The flexible foam market is expected to register a CAGR of over 7% during the forecast period. The major factor driving the market studied is the increasing demand for flexible foam material as comfort material. However, the economically degrading fabrication process of flexible foam material is expected to hinder the growth of the market studied.
- Increasing demand for cushion seats in the electric vehicle industry is expected to act as an important driver for the growth of the market in the future.
- By application, the demand for flexible foam in furniture is expected to increase during the forecast period.
- Asia-Pacific is expected to dominate the market globally, with the most consumption from countries, such as China and India.
Key Market Trends
Growing Demand for Flexible Foam in Furniture Industry
- Flexible foam is widely used in various industrial applications, due to its reliability in the sector. Apart from the excellent properties, the reduction of the cost of raw material is a significant advantage in using these materials.
- Flexible Polypropylene foam is one of the most promising materials due to its outstanding overall performance, such as durability, better insulation, high resistance towards chemicals, easy recycling, and thermal stability at high temperatures for a variety of applications.
- The growing demand for furniture, owing to the increasing purchasing ability and the increase in the durability and longevity of the products, is expected to boost the growth of the flexible foam market.
- Growing focus of manufacturers on developing lightweight and fuel-efficient vehicles coupled with the replacement of the rubberized hair and cotton materials with lightweight foams in the furniture.
- Owing to the factors mentioned above, the application of flexible foam material as an alternative in the furniture industry, is expected to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for flexible foam market over the forecast period. The surge in demand for the product from the diverse end-user industries present in the area such as furniture, packaging, consumer goods, and automotive is expected to influence market growth.
- The largest producers of flexible foam are based in the Asia-Pacific region. Some of the leading companies in the production of flexible foam are RECTICEL, BASF SE, Covestro AG, Dow and INOAC Corporation among others.
- Asia-Pacific is expected to be the fastest-growing region for flexible foam material in the forecast period majorly due to increasing utilization of thermal insulation in the construction industry and increased spending by the private companies in the sector.
- The rapid growth in economies and increasing disposal incomes among consumers in developing countries in the Asia-Pacific region is increasing the demand for comfort and, thereby, is increasing the demand for foaming foam materials.
- Increasing trend towards amplification in the design and comfort of the vehicles and the growing usage of the flexible foam in the packaging industry are providing growth in the large population areas like India and China.
- Hence, the market for flexible foam material in the Asia-Pacific region is projected to grow significantly during the study period.
The global flexible foam market is partially fragmented in nature with only a few major players dominating the market. Some of the major companies are RECTICEL, BASF SE, Covestro AG, Dow, and INOAC Corporation, among others.
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