Global automotive foams market demand is anticipated to be valued at USD 38,290.9 million in 2023, forecast to expand at a CAGR of 6.2% to USD 69,878.1 million from 2023 to 2033. Growth is attributed to the rising disposable income and purchasing power parity in the developing nations.
Automotive foams refer to polymer foams made by injecting a gas or mixing a foaming agent into a solid. The gas involved in the production of automotive foam is either chemical or physical and is termed a blowing agent. Automotive foams are soft and have great flexibility, which provides comfort to the passengers. Toluene Diisocyanate (TDI), polyols, ethane, and propane are key ingredients used to produce car foam.
Declining prices for these items are expected to affect the demand for the product in the forecast period. Consolidation of the entire value chain is expected to be the most important, as many manufacturers are trying to manage costs, regression, and forward integration, it has become more important.
Demand for these resources from other application industries is expected to affect their availability. Some companies are also focusing on increasing their production capacity to meet growing product needs.
The increasing demand for foam in developing countries, coupled with the growing inclination of OEM for foam products in commercial vehicle applications, are the key factors that are expected to accelerate the market growth.
On the other hand, economic slowdown, proper disposal, and recycling techniques are among the primary factors that are acting as restraints, and are expected to further challenge the growth of the automotive foam market during the forecast period.
| Attributes | Details |
|---|---|
| Automotive Foams Market CAGR (2023 to 2033) | 6.2% |
| Automotive Foams Market Size (2023) | USD 38,290.9 million |
| Automotive Foams Market Size (2033) | USD 69,878.1 million |
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From 2018 to 2022, a CAGR of 3.7% was registered for the automotive foams sector. Market valuation expanded from USD 31,746.51 million in 2018 to USD 36,712.3 million in 2022.
Automobile makers have created seats that offer the necessary comfort as a result of consumer concern about comfort.
The comfort factor has a big impact on the consumer's choice to buy. Back pain concerns arise both temporarily and permanently due to the uncomfortable seating. As automotive foams support the tailbone and aid in relieving tension brought on by extended periods of sitting during lengthy trips, demand for automotive foams is expected to surge during the forecast period.
Automotive foams play a very crucial role in promoting the comfort, interior beautification, noise reduction, weight reduction, etc., thus, enhancing the car performance and customer satisfaction. Weight reduction is a trend in the automotive industry which is targeted to achieve superior fuel efficiency and performance.
The automotive foams sector is anticipated to be driven by the growth of the global automotive industry, which has been experiencing growth and reaching pre-recession economic levels in some regions.
Since 2014, there has been a positive outlook in the automobile sector in economies ranging from developed countries, such as the United States, to developing countries, such as India. Additionally, the growing population in emerging economies from the Asia Pacific, coupled with rising disposable income and purchasing power parity, is expected to drive demand for automobiles over the forecast period.
This factor is anticipated to bode well for the demand in this market during the forecast period. The growing demand for foam in developing countries, combined with OEMs' growing preference for foam products in commercial vehicle applications, is expected to drive market demand.
The increasing use of automotive foam in the seating industry, owing to the flexibility and softness of foams that provide passenger comfort, is one of the key factors that is expected to escalate the growth of the automotive foam market over the analysis period.
The weight reduction properties and cost-effectiveness of automotive foam are expected to drive the market demand.
Growth in end-user industries in emerging nations is a critical factor driving market growth. Changing lifestyles of people and rising sales of electric vehicles are the key factors driving the automotive foam market. Furthermore, rapid urbanization and renewable feedstock for the production of green PU foams are likely to open new opportunities for the automotive foam market.
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| Countries | Market Share (2023) |
|---|---|
| United States | 17% |
| Germany | 7.8% |
| Japan | 9.1% |
| Australia | 0.2% |
In terms of regional platforms, Europe holds the leading market share in the automotive foams business. The region is expected to surge at over 24.5% share from 2023 to 2033.
Europe is also expected to witness this growth over the forecast period, owing to electric vehicles, which are expected to provide key growth opportunities in the region. In addition, the number of vehicles in use in the United Kingdom has increased over time as a result of the country's consistent economic growth.
The presence of key automobile manufacturers in the region, which are constantly expanding their production capacity, is expected to have an impact on regional product demand over the forecast period. The United Kingdom is expected to have a CAGR of 4.3% by 2033.
The increasing use of automotive foam in the seating industry is attributed to the flexibility and softness of foams that provide passenger comfort. This is one of the primary factors that is expected to boost the growth of the automotive foam sector in Europe in the near future.
According to Future Market Insights, North America is expected to hold significant growth opportunities for Automotive Foams. The region held a market share of 21.6% in 2022.
The automotive foams industry in North America is expected to witness low growth over the short-term forecast and moderate growth over the mid-and long-term forecast, with the improving automotive sector in the region.
The market for light commercial vehicles is expected to boost the demand for automotive foams in the region over the mid-term forecast. For instance, the cybertruck launched by Tesla has already surpassed 250,000 orders in just a couple of weeks. The production of these trucks started at the end of 2021.
| Country | Market CAGR (2023 to 2033) |
|---|---|
| China | 7% |
| India | 7.6% |
According to Future Market Insights, Asia-Pacific is expected to grow with lucrative growth opportunities for the automotive foams industry, and reach a significant share of 16.4% in 2022.
China is the leading consumer of automotive foam in the Asia-Pacific region. India, Thailand, Singapore are emerging as new manufacturing bases for electric vehicles. The high demand for automotive foams in these countries is also attributed to the rising disposable income of the consumer.
The automobile industry in the region is expected to be fueled by the rise in spending capacity. Also, regulatory authorities have laid down obligatory norms to increase the fuel efficiency of vehicles, which has compelled companies to invest in research and development to achieve higher engine efficiency and make innovative changes in the vehicle design.
According to Future Market Insights, the Middle East & Africa is expected to provide significant growth opportunities for the global market. It holds a market share of 9.2% in 2022.
The automotive industry in the Middle East & Africa is growing at healthy rates, and manufacturers are expanding their operations in the region. The automobile industry in the region is expected to be fueled by the rise in spending capacity.
Also, regulatory authorities have laid down obligatory norms to increase the fuel efficiency of vehicles, which has compelled companies to invest in research and development to achieve higher engine efficiency and make innovative changes in the vehicle design.
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There are many prominent market players in the automotive foams market that are working hand-in-hand to provide the best-in-class Acrylic Box Clear for enhancing the global arena. However, there are many global start-ups in the market, which are stepping forward in matching the requirements of the Automotive Foams domain.
The market is highly intense, a large base of successful competitors. There are several well-established companies in the automotive foams industry, which is what distinguishes it. Due to the substantial consumer base, there is fierce rivalry among the market participants. The players also have robust and sizable distribution networks, which allow them to have a sizable worldwide presence.
Recent Development:
The market size is estimated to reach USD 38,290.9 million by 2023.
The market crossed a revenue of USD 36,712.3 million by the end of 2022.
The market is expected to reach USD 69,878.1 million by 2033.
Changing emission regulatory norms, the emergence of electric vehicles, and the increased trend of car-pooling posed a threat to market growth.
Japan accounts for nearly 9.1% share of the global market in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Foam Type 5.1. Polyurethane 5.2. Polyolefin 5.3. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Seating 6.2. Door Panels & Water shields 6.3. Instrument Panels 6.4. Bumper System 6.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Passenger Vehicles 7.2. Light Commercial Vehicles (LCV) 7.3. Heavy Commercial Vehicles (HCV) 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Bridgestone Corporation 18.2. Johnson Controls 18.3. Evonik Industries AG 18.4. BASF SE 18.5. FoamPartner 18.6. ARMACELL LLC 18.7. Woodbridge 18.8. Lear Corporation 18.9. Toray Plastics (America), Inc. 18.10. The Dow Chemical Company 18.11. Recticel 18.12. Fostek Corporation 18.13. Trocellen 18.14. Zotefoams Plc. 19. Assumptions & Acronyms Used 20. Research Methodology
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Automotive Foams Market
