
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The Global Polyolefin Foam Market is partially consolidated in nature. Some of the major players in the market include (not in any particular order) TORAY INDUSTRIES, INC, BASF SE, JSP, Hanwha Solutions Chemical Division Corporation, and SABIC.
- In January 2021, Sekisui Alveo, a European manufacturer of high-quality polyolefin foams has launched new certified sustainable products, i.e., Alveolit TA foam products.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Demand from Automotive Industry
4.1.2 Increase Usage in Packaging Industry
4.2.1 Increasing Demand for Other Polymer Foams like Polyurethane and Polystyrene
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Foam Type
184.108.40.206 Cross linked
220.127.116.11 Non-cross linked
18.104.22.168 Expanded Polypropylene
22.214.171.124 Extruded Polypropylene
5.1.3 Ethylene Vinyl Acetate(EVA)
5.2 End-user Industry
5.2.5 Bedding & Furniture
5.2.6 Other End-user Industries (Healthcare, Electronics, Sports, Aerospace)
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.4 South America
22.214.171.124 Rest of South America
5.3.5 Middle-East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Asahi Kasei Corporation
6.4.3 BASF SE
6.4.4 Borealis AG.
6.4.6 Exxon Mobil Corporation
6.4.7 Finproject Group
6.4.8 Hanwha Solutions Chemical Division Corporation
6.4.10 KANEKA CORPORATION
6.4.12 SANWA KAKO CO.,LTD
6.4.13 SEKISUI CHEMICAL CO.,LTD.
6.4.14 TORAY INDUSTRIES, INC.
6.4.15 Trocellen G.m.b.H.,
6.4.16 Zotefoams Plc
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Lightweight Products
7.2 Growing Demand for Bio-Based Polyols
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Frequently Asked Questions
What is the study period of this market?
The Polyolefin Foam Market market is studied from 2017 - 2027.
What is the growth rate of Polyolefin Foam Market?
The Polyolefin Foam Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Polyolefin Foam Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Polyolefin Foam Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Polyolefin Foam Market?
TORAY INDUSTRIES, INC. , BASF SE , JSP , Hanwha Solutions Chemical Division Corporation, SABIC are the major companies operating in Polyolefin Foam Market.