SAN FRANCISCO, March 18, 2019 /PRNewswire/ -- The global automotive foam market size is anticipated to reach USD 50.44 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 9.8% during the forecast period. Growing population, disposable income, and purchasing power parity in emerging economies of Asia Pacific are expected to propel demand for automobiles over the forecast period, thus impacting the market for automotive foam.
Key suggestions from the report:
- In terms of revenue, PU foam type is anticipated to reach USD 2.62 billion by 2025, growing at a CAGR of 7.9% from 2018 to 2025
- Seating application segment held the largest market share of over 42.8% in terms revenue in 2017. These foams are corrosion resistant and can bear various types of severe conditions, which is anticipated to bode well for growth
- The U.S. automotive foam market is anticipated to reach USD 8.37 billion by 2025 owing to the presence of various manufacturers and suppliers in the country
- The market is competitive with the presence of a number of global, medium, and small scale companies catering to the global and local demand
- Some of the key companies include Armacell International S.A., BASF SE, Rogers Corporation, Bridgestone Corporation, The Woodbridge Group, Recticel NV, Borealis AG and Saint-Gobain. The companies use strategy such as mergers and acquisitions and portfolio expansion to gain market share.
Read 90 page research report with TOC on "Automotive Foams Market Size, Share & Trends Analysis Report By Type (Polyurethane, Polyolefin), By Application (Seating, Door Panels), By End Use (Cars, LCV, HCV), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/automotive-foams-market
Transitioning lifestyles and wide availability of low-end sports models have positively impacted automotive demand from 2014 to 2017. Easy financing of automobiles owing to the EMI concept with attractive interest rates made it simpler and affordable for a medium income group consumers to purchase a vehicle of their choice. Easy availability of loans for vehicle purchase has also affected vehicle sales on similar lines. The aforementioned factors played an important role in propelling growth of the automotive industry both in developed as well as developing regions and the trend is likely to continue in the forthcoming years.
The market is expected to face instability in terms of raw material supply over the coming years owing to uncertain operation rates and plant closures by raw material manufacturers. However, relationships between manufacturers and suppliers are expected to get stronger, thus leading to stronger tie-ups at multiple distribution levels. This is expected to be a critical factor for companies to gain a competitive advantage over the forecast period.
Increasing demand for automotive foam particularly in the emerging economies of North America, Europe, Asia Pacific, and Central and South America, offers growth opportunities for the manufacturers of automotive foam and related raw materials to expand their product portfolios and market reach. The R&D initiatives undertaken by some companies to enhance their product specifications and market reach.
Substantial growth in automotive industry in Asia Pacific has fueled the demand in the automotive foam market in recent past. Significant presence of automotive and automotive foam manufacturers has played a key role in driving the product demand over the past few years and is expected to continue over the forecast period.
Grand View Research has segmented the global automotive foam market on the basis of type, application, end use, and region:
• Automotive Foam Type Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Polyurethane (PU)
- Polyolefin (PO)
• Automotive Foam Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Door Panels
- Bumper System
• Automotive Foam End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Automotive Foam Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Thermoplastic Vulcanizates (TPV) Market - Strong demand for light weight materials with superior properties, particularly from the automobile industry is presumed to be a key driving factor for global TPV market.
- Rigid Polyurethane (PU) Foams Market - Growth of construction industry mainly in the emerging economies of China, India and Brazil is expected to boost the demand for rigid polyurethane foams over the next decade.
- Waterborne Epoxy Resin Market – The Global waterborne epoxy resin market is expected to witness substantial growth owing to increasing use in end-use segment including automotive, construction, textiles, furniture and packaging.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.