Flexible Foam Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Flexible Foam Industry Hit Worst due to Russia-Ukraine War Impact?
The flexible foam market size will expand with rising demand from the automotive, construction and furniture sectors. Besides, expanding applications of automotive seating, furniture and bedding will augur well for the business outlook. Furthermore, governments and other stakeholders have upped investments to reduce greenhouse gas emissions. Fortune Business Insights™ has deep-dived into these insights in an upcoming research report, titled, “Flexible Foam Market, 2022-2029.”
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Flexible Foam Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Flexible Foam Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Furniture & Upholstery Sector to Bolster Industry Growth
In terms of type, the market is segregated into polyethylene, polypropylenem and polyurethane. With respect to end-use, the industry is segmented into automotive, furniture & upholstery, building & construction, packaging, consumer goods and others. Based on Geography, the market includes North America, Asia Pacific, Europe, Latin America and Middle East & Africa. Among all these segments, the furniture & upholstery will account for a considerable CAGR due to the demand for luxury mattresses, benches, carpet underlay, bedding and sofa sets.
The upcoming report is prepared rigorously through qualitative and quantitative analysis. We have delved into SEC filings, press releases, annual reports and government websites to validate the report’s authenticity. The use of top-down and bottom-up approaches has helped analysts project the size of various segments in the market.
Drivers and Restraints-
Demand from the Automotive Industry to Provide Promising Growth Potentials
Automakers are expected to up their investments in flexible foam products to bolster durability, comfort and safety. Notably, foam products have become a pivotal portfolio among vehicle manufacturers and their vast supplier networks. For instance, polyurethane flexible foams have become widely popular for automotive seat cushions owing to their tremendous performance. Global economic recovery from the pandemic, along with surging demand from the end-use sector, is expected to foster flexible foam market share. However, fluctuation in raw material prices and shifting government regulations could dent the market growth over the next few years.
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Rising Uptake of Foam Products in the U.S. to Boost the North America Market Share
The U.S. is poised to provide lucrative growth opportunities on the back of the demand from construction, consumer goods and automotive industries. The material has become sought-after amidst surging demand for durable, cost-efficient and lightweight components. Moreover, foam manufacturers have shifted their attention towards developing new products to harness unique attributes of the material, auguring well for regional growth.
Asia Pacific has emerged as a happy hunting ground on the heels of the presence of leading automakers and growth in economies. End-use industries, including construction, automotive and furniture have exhibited a stellar demand for the material. Moreover, flexible foam materials have gained traction across packaging applications, including fish, food, horticulture and electronic goods. Asia Pacific flexible foam market growth will be strong in the wake of thriving construction activities.
Industry Participants to Inject Funds into Organic and Inorganic Strategies
The competitive scenario of the global market suggests leading companies could emphasize product launches, mergers & acquisitions, technological advancements and R&D activities. One of the notable industry developments is delineated below:
- November 2021: BASF exhibited a sustainable product portfolio at UTECH Europe 2021. The company believes its PU rigid foam systems could boost efficient insulation.
- April 2021: Mitsui Chemicals announced plans to foster methylene diphenyl diisocyanate (MDI) production capacity, a major raw material for polyurethane.
A list of major companies profiled in the global market:
- Dow Chemical Company (U.S)
- BASF (Germany)
- Ube Industries (Japan)
- Mitsui Chemicals (Japan)
- Zotefoams Plc (U.K.)
- Huntsman Corporation (U.S.)
- Covestro AG (Germany)
- JSP (Japan)
- Recticel (Belgium)
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