Overview and Scope
The automotive foam refers to materials produced by combining polyols and diisocyanates, which are frequently derived from crude oil and other bio-based biomass. The foams are used in automobile seats, armrests, and headrests, where their cushioning properties help to reduce fatigue and stress.
Sizing and Forecast
The automotive foam market size has grown rapidly in recent years. It will grow from $40.81 billion in 2023 to $45.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to safety regulations, customization and personalization, comfort and ergonomics, sound insulation requirements, thermal insulation.
The automotive foam market size is expected to see rapid growth in the next few years. It will grow to $69.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to autonomous vehicles, sustainability initiatives, advanced safety features, connectivity features, increased urbanization. Major trends in the forecast period include 3d molded foams, sustainable and biodegradable, smart foam, multifunctional foam components, breathable foam materials.
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Segmentation & Regional Insights
The automotive foam market covered in this report is segmented –
1) By Type: Polyurethane (PU) Foam, Polyolefin (PO) Foam, Other Types
2) By Application: Seating, Door Panels and Watershields, Instrument Panels, Bumper System, Other Applications
3) By End-User Industry: Passenger Cars, Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs)
Asia-Pacific was the largest region in the automotive foam market in 2023. The regions covered in the automotive foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in demand for electric vehicles is expected to propel the growth of the automotive foam market going forward. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for electric and hybrid vehicles has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. These factors increased the demand for automobile foam, offering passengers maximum comfort, safety, and security during the drive. For instance, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Furthermore, the global electric vehicle stock reached 10 million units in 2020, representing a 43% increase over 2019. Therefore, rising demand for electric and hybrid vehicles will drive the automotive foam market.
Key Industry Players
Major companies operating in the automotive foam market report are Armacell International Holding GmbH, BASF SE, Johnson Controls International plc, Woodbridge Foam Corporation, Lear Corporation, Bridgestone Corporation, Recticel Group, Dow Chemical Company, Compagnie de Saint-Gobain SA, Rogers Corporation, Borealis AG, Fritz Nauer AG, Adient plc, Foam Supplies Inc., Magna International Inc., Covestro AG, Huntsman International LLC, Sheela Foam Ltd., FoamPartner Group, Zotefoams plc, Sekisui Chemical Co. Ltd., UFP Technologies Inc., Rogers Foam Corporation, Foam Supplies Inc., Future Foam Inc., Vitafoam Products Canada Limited, Foamcraft Inc., Foamex Innovations Holdings LLC, General Plastics Manufacturing Company, Grand Rapids Foam Technologies LLC
The automotive foam market report table of contents includes:
1. Executive Summary
2. Automotive Foam Market Characteristics
3. Automotive Foam Market Trends And Strategies
4. Automotive Foam Market – Macro Economic Scenario
5. Global Automotive Foam Market Size and Growth
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31. Global Automotive Foam Market Competitive Benchmarking
32. Global Automotive Foam Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Foam Market
34. Automotive Foam Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Armacell International Holding GmbH
Woodbridge Foam Corporation
Lear Corporation
Bridgestone Corporation
Compagnie de Saint-Gobain SA
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