Global foamed plastics market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Foamed Plastics Market – Application of PU Foam Remarkably High
Polyurethane (PU) foam is increasingly being used in the automotive, building & construction, telecommunications, and even electronics sectors, to name a few. This is due to polyurethane foam being an effective insulating material, and is used in coatings, sealants, and adhesives. As global populations and urbanization levels continue to grow, the demand for indoor and outdoor infrastructure to reduce building energy consumption is a major factor that is expected to have a profound impact on the growth trajectory of the global foamed plastics market in the future. Moreover, polyurethane foam is also used in the construction of mattresses and furniture, in various electronics, and varying automotive applications. The steady progression of these end-user industries is slated to lead to further market growth for the global foamed plastics market.
Foamed Plastics Market – Stringent Regulations Around Polyurethane Foam Usage Create Hindrances
Several regulatory authorities have gradually imposed harsher regulations concerning the use of polyurethane foam owing to the various impacts it has on the environment as well as human health. More specifically, the use of methylene diphenyl diisocyanate (MDI), and toluene diisocyanate (TDI) as raw materials in the production of polyurethane foam. It has been found that individuals who are exposed to TDI and MDI can develop asthmatic conditions including shortness of breath and wheezing. This is major factor that is expected to have an adverse impact on the market growth trajectory of the global foamed plastics market.
Foamed Plastics Market – COVID-19 Impact
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries, and this was no different for the foamed plastics market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global foamed plastics market has regressed to its pre-COVID state of operations.
Foamed Plastics Market –Bio-based Polyols Gain Traction in Polyurethane Manufacturing
Industry players engaged in the polyurethane foam market are continually looking to better or develop more effective polyurethane manufacturing processes that are sustainable as a means of breaking reliance on fossil fuels to lower their collective impact on the environment. Polyols are used in the manufacture of polyurethane foam and are a sustainable option that increases efficiency. These excellent raw materials are used in the manufacture of many goods and applications, such as rigid foam, foamed plastics, adhesives, elastomers, coatings, and sealants. The steady adoption of bio-based polyols in the manufacture of polyurethane foam or for other applications is a major factor that is expected to create growth opportunities for the global foamed plastics market.
Foamed Plastics Market – Asia Pacific Will Develop a Strong Breeding Ground
While regional foamed plastics markets in North America, and Europe commanded the upper rungs of the global foamed plastics market in recent years, the rolling-out of stringent guidelines and regulations that restrict the use of foamed plastics for various applications is a major factor that has resulted in a gradual decline in growth in these regions. On the other hand, markets in the Asia Pacific are expected to index a commendable CAGR over the forecast period owing to the rise to prominence of nations such as China, and India, which have now become renowned for being manufacturing powerhouses. This growth is expected to be reflected over the forecast period.
Foamed Plastics Market: Competitive Landscape
Major players in the foamed plastics market include Berry Global Inc., Dart Container Corporation, Sealed Air Corporation, Pactiv LLC, Tekni-Plex Inc., Groupe Guillin SA, D & W Fine Pack LLC, Genpak, LLC, UFP Technologies Inc., Sirap Gema S.p.A, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
Regional Classification of Global Foamed Plastics Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Foamed Plastics Market
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