Automotive Foam Market Size, Share, Analysis, Growth, Trends, Industry Report 2023-2032|Acme Mills Pvt Ltd., Suminoe Textile Co. Ltd., Arvind Limited., Grupo Antolin Irausa SA, Heathcoat Fabrics

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According to The Business Research Company’s Automotive Foam, The automotive foam market size has grown rapidly in recent years. It will grow from <b>$40.81 billion in 2023 to $45.41 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. </b> The growth in the historic period can be attributed to safety regulations, customization and personalization, comfort and ergonomics, sound insulation requirements, thermal insulation.

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The automotive foam market size is expected to see rapid growth in the next few years. It will grow to <b>$69.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. </b> 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.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.

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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)The rising use of bio-based materials has emerged as a key trend gaining popularity in the automotive foam market. Bio-based products can help the economy become more sustainable and reduce its reliance on fossil fuels. In addition, biobased materials protect the environment and reduce associated greenhouse gas emissions, which helps attract the rural economy. These bio-based materials are derived from organic carbon sources such as sugarcane, biomass, and potato corn that innovate new sustainable and lightweight automotive materials. Major companies operating in the automotive foam market are focused on providing technologically advanced bio-based materials to strengthen their market position. For instance, in October 2021, Huntsman, partnered with Catalisti to enter a research project to develop innovative polyurethane foams for automotive applications. The project with incorporate bio-based materials to make the foams more sustainable.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

26. South America Automotive Foam Market

27. Brazil Automotive Foam Market

28. Middle East Automotive Foam Market

29. Africa Automotive Foam Market

30. Automotive Foam Market Competitive Landscape And Company Profiles

Top Major Players: