Selbyville, Delaware, United States, September 28 2020 (Wiredrelease) Global Market Insights, Inc –:The flexible foam market is expected to grow from USD 35 billion in 2018 to USD 65 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Strong outlook with versatile end-user applications including furniture & upholstery, packaging, construction, consumer goods, bedding, pillows, mattresses, carpet cushion, automotive interiors etc., are among key factors driving the market growth.
Features such as lightweight, high resiliency, durability, and improved safety & comfort will enhance the product scope in end-use applications. Shifting focus of the manufacturers towards development of products using bio-based materials will further stimulate the flexible foam market growth.
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Increasing disposable income along with rising inclination of consumers towards the purchase of luxurious interiors will propel the flexible foam market demand. Growing demand for memory and viscoelastic foam in bedding and mattress products along with rapid expansion in the flexible packaging industry owing to the enhanced protection against vibration during shipping will propel the industry growth. Also, increasing focus of manufacturers towards developing lightweight and fuel-efficient vehicles provides a positive outlook for the industry growth.
Growing demand for the product in furniture and upholstery applications to provide improved cushioning, low water absorption, good mechanical strength and absorption of static stress will enhance the flexible foam market penetration. Favourable regulations provided by government bodies regarding the use of thermal insulation materials in the construction sector globally will fuel the industry expansion.
Polyurethane dominated the flexible foam market and accounted for over 60% of the overall demand in 2018. Polyurethane is widely used in numerous applications such as automotive interior components, lightweight automotive parts, cushioning in beddings and upholstery and as thermal insulation products in buildings etc. Features such as enhanced cushioning, lightweight, durability, lower installation time, increased shelf life and high resiliency are among key properties expected to drive the flexible polyurethane foam demand.
Furniture & upholstery end-use segment accounted for over USD 10 billion in 2018. Increasing number of restaurants with improved cushioning and comfort requirement supported by high consumer spending on luxurious interiors will positively influence the flexible foam market revenues. Technological advancements in flexible foam materials have fueled the applications scope in the past few years. Recent product developments in the flexible foam products have enabled the manufacturers to develop smart memory or viscoelastic products that provide better durability, longer product life and protection against allergens and microorganisms.
Asia Pacific dominated the flexible foam market and accounted for over 30% of the overall demand in 2018. Surging consumer spending on luxurious products and consumer goods coupled with the rising demand for memory foams in beddings and mattresses will proliferate the regional industry growth. Significant growth in the regional construction industry owing to an increasing disposable income, and favourable FDI policies are propelling the regional growth during the forecasted timeframe. Growing hospitality industry, particularly in South-East Asian countries including Malaysia, Thailand, Indonesia, Vietnam, and Singapore owing to favourable FDI policies, will stimulate the market development.
BASF, Covestro AG, Huntsman International, Dow Chemical Company and Recticel are among major flexible foam manufacturers. Global flexible foam market share is highly fragmented with the presence of multinational and regional players. The manufacturers are involved in production capacity expansions, mergers & acquisitions, and new product launches, to gain a competitive share.
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