The report "Polymer Foam Market by Type (PU, PS, PO, PVC, Phenolic, Melamine), End-Use Industry (Building & Construction, Packaging, Automotive, Furniture & Bedding, Footwear, Sports & Recreational), and Region - Global Forecast to 2022".

The market size of polymer foam is projected to grow from USD 94.86 Billion in 2017 to USD 126.08 Billion by 2022, at a CAGR of 5.86% from 2017 to 2022.

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Drivers: high demand for polymer foams in end-use industries
Flexible polyurethane (PU) foams find wide applications in the automotive industry. They are used in crash pads, headrests and armrests, trim, seating, carpet back, sun visors, instrument panels, filters, and headliners, and also in sound insulation, vibration dampening, and energy management. Rapid economic growth and increasing expenditure on luxury vehicles in emerging economies, such as China, India, South Korea, and Indonesia, are expected to boost the demand for polymer foams in the automotive industry during the forecast period.

Restraints: Volatility in raw material prices
The factors that determine the cost structure of products are the price and availability of raw materials. The key raw materials used to make polymer foams are benzene, toluene, polyol, and phosgene. They are petroleum-based derivatives and are vulnerable to price fluctuations. Oil prices have been highly volatile for the past two years due to the rising global demand, and war conflict and foreign intervention in the Middle East. Such fluctuating raw material prices act as a restraint in the polymer foam market.

Opportunities: Growing demand for bio-based polyols
In view of the growing concerns over the dependence on fossil fuels and the impact of plastics on the environment, the polymer foam manufacturers are continuously striving for sustainability in business practices. The volatility in oil prices in 2015 and 2016 had a significant impact on the profitability of the foam industry. This has led to the development of bio-based polyols that can be used in manufacturing foams. Bio-derived materials such as soy-based polyols are far superior to conventional polyols, in terms of sustainability and cost. They are more thermally stable and less sensitive to hydrolysis than conventional polyols.

Challenges: High pricing pressure
The global polyols market has witnessed tremendous pricing pressure for the past few years due to fluctuations in crude oil prices. The rising cost of major raw materials such as propylene and propylene oxide, which are the derivatives of petroleum products, is primarily responsible for the rise in the manufacturing cost of polyols. Capital and raw material costs account for a major portion of the production costs, leading to the higher pricing pressure on manufacturers.

Due to high prices of certain polymer foams, cheaper substitutes are often used. For instance, instead of melamine foam, fiberglass can be used as a substitute for the solution of acoustic insulation. Moreover, many manufacturers import a lot of cheap and low-quality raw materials. Thus, offering a high-quality product often becomes a challenge for the leading global players.

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The key companies profiled in this report are Sealed Air (U.S.), Arkema (France), Armacell (Germany), BASF (Germany), Borealis (Austria), Total (France), JSP (Japan), Kaneka (Japan), Recticel (Belgium), Rogers (U.S.), Sekisui Alveo (Switzerland), Synthos (Poland), Woodbridge (Canada), and Zotefoams (U.K.).

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