According to the report published by Allied Market Research, the global flexible foam market generated $44.1 billion in 2019, and is estimated to reach $61.3 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for polyurethane foam from building & construction industry for building insulation to conserve the energy drives the growth of the global flexible foam market. However, stringent government environment regulations regarding usage of flexible polyurethane foam is anticipated to restrain the growth of the market. Furthermore, development of carbon dioxide and bio-based polyols is expected to provide new growth opportunities during the forecast period 2020-2027.
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Covid-19 scenario:
- Major flexible foam manufacturers across the globe have halted their production activities due to disrupted supply of raw materials amidst lockdown.
- Flexible foam is primarily used in the building & construction, furniture, and automotive industries. During lockdown these industries had slowed down their operations due to which there’s been a significant decline in the demand for flexible foam during the forecast period.
The report offers a detailed segmentation of the global flexible foam market based on type, application, and region.
Based on type, the polyurethane (PU) foam segment contributed to the largest share in 2019, accounting for more than three-fifths of the global market, and is estimated to maintain its dominant position during the forecast period. However, the polypropylene (PP) foam segment is estimated to portray the highest CAGR of 5.6% during the forecast period.
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Based on application, the furniture & bedding segment accounted for the largest share in 2019, holding more than two-thirds of the total share, and is expected to maintain the its top status throughout the forecast period. However, the packaging segment is expected to register the highest CAGR of 7.2% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is also expected to grow at the highest CAGR of 5.6% from 2020 to 2027.
Leading market players analyzed in the research include Covestro AG, BASF SE, Huntsman Corporation, The Dow Chemical Company, Sekisui Chemical Co. Ltd., INOAC Corporation, The Woodbridge Group, Recticel NV, and Rogers Corporation.
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