Foam Plastics Market Size To Reach USD 73.88 Billion In 2028
VANCOUVER, BC, January 10, 2022 / PRNewswire / – The global plastic foam market size has been $ 51.76 billion in 2020. The strong demand for plastic foams in packaging, the expansion of the building and construction industry, the increase in sales of electric vehicles and the increase in the number of sporting events are some of the Key factors driving the revenue growth of the plastic foams market.
Drivers: growing number of sporting events
The growing number of sporting events is expected to continue to drive the demand for plastic foam due to properties such as good elasticity to deploy on flooring for sporting events and activities and to reduce jerking on joints and limbs. athletes in the event of an impact. Ethylene vinyl acetate in combination with polyethylene foam is suitable for applications requiring excellent durability, strength and compressive stress capabilities. Ethylene vinyl acetate foam is also used in the production of water sports equipment such as swim boards and floating foam mats and noodles, among others.
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Constraints: Growing demand for alternative foam packaging
Rising demand for alternative foam packaging especially for food delivery services and related applications could hamper the market growth to some extent during the forecast period. While foam plastics are not biodegradable, alternative foam materials, including natural plant fibers, are fully compostable. Alternative foam packaging materials are curbside recyclable, unlike containers made from foam plastic. Use would reduce the amount of waste going to landfill. In addition, alternative foam food packaging containers can withstand heat and can be washed in the dishwasher and reused.
The global plastic foams market size is expected to reach $ 73.88 billion in 2028 and record a CAGR income of 4.5% over the forecast period, attributed to the increase in disposable income among consumers in developing countries. Asia Pacific and increased investments by various players in emerging markets. The demand for plastic foams is also expected to increase due to the expansion of the e-commerce sector and the growing need for lighter packaging materials.
Direct impacts of COVID-19
The plastic foam market has been significantly impacted by the COVID-19 (SARS-CoV-2) pandemic, due to the imposition of lockdowns, restrictions, social distancing and supply chain disruptions. These severely affected the supply of raw materials and affected production and other operations. In addition, the shutdown of production in the automotive industry, which is a key application area for lightweight materials, and the significant decline in air transport resulted in slower revenues.
Current trends and innovations
The growing focus on reducing carbon dioxide emissions from the automotive sector due to global warming is supporting the demand for plastic foams. These materials allow the production of lighter vehicles and better fuel efficiency. Lightweight components are essential for increasing the efficiency and mileage of electric vehicles. Vehicle parts made from foam plastic include bumpers, tool boxes, door cushions, headrests, sun shades, and rear seats.
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Plastic Foam Market in Europe accounted for the second largest share of revenue in 2020, attributed to the implementation of strict regulations to reduce air pollution, the high demand for electric vehicles and the growing emphasis on the concept of green building. In addition, the implementation of frameworks such as Leadership in Energy and Environmental Design (LEED) to reduce energy consumption in buildings is also expected to contribute to the market revenue growth during the forecast period.
In February 2020, Liquibox announced the acquisition of the Plastics business unit of DS Smith PLC. This acquired business unit includes the rigid and flexible packaging activities. The injection molded products, foam products and extruded products of this rigid division will be divided into Corplex, Engineered Foam and DW Reusables products.
Some highlights of the report
- By product type, polyurethane segment revenue is expected to register faster growth rate than other product type segments during the forecast period. Polyurethane based plastic foams can be used to effectively seal any spaces in buildings and provide excellent insulation in a variety of similar applications. These materials are also able to mold to contours, form vapor control layers and improve structural strength.
- By Application, the footwear segment revenue is expected to register a robust growth rate during the forecast period. The demand for plastic foams is relatively high for the manufacture of footwear, especially for various types of casual footwear. The use of plastic foam provides better breathability, resistance and environmental protection to the shoes.
- In airplanes, polyurethane foam finds wide use as an insulation material. In addition, the use of polyurethane and polyethylene in airplanes improves durability, weight reduction and soundproofing.
- Companies featured in the market report include SABIC, Alchemie Ltd., BASF SE, Hexion Inc., Lanxess AG, Covestro AG, LyondellBasell Industries Holdings BV, Huntsman International LLC, LG Chem Ltd. and Tosoh Corporation.
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Emergen Research segmented Global Plastic Foam Market by Product Type, Distribution Channel, Application, and Region:
- Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Polyvinyl chloride
- Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Building construction
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- a. we
- b. Canada
- vs. Mexico
- a. Germany
- b. UK
- vs. France
- D. Italy
- e. Spain
- F. Sweden
- g. BLESS
- h. Rest of Europe
- Asia Pacific
- a. China
- b. India
- vs. Japan
- D. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. United Arab Emirates
- vs. South Africa
- D. Israel
- e. Rest of the MEA
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