Automotive Foams Market Report 2019-2029
A Global Automotive Foams Market Estimate and Forecast – Industry Insights for Consumption, Demand, Production, Price Trend, Competitive Intelligence and Opportunity Analysis Along the Value Chain
The global automotive foams market was valued at $27.4 billion in 2018. Foam in automotive sector is gaining huge momentum since it performs several functions such as controlling noise harshness and vibration. Moreover, foams are used for reducing the level of wind noise in areas where the flow of air becomes robust. Furthermore, foams are used at places where unwanted road noises are created from vibration of panels and parts.
Foams also help the automotive domain to protect the part of vehicles from the ruggedness of environment and roadways. The foams are used to keep the roadway chemicals and water away from entering to avoided areas and also prevent metal from shattering at a premature stage such as areas of door hinge. Besides foams are reusable and can be repaired as per the requirement of the manufacturers as a result to which foams are gaining rampant popularity from across the globe and thereby strengthening the growth of global automotive foams market at rapid pace.
Swelling manufacturing activities undertaken in automotive domain and prospective growth of this industry is the key factor driving the growth of the global automotive foams market. The automotive domain is growing at an expansive rate and global sales of car are growing exponentially every year. According to a report, in order to satisfy the ever-increasing needs of their customers there are several original equipment manufacturers (OEM) that are shifting to Silicone valley in order to exploit latest technologies in automotive sector.
Furthermore, ever increasing population globally, increasing disposable income and increasing demand for vehicles are enabling the automobile manufacturers and designers to develop seating that can be disassembled, assemble and recycled with ease. Additionally, foams are further utilised by the automobile manufacturers to retain the firmness and performance specifications without adding weight to components. Thus the increasing acceptance of foams is thereby escalating the growth of global automotive foams market considerably. However, volatile prices of raw material are the key factor hindering the growth of global automotive foams market.
Automotive foams market forecast 2019 – 2029 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the automotive foams manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Automotive industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
The reports provide the analysis based on product, application, and end user segment. On the basis of product, the global automotive foams market is categorized into polyolefin (PO) foam, polyurethane (PU) foam, and others. Among these segments, polyurethane category holds the largest share in the global market in 2018 due to expansion in demand for cars globally. The advantages for utilising polyurethane are prolonged and automobile manufacturers are extensively employing these products. Lightweight, durability, recyclability, versatility for design and noise reduction are few benefits offered by polyurethane to the automobile manufacturers that is further fuelling the growth of the category in the global automotive foams market.
On the basis of application, the global automotive foams market is segmented into door panels, seating, bumper system, and others. Of all, automotive foams market finds its largest application in seating category in terms of revenue. The foams used in seats of cars makes it more comfortable to sit and travel long journeys, thus fuelling the demand of automotive foams for seating application. Additionally, increasing disposable income along with increasing standard of living is thereby enhancing the demand for luxury cars which further enable manufacturers to develop seats that are more comfortable and cosier which thereby propel the global demand for foams and strengthen the growth of the global automotive foams market.
Based on end user, the global automotive foams market is classified into LCV, cars, and HCV. Among all these segments, the cars category holds the largest share in the global market in 2018 owing to the increasing demand for cars worldwide. The ever-increasing population along with increasing disposable income and increasing number of working populations in Asia-Pacific is thereby enhancing the demand for global automotive foams market. Moreover, increasing concerns pertaining to the environment, technological upgradation and extensive demand observed for low emission vehicles is thereby contributing towards the growth of the global automotive foams market.
Moreover, LCV is anticipated to witness fastest growth during the forecast period since LCV are produced with lower operating cost, used for intra-city, developed ruggedly and provide effective fuel-efficient engines to the vehicles. Moreover, increasing demand for minibuses, delivery vans and pickup trucks are thereby escalating the growth of the global automotive foams market.
The automotive foams market in North America is anticipated to generate largest revenue throughout the estimated period. The region is considered to be major foam based manufacturer that are implementing UFP technology which have wide access to large variety of foams. Furthermore, increasing demand for vintage cars in this region is thereby escalating the demand for developing comfortable seating developed using foams which is further driving the growth of automotive foams market in this region.
Moreover, automotive foams market in Asia-Pacific is anticipated to witness fastest growth during the forecast period. The growth of this market in this region is attributed towards extensive demand for vehicles, large number of population and increasing disposable income of the citizens. Additionally, increased regulations implemented by government authorities in countries such as India and China pertaining to manufacturing of fuel-efficient cars that is further aggravating the research & development activities in this region further accentuating the growth of automotive foams market in this region.
The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The global automotive foams market is witnessing fragmented market structure and extensively undertaking research & development activities in order to expand their product offerings and gain significant market share. Some of the eminent players having prominent presence in the global automotive foams market include Bridgestone Corporation, Armacell International S.A., The Dow Chemical Company, Recticel NV, Fritz Nauer AG, Saint-Gobain, Borealis AG, The Woodbridge Group, BASF SE, and Rogers Corporation.
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