The global automotive foam market is segmented to application type such as head liners,doors, center console, underbody, trunk/liftgate area, seats, general interior and exterior. Among these segments, seats and general interior form segments is anticipated to flourish in the upcoming year. Automotive foam market is booming across the globe on the account of growing automotive production. Growing awareness among urban people regarding various type of automotive foam and its benefit is anticipated to impel the growth of the market. Further, development and production of low environment impacting automotive foam is driving the growth of the market. The recyclability of polypropylene foams preserves the environment and helps with the conservation of resources, while meeting the increasing safety standards in the industry.
Global automotive foam market is expected to flourish at a significant CAGR of 14.2% during the forecast period. Rising commercial vehicles, four wheelers, trucks and increasing disposable income are some of the key factors driving the growth of the automotive foam market. Moreover, the global Automotive Foam Market is expected to garner USD 64.8 Billion by the end of 2027.
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Asia Pacific captured the largest market share in overall automotive foam market and is expected to continue its dominance over the forecast period. Rising production of commercial vehicle in the region is anticipated to aid the growth of the market. Further, increasing disposable income coupled with rising demand for premium cars is expected to accelerate the growth of foam market in the upcoming years. Asia Pacific and Europe automotive foam market is anticipated to witness lucrative growth during the forecast period. Moreover, Middle East is anticipated to grow at modest CAGR during the forecast period.
Robust Growth of Foam Industry in Seating Industry
Increasing use of automotive foams in seating industry is expected to drive the market globally. The major driver for automotive foam consumption comes from the increasing demand in developing countries tied with growing manufacturer’s inclination for automotive foams products in commercial vehicle applications. Moreover, increasing global population coupled with increasing per capita income is anticipated to bolster the growth of the market in the years ahead.
The manufacturers of automotive foam are working on the development of environment friendly foam. Further, this factor is believed to complement the growth of automotive foam aftermarket.
Although, high cost of advanced automotive foam is likely to dampen the growth of automotive foam market during the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global automotive foam market which includes company profiling of Woodbridge Foam Corporation, Lear Corporation, Bridgestone Corporation, BASF, Recticel, Vitafoams, Armacell, The Dow Chemical Company, Rogers, Saint-Gobain and Johnson Controls. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive foam market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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