A lead analyst at AMR highlighted the flexible foam market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period, due to the presence of diverse end-use industries including packaging, automotive, and packaging industries.
Allied Market Research published a research report on the flexible foam market. The findings of the report states that the global market for flexible foam generated $44.0 billion in 2019, and is projected to reach $61.3 billion by 2027, witnessing a CAGR of 5.2% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Infrastructural development, favorable public-private partnerships, and expansion of residential & commercial sector fuel the growth of the global flexible foam market. On the other hand, fluctuations in prices of raw materials impede the growth to some extent. However, rapid technological advancements and penetration of international infrastructure players in developing economies are expected to create lucrative opportunities in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the flexible foam market globally. The outbreak of the pandemic led to extended lockdown in various countries, which in turn gave way to shortage of labor. This factor have temporarily suspended the manufacturing of advanced materials, thereby impacting the global flexible foam market negatively. However, the global situation is gradually being ameliorated and the market is anticipated to revive soon.
“During the (COVID-19) pandemic, the demand for packaging and consumer goods is growing with a healthy growth rate, which is anticipated to create a positive impact on the global flexible foam market. Conversely, owing to the restrictions implemented on the import–export activities, the demand from transportation sector has declined from past few quarters. This is anticipated to hamper the demand for flexible during this period.” said Eswara Prasad, Manager, Chemical & Materials at Allied Market Research.
The report offers detailed segmentation of the global flexible foam market based on type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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Based on type, the polyurethane (PU) foam segment held the lion’s share in 2019, holding around three-fifths of the global flexible foam market. However, the polypropylene (PP) foam segment is expected to register the highest CAGR of 5.6% throughout the forecast period.
Based on application, the packaging segment is expected to manifest the fastest CAGR of 7.0% during the forecast period. Simultaneously, the furniture & bedding segment held the largest share in 2019, accounting for more than three-fifths of the global flexible foam market,
Based on region, the global flexible foam market across Asia-Pacific accounted for the major share in 2019, contributing to nearly half of the market. Moreover, the region is expected to manifest the fastest CAGR of 5.6% throughout the forecast period. At the same time, the market across North America is expected to register a CAGR of 4.7% during the forecast period.
The leading market players analyzed in the global flexible foammarket report include Covestro AG, Sekisui Chemical Co. Ltd., The Dow Chemical Company, BASF SE, Huntsman Corporation, INOAC Corporation, Recticel NV, The Woodbridge Group, and Rogers Corporation.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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