Global Automotive Foams Market Poised to Grow at a Remarkable CAGR of 9.40% during 2017 - 2022

Published on : Nov 08, 2017

Albany, New York, November 8, 2017: The significant rise in the manufacturing of automobiles across the world, fueled by the increasing trend of owning a vehicle among consumers is driving the global market for automotive foams substantially. The automotive foams are constantly in demand among end-user, mainly due to its several beneficial properties such as low density, weight reduction characteristics and cost-effectiveness. Flexibility and softness of automotive foams also provide extra comfort to the passengers which is a major factor pumping the growth of the global automotive foams market, finds a new study broadcasted to the wide repository of Market Research Hub (MRH), with the title of “Automotive Foams Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022”. The research study examines the potential of this market at the global as well as the regional level. Further, it offers a comprehensive assessment of this market to readers by examining the trends, driving forces, restraints, and opportunities and the impact of these factors on the demand for automotive foams between 2017 and 2022.

Geographically, the research study broadly classifies the global automotive foams market into North America, Europe, Latin America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan. In order to provide an insight into the current and expected demand for automotive foams there, the study also analyzes the automotive foams market on the basis of the current and imminent trends in each of the regions. According to the research report, the worldwide automotive foams market is expected to present an opportunity of US$22.53 bn by 2017. The growth of this market is predicted to remain high in the near future with a CAGR of 9.40% during the period from 2017 to 2022.

Automotive foams are normally polymer foams formed by combining two phases such as solid and gas together quickly to form the foam. Presently, the ongoing research and developments in this field, leading to technological breakthroughs, such as cost-efficient processing and manufacturing of automotive foams, is anticipated to bolster the adoption of automotive foams across the world in the near future. In terms of geography, the global market is currently led by Asia Pacific excluding Japan, due to the continual rise in the region’s automotive industry. With China evolving as the key consumer of automotive foams across the world, this region is anticipated to remain dominating in the coming years as well.

Apart from the geographical segmentation, the global market for automotive foams is analyzed on the basis of the type of the material, sales channel, application and type of the vehicle. By application, the market is categorized into seating, instrument panels, gaskets and seals, door panels, water shields, headliners, and noise, vibration and harness (NVH). Seating is one of the largest applications of automotive foams across the world. Based on the type of material, the market is bifurcated into phenolic, polyurethane, styrenic, polyolefin, polyvinyl chloride, and melamine. Of these, the demand for polyurethane-based automotive foams is comparatively higher than other material-based foams. On the basis of the type of the vehicle, the market is segmented into luxury passenger cars, mid-sized passenger cars, compact passenger cars, premium passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers.

Moving further, the study includes the profiles of key players in the global automotive foams market and the strategies adopted by them to sustain in the competition. Woodbridge Foam Corp., Saint-Gobain SA, The Dow Chemical Co., Adient Plc., Lear Corp., Recticel, Caligen Foam, BASF SE, Zotefoams Plc., and Bridgestone Corp. are some of the leading companies functional in the global automotive foams market.

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