According to a newly published report by Allied Market Research titled, “Flexible Foam Market by Type and Application : Opportunity Analysis and Industry Forecast, 2020–2027,” the global flexible foam market was valued at $44.0 billion in 2019, and is projected to reach $61.3 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027. In 2019, the furniture & bedding segment held significant share in the market with more than 60% share in terms of revenue and volume.
Flexible foam is a lightweight, chemically stable, versatile, flexible, and durable material, which offers resistance to moisture, heat, and electricity, making it ideal in residential & nonresidential construction, oil & gas, and automotive industries.
The factors that drive the growth of global flexible foam include expansion of the construction industry, due to improvement in lifestyle in the emerging countries, such as China, India, Brazil, the Middle East, and Africa. Furthermore, development of the packaging and furniture & bedding industries driven by increase in use of microporous insulation and surge in demand for safe packaged products significantly contribute toward the growth of the global market. In addition, rapid economic development and increase in disposable income supplement the market growth. However, fluctuations in prices of raw materials and regulatory intervention on raw materials, i.e., naphtha feedstock to control the emission of VOCs hamper the market growth. On the contrary, rise in adoption of flexible foam in automotive applications is one of the major factors expected to offer lucrative opportunities for market expansion during the forecast period.
Flexible foams find their major application in in HVAC components, seating, headrests, arm rests, interior panels & skins, headliners, car & truck fenders, truck beds, and support rings for run-flat tires, owing to their superior design flexibility, enhanced strength, and weightlessness. Ongoing developments in polyurethane foam technology has led to its increased application in the automotive industry. Sound/vibration absorption of flexible polyurethane foam has made it increasingly valuable to original equipment manufacturers (OEMs). Thus, attributable to the abovementioned factors, the global flexible foam market anticipated to witness notable growth during the forecast period.
The global flexible foam market is consolidated in nature with few players such as BASF SE, Rogers Corporation, Sekisui Chemical Co. Ltd., The Dow Chemical Company, and The Woodbridge Group, which hold significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
Impact Of Covid-19
The flexible foam market has witnessed a noteworthy manufacturing crunch, owing to the outbreak of the novel Corona virus. Many countries in the world have imposed lockdown, which has resulted in complete shut or operating at half of their capacities of manufacturing units. Furthermore, social distancing rules have disrupted distribution arrangements, leading to problems in purchasing raw materials for production. This is expected to create the negative impact on the global flexible foam market for next couple of years.
Key Findings Of The Study
- Depending on type, the polyurethane (PU) foam segment emerged as the global leader by acquiring around more than 60% of the market share in 2019, and is anticipated to continue this trend during the forecast period.
- On the basis of application, furniture & bedding segment accounted more than one-fourth share in the global market in FY2019
- Asia-Pacific is the major consumer of flexible foam among other regions. It accounted for around 48% of the global market share in 2019.
- China is the major user of flexible foam among other countries, and accounted for more than 23.5% of the global market share in 2019.
- The LAMEA region accounted for approximate 7% share of the global flexible foam market revenue in 2019.