Polymer foam is an inorganic matter that is made using different resins, solid phases, and gases. The resins used in the making process include polyvinyl chloride, polyurethane, phenolics, and polystyrene. There are a number of additional raw materials that can also be used to make polymer foam, which includes inorganic chemicals, petroleum solutions, and others. Owing to the physical and chemical nature of the product, it has various applications in furnishing, food and beverages industry, automotive, and so on. As per the current report, the value of the global polymer foam market in 2015 was estimated to be around USD 101.50 Billion, which is further anticipated to account to USD 161.0 Billion by 2021 with a CAGR of 8.0% growth between 2016 and 2021.
The segmentation of the global polymer foam market takes place based on the type and application. The application segment is further bifurcated into automotive, building and construction, packaging, furniture and bedding, and others. In addition to this, the type segment is also further categorized into PVC foam, phenolic foam, polyolefin foam, melamine foam, polystyrene foam, and polyurethane foam. Sabic being one of the well-known foam product providers has come up with two new foam grades this year. One of which is Sabic LDPE HP2024NDF and the other one is Sabic LDPE HP2024JDF. These grades have been mainly developed by the company for the Asian and the Middle East and African market due to the increasing use of physical extrusion foam there.
Looking at the current escalating demand for the polymer foam products in the automotive industry, no doubt the global polymer foam market growth is going to reach the skies. However, the government rules and regulations are an important factor expected to restrain the growth of the market. And also the variable raw material pricings and the recessionary blow is going to hamper polymer foam product demand and manufacture in the coming years.
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The dominating troupe in all over the globe includes Stepan Company, Woodbridge Foam Partner, Armacell International S.A., INEOS Group, BASF SE, Adeplast S.A., JSP Corp., Woodbridge Foam Partner, and the DOW Chemical Company.