The automotive industry has been observing a positive growth worldwide due to the introduction of economically priced vehicles, and growing penetration of mobility and logistics services providing companies such as TOTAL QUALITY LOGISTICS, LLC, C.H. Robinson Worldwide, Inc., Uber, Lyft, ANI Technologies Private Limited (Ola), Glovo, DiDi Global, and Bolt Technology OÜ. Major automotive companies have started upgrading their products by installing foams for the better absorbance for the consumer's safety and reduction of stress and fatigue.
According to Data Bridge Market Research the Automotive Foam Market witnessed a healthy CAGR of 10.51% in the forecast period of 2022 to 2029.
“Growing usage of bio-based materials is expected to drive the market growth”
The increasing usage of bio-based materials is expected to drive the market growth during the forecast period. Bio-based products can aid the economy to become more sustainable and also reduce its dependency on fossil fuels. Furthermore, bio-based materials reduce associated greenhouse gas emissions and protect the environment, which helps to attract the rural economy. These bio-based materials are mainly derived from organic carbon sources such as potato corn, sugarcane, biomass, that innovate new lightweight and sustainable automotive materials. Therefore, the increasing usage of bio-based materials is likely to boost the market growth during the forecast period.
What restraints the growth of automotive foam market?
“High cost associated with automotive foam”
Fluctuations in the costs of raw materials such as toluene diisocyanate (TDI), polyols, ethane, and propane are expected to impact the demand for the product which will hamper the growth of the automotive foam market during the forecast period.
Segmentation: Automotive Foam Market
The automotive foam market is segmented on the basis of type, application and end-use.
- On the basis of type, the automotive foam market is segmented into polyurethane (PU) foam, polyolefin (PO) foam and others.
- On the basis of application, the automotive foam market is segmented into seating, door panels, bumper system and others.
- Based on end-use, the automotive foam market is segmented into car, light commercial vehicle and heavy commercial vehicle.
Regional Insights: Asia-Pacific is expected to dominate the automotive foam market
Asia-Pacific is expected to dominate the market and is expected to grow significantly due to the growth and expansion of automotive industry within the region. Moreover, regulatory authorities have established new norms to improve vehicle fuel efficiency, will further boost the growth of the automotive foam market in this region.
In addition, the Europe region is likely to register highest growth rate during the forecast period of 2022 to 2029 due to the presence of major automobile manufacturers in this region. Furthermore, increasing awareness regarding advantages of automotive foam among automobile manufacturers will positively influence the market growth the market growth.
Recent Developments: Automotive Foam Market
- In 2022, Thor Industries which is a manufacturer of recreational vehicle acquired Elkhart Composites for an undisclosed amount. With this acquisition, they will improve the recreational vehicle (RV) manufacturing capabilities of Thor Industries and help for better serve the customers. Elkhart manufactures sold sustainable foamed polypropylene-based composite material under the name Elkboard, which is used in recreational vehicle (RV) for sidewalls and insulation.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-automotive-foam-market
The Prominent Key Players Operating in the Automotive foam Market Include:
- UFP Technologies, Inc., (U.S.)
- FXI (U.S.)
- Trelleborg AB (publ) (Sweden)
- Armacell (Luxembourg.)
- Sekisui Chemical Co., Ltd. (Japan)
- Future Foam (U.S.)
- Foamcraft (U.S.)
- BASF SE (Germany)
- Bayer Material Science (U.S.)
- Dow (U.S.)
- Huntsman International LLC (U.S.)
- Rogers Corporation (U.S.)
- Ube corporation (Japan)
- Recticel (Belgium)
- Zotefoams Plc (U.K.)
- The Woodbridge (Canada)
- Sekisui Alveo (Switzerland)
- Indoac Corporation (Japan)
- Covestro AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list automotive foam market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Automotive Foam Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.