Albany, NY -- (SBWIRE) -- 07/13/2018 -- The global automotive foams market is characterized by intense rivalry among the companies, says Transparency Market Research (TMR) in its latest report. Leading players within the market are introducing new products for the development of the business and as a key strategy for maintaining their leading positions in the market. Most leading players are concentrating on expanding their reach to various regions. For achieving this, they are increasingly participating in alliances, acquisitions, and collaborations with regional players. Names of the leading players are: Woodbridge Foam, Adient, Dow Chemical, Recticel, Saint-Gobain, Zotefoams, BASF, Caligen Foam, Lear, and Bridgestone.
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According to Transparency Market Research, the global automotive foams market will rise from US$22.53 bn by 2017 to US$35.38 bn by the end of 2022. On the basis of material type, it is anticipated that the demand for polyurethane-based automotive foams will continue to be higher than all other types.
APEJ to Hold Leading Position with China Being in Forefront
On the basis of geography, the leading regional market for automotive foams is Asia Pacific excluding Japan, on account of the burgeoning growth of the automotive industry within this region. With China leading worldwide in terms of being the largest consumer of automotive foams, APEJ will continue to lead in the market for the rest of the forecast period. Between 2017 and 2022, the APEJ automotive foams market is estimated to expand at a 10.10% CAGR. The stupendous rise in the demand for both commercial vehicles and passenger cars in APEJ will boost the demand for automotive foams. Market players are increasing their efforts to participate in mergers and acquisitions, collaborations, and partnerships to boost their advanced research and increase the number of product launches. This in turn is expected to boost the growth of the Asia Pacific excluding Japan market for automotive foams.
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Growing Trend of Owning Vehicles to Drive Growth
According to the report, the global rise in the manufacturing of automobiles and the increasing trend of owning a car will be primary drivers behind the staggering growth of the global automotive foams market. The increasing disposable income is playing a key role in enabling people to purchase cars and other vehicles. The rise in urbanization in emerging economies is also fuelling the growth of the market. The reduced weight and low density of foams is increasing their uptake and thus, the market is witnessing high growth.
Environmental Issues and High Cost of Raw Materials to Pose Challenges for Market
On the other hand, environmental issues caused by these foams is anticipated to challenge the growth of the automotive foams market. The risk related to the exposure as well as growing prices of the raw materials required for the manufacturing of foams will also pose challenges to the market's growth. However, the ongoing research and development in this field Wilderness Resort in Innovative breakthroughs which will make automotive foams cost-effective as well as bring about positive changes in the manufacturing of automotive foams.