Polyolefin Foam Market Expected to Reach $13.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polyolefin Foam Market," The polyolefin foam market was valued at $8.2 billion in 2021, and is estimated to reach $13.4 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

Polyolefin foam is a flexible, long-lasting, and lightweight material. It is composed of many substances, including polypropylene (PP) and polyethylene (PE). Polyolefin foam is utilized in building and construction, packaging, medical, automotive, consumer goods, and industrial thermal insulation.

The increase in the use of polyolefin foam in various passenger car cushions, armrests, cushioned instrument panels, gasket seals, and headrests to construct lightweight, long-lasting, and fuel-efficient constructions drives the growth of the polyolefin foam market. Polyolefin foam's recyclability and reusability are the primary factors driving market expansion. The polyolefin foam market is also being driven by factors such as the substantial demand for polyolefin foams from the automotive and packaging industries.

In addition, the robust growth of end-use industries is projected to increase the market growth rate for polyolefin foam. In addition, the increase in construction activities will have a significant impact on the expansion of the polyolefin foam market. An increase in population, rise in industrialization, and surge in consumer purchasing power are anticipated to boost the growth of the polyolefin foam market.

Due to the ongoing R&D efforts in the industry, these foams are quite inventive. Depending on the required performance properties, polyolefin foam is either cross-linked or uncross-linked. Foams made of polyolefin can be roughly classified as polyethylene, polypropylene, or ethylene vinyl acetate copolymer. Common applications for cross-linked EVA foams include sporting goods, footwear, medical applications, and other miscellaneous applications.

The global polyolefin foam market is segmented into resin type, end-use industry, and region. Depending on resin type, the market is classified into polypropylene, polyethylene, and ethylene-vinyl acetate. On basis of the end-use industry, it is categorized into automotive, packaging, construction, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global polyolefin foam market are Arkema, Armacell, BASF SE, Dow Inc, DuPont, Hanwha solutions, Huzhou Changyuan Tefa Co., Ltd., Intecfoams, Kaneka Corporation, NMC International SA, SABIC, Sekisui Chemicals Co, Toray Industries, Inc, TotalEnergies, and Ultralon.

Other players operating in the market are Zotefoams Plc, Furukawa Electric Co., Ltd, Ds Smith Plc, Sonoco Products Company, Recticel NV, Borealis AG, Trocellen GmbH, and JSP Corporation.

Key findings of the study

• On the basis of resin type, the ethylene vinyl acetate segment is expected to grow at a CAGR of 5.5%, in terms of revenue, during the forecast period.
• Depending on the end-use industry, the Automotive segment is expected to grow at a CAGR of 5.7%, in terms of revenue, during the forecast period.
• Region-wise, Asia-Pacific garnered a share of $ 4.5 billion in 2021 in terms of revenue.

IMPACT OF COVID-19 ON THE GLOBAL POLYOLEFIN FOAM MARKET

• The COVID-19 epidemic has halted the processing of raw materials used in the production of polyolefin foam.
• Asia's polyolefin foam production centers, which include Singapore, India, Thailand, China, and Japan, supply the majority of these raw materials.
• In addition, the developing coronavirus pandemic in Asia-Pacific has disrupted the availability of these essential elements.
• Due to a lack of raw materials, polyolefin foam product demand has been hampered. Private structures and construction sites, as well as government projects and the vehicle refinishing sector, will be severely damaged in April 2020.
• Since the release of the lockdown and other restrictions, the global polyolefin foam market is expected to experience exponential growth. The majority of the market's expansion can be attributed to growth in the construction, healthcare, and various chemical industries.