Automotive Foam Market is projected to be worth USD 80.27 billion by 2030, registering a CAGR of 10.23% during the forecast period (2021 - 2030).
Automotive Foam Market is projected to be worth USD 80.27 billion by 2030, registering a CAGR of 10.23% during the forecast period (2021 - 2030)., The market was valued at USD 38.61 billion in 2021.
The general polymer made up of liquid, gas and solid mixed together to form a foam is an automotive foam. The process of making the automotive foams is by combining the two phases to get a quick response for the system in a smooth fashion. The subsequent foam is combined with the air bubbles or air tunnels, also known as closed-cell structures or open-cell structures. The production of automotive foam contains chemical gas or physical gas, which are considered blowing agents. These agents help to decompose chemicals in the foaming process and are thus dormant. Polymer foams can be produced through various methods, including slab-stock, extrusion by steam and different types of molding. Polyurethane, biodegradable foams, starch foams are various types of foam used for making automotive foam. Automotive foam offers sound control and cushioning around door panels, instrument panels, windshields, and headliners. It is used as seals, pads, gaskets, closure strips, and pillar stuffers.
The global automotive foam market is severely impacted by the outbreak of the noble virus covid-19 pandemic. During the pandemic, the automotive foam market saw a decline in economic growth in almost all the major regions, thus affecting consumer spending patterns. Due to the lockdown implemented across various countries, national and international transport has been disrupted, which has crucially impacted the supply chain of several industries all over the globe, therefore increasing the supply-demand gap. This insufficiency in raw material supply is predicted to obstruct the production rate of automotive foam, which gave a negative impact on the automotive foam market growth. Anyways this situation is expected to improve as the government has started relaxing rules around the world for resuming business activities. The unavailability of labor and the sudden shutdown of industries are some major crises that the market faced during this pandemic.
Chief Factors Existing In The Market
Cumulative Evaluation Of The Market
The automotive foam market size is predicted to be worth USD 80.27 billion by 2030, considering a CAGR of 10.23% during the estimated 2021 – 2030. The market was valued at USD 38.61 billion in 2021. Automotive foam has sound control and cushioning around door panels, windshields, instrument panels, and headliners. It is used as seals, pads, gaskets, closure strips, and pillar stuffers. The increasing electromobility in developing economies, especially in China, India, and South-East Asia, with the rising production and sale of electric vehicles, is likely to boost the demand for automotive foam at a crucial rate in the upcoming years. Therefore, incentives and subsidies provided by the government of China to both producers and buyers of electric vehicles to meet the target of around 35 million electric vehicles by 2025 have resulted in the increased demand for automotive foam during the time period.
According to the Automotive Foam Market Analysis, the North American market for automotive foam is driven by increased research and development for various automobile materials to improve fuel efficiency. In the U.S, the new manufacturing technologies and research and development efforts are driving the market expansion.
The fastest-growing market in the Asia-Pacific region as this region has many automobile producers, demand for automotive foams is likely to increase in this region. The expansion in production and sale of electric vehicles in developing economies, specifically in China, India, and Southeast Asia, is expected to fuel the demand for automotive foam at a large rate in the future years. Similarly, the Chinese government's incentives and subsidies to both makers and buyers of electric cars have increased demand for automotive foam over the time period to reach the objective of about 35 million electric vehicles by 2025.
In the Middle East and Africa region, the tourism and retail industries in the UAE and Saudi Arabia are expected to grow crucially, the increase in the demand for lightweight and heavy commercial trucks for products transportation. In Latin America, the leading producers and exporters of automobiles and parts are Brazil and Mexico. The region's economic stability and increasing modernization are enhancing the automobile sector, and, as a result, the regional automotive foam market is growing.
Competitive Intensity Within The Industry
The automotive foam market competitive landscape provides details about competitors. It shows the competitors those who fight for higher growth of the market. Some of the major key players operating in the automotive foam market are Johnson Controls., Woodbridge., Lear Corp., Bridgestone Corporation, Armacell, Rogers Communications, BASF SE, Recticel, Vitafoam Nig. PLC, Saint-Gobain, Stepan Company, NGCT CleansysPvt. Ltd., ABRO Industries, Inc., BG Products, Inc., Auto Industrial Marine Chemicals, Inc., Dun & Bradstreet, Inc. 3M, Radiator Specialty Company, Cox Industries Inc. and CRC industries.
Recent Market Developments
In 2021 Momentive Performance Materials Inc. has floated the next generation of Nix polyurethane additives for a variety of PU applications. These new goods have lower emission qualities while maintaining the process and final product performance of manufacturers. Nix EF catalysts for bedding, furniture, and molded automobile foam applications can give lower emission, lower odor, and broader processing latitude. When compared to traditional stabilizers, Nix silicone stabilizers for slab stock polyurethane foam give much lower emission and reduced odor of the final foams. This enhanced the automotive foam outlook.
This report includes all the data of the market, such as market overview, covid-19 analysis and how it affects the market, the key drivers, the market opportunities, the automotive foam market forecast, the key drivers, the challenges that the market face, the market restraints, the market segmentation, the regional analysis, automotive foam market trends, the competitive landscape, report overview and recent development of the market.
Key Industrial Segments
|Market Size||2030: USD 80.27 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Armacell (Germany), Johnson Controls (US), DOW (US), Saint-Gobain (France), Rogers Corporation (US), Recticel (Belgium), Bridgestone Corporation (Japan), Woodbridge Foam Corporation (Canada), Lear Corporation (US)|
|Key Market Opportunities||Fluctuating raw material prices|
|Key Market Drivers||
automotive foam market is expected to rise to a valuation of USD 80.27 billion by 2028.
global automotive foam market is expected to exhibit a solid 10.23% CAGR over the forecast period from 2021 to 2028.
The growing demand for lightweight components in the automotive industry is the major driver for the automotive foam market.
Asia Pacific is the largest regional market due to the growing automotive industry in the region.
Leading players in the automotive foam market include BASF, Armacell, and Dow, among others.