The worldwide automotive foams market will expand at a CAGR of 9.40% between 2017 and 2022, reaching a value of US$35.38 bn by the end of 2022.
Albany, NY -- (SBWIRE) -- 01/30/2018 -- This research report offers a comprehensive analysis of the "Automotive Foams Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022" The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Global Automotive Foams Market: Snapshot
The global market for automotive foams is being intensely driven by the significant growth of automobile manufacturing across the world, thanks to increasing disposable income and the rising trend of urbanization, especially in emerging economies, such as Japan, China, and India. The cost efficiency, low density, and reduced weight of automotive foams is also supporting their adoption considerably, leading to the market's growth.
By 2017, the worldwide automotive foams market is expected to present an opportunity of US$22.53 bn. Researchers predict a high future growth of this market, which will expand at a CAGR of 9.40% between 2017 and 2022, reaching a value of US$35.38 bn by the end of 2022.
Demand for Polyurethane Continues to be High
The assessment of the global automotive foams market is broadly conducted on the basis of the type of material, sales channel, application, and the type of vehicle. Based on the type of material, the market is bifurcated into phenolic, polyurethane, styrenic, polyolefin, polyvinyl chloride, and melamine. Among these, the demand for polyurethane is relatively greater than other materials. Expanding at a CAGR of 8.50% between 2017 and 2022, this segment is expected to remain on the top over the next few years.
Based on the sales channel, the market is classified into original equipment manufacturers (OEM) and aftermarket. By application, the market is categorized into seating, instrument panels, gaskets and seals, door panels, water shields, headliners, and noise, vibration and harness (NVH). On the basis of the type of the vehicle, the market is segmented into luxury passenger cars, mid-sized passenger cars, compact passenger cars, premium passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers.
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APEJ to Continue Registering Strong Demand for Automotive Foams
In terms of the geography, the worldwide market for automotive foams is divided into Europe, the Middle East and Africa (MEA), North America, Asia Pacific excluding Japan, Latin America, and Japan. The global market is currently led by Asia Pacific excluding Japan, thanks to the continual rise in the region's automotive industry. With China surfacing as the key consumer of automotive foams across the world, this region is expected to remain dominating the global market over the next few years. Analysts expect the APEJ market for automotive foams to rise at a CAGR of 10.10% during the period from 2017 to 2022.
The substantial rise in the heavy commercial vehicle and the passenger car industries is the main driving force behind the growth of the market for automotive foams in this region. The increasing involvement of companies into mergers, acquisitions, and alliances, rising number of product launches, and the accelerated research and development activities are expected to raise the potential of this regional market in the years to come. Other regional markets for automotive foams are also projected to witness steady growth over the forthcoming years. Among these, Europe and North America are anticipated to hold substantial share in the global market in the near future on account of the rising demand for automotive foams across the world.
The business landscape of the global automotive foams market is highly competitive and fragmented due to the presence of a number of players. At the forefront of this market are Woodbridge Foam Corp., The Dow Chemical Co., Adient Plc., Recticel, Caligen Foam, Saint-Gobain SA, BASF SE, Lear Corp., Zotefoams Plc., and Bridgestone Corp.
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