Increasing Use in Construction and the Furniture Industry to Fuel Growth of Consumer Foam Market
Green buildings are becoming more important as construction materials and building structure impacts and influence the environment and human health. According to the United States Green Building Council's Environmental Impact of Buildings (2020) research, buildings account for 38.9% of total carbon dioxide emissions in the United States, with 20.8 percent coming from the residential sector and 18.0 percent from the commercial sector. At each level of construction, green buildings use environmentally beneficial, and resource-efficient procedures. Green building is primarily concerned with increasing the efficiency with which buildings use energy, water, and materials. According to a study, the overall growth of the world’s population could add another 2.5 billion people to urban areas by 2050 with almost 90% of this happening within Asia, and Africa. It means construction activities will increase which will boost the growth of consumers from consumer foam market. Which, in turn, holds much promise for consumer foam applications.
Further, expanding consumer foam's application in consumer electronics, the automotive industry, and different appliances has significant development potential. Because of its use in a variety of applications such as aircraft seats, carpet cushions, pillows, mattresses, hospitals, business, and residential furnishings, and others, the consumer foam market is predicted to rise at a quick rate. Digitalisation is gaining traction around the world, and it's helping to raise awareness about the usage of consumer foam, which is expected to boost the growth rate of consumer foam market significantly.
Growing Demand for Flexible Foam to Drive Growth of Consumer Foam Market
Over the forecast period, flexible foam is predicted to be the fastest-growing category of the consumer foam market. Flexible foam is widely used in a range of industrial applications due to its dependability in the industry. Aside from the improved attributes, one of the key advantages of using these materials is the lower cost of raw resources. Flexible foam is used in furniture applications because of its adaptability as a structural material. Flexible foam's qualities, such as its lightweight, antimicrobial properties, and flexibility to mould into a variety of shapes, make it suitable for a variety of furniture applications, including child stools, office wall partitions, and bookshelves. The flexible foam market is predicted to rise in response to rising demand for furniture because of rising purchasing power, and improved product durability and lifetime.
Furniture retail sales in China were around CNY 22.3 billion in January and February 2021, according to the National Bureau of Statistics of China. This amounted to about 58.7% of revenue generated during the same period the previous year. Furthermore, according to the Ministry of Economy, Trade, and Industry, Japan produced roughly 128.9-kilo tonnes of polyurethane foam in 2020. The use of flexible foam material as an alternative in the furniture sector is predicted to dominate during the projection period due to the considerations mentioned above.
Increasing Construction Industry to Drive Growth of Asia Pacific Consumer Foam Market
During the projection period, Asia Pacific is expected to be the fastest-growing market for consumer foam. The consumer foam market in the area is likely to be driven by factors such as rising demand for consumer foam from various sectors and the expanding footprint of global players dealing in polyurethane foams. An optimistic prognosis for the manufacturing industry, together with favourable government policies to attract investments, is projected to result in a regional market increase. Over the forecast period, rising industrialisation, production of vehicle interiors or parts, and packaging industries in emerging economies like India, and China are likely to enhance demand. Investment in these areas is likely to increase as foreign direct investment rises. Due to the increased use of thermal insulation in the building industry, and higher investment by private enterprises in the sector, Asia Pacific is predicted to be the largest and fastest-growing region for flexible foam material during the forecast period.
China is undergoing a massive development boom. The country is the world's largest construction market, accounting for 20% of all worldwide construction investments. According to the Department for Promotion of Industry and Internal Trade, India received USD 25.37 billion in foreign direct investment (FDI) in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) from April 2000 to December 2019. (DPIIT). Rapid economic expansion and rising disposable incomes among consumers in Asia Pacific emerging countries are increasing consumer demand for comfort and, as a result, demand for foam materials. The Asian region is also a manufacturing hotspot for automobiles. According to the Organization for International Cooperation on Automobiles (OICA), the region would generate more than half of all worldwide vehicles by 2020. The increased use of flexible foam in the automobile industry, as well as an increasing trend toward amplification in car design and comfort, are driving growth in the region.
Global Consumer Foam Market: Competitive Landscape
In March 2021, Recticel NV/SA purchased FoamPartner, a Swiss global provider of high-value-added technical foams, in order to take advantage of significant resource and talent synergies in order to foster excellence. On the other hand, in February 2020, Icynene-Lapolla (US), a manufacturer and distributor of spray polyurethane foam (SPF) insulation solutions for residential and commercial applications, was purchased by Huntsman Corporation for USD 350 million. Huntsman Corporation hopes to benefit from this acquisition by expanding its downstream polyurethanes business and expanding its polyurethane product offering.
Few of the players in the consumer foam market include DuPont (US), Covestro AG (Germany), BASF SE (Germany), Dow Inc. (US), Icynene-Lapolla (US), Trelleborg AB (Sweden), Sekisui Chemical Co., Ltd. (Japan), Huntsman Corporation (US), FoamPartner Group (Switzerland), Chemtura Corporation (Lanxess) (US), Saint-Gobain (France), Recticel NV/SA (Belgium), and Rogers Corporation (US).
Regional Classification of the Global Consumer Foam Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Consumer Foam Market
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