North America led by the U.S. is anticipated to drive the Automotive Foam Market by 2024 due to vehicle safety norms and need for efficient braking. Technological advancement coupled with extensive R&D to improve design and better operations in manufacturing will augmenting the automotive foam market growth in future. Asia Pacific is estimated to be the most lucrative market for the product due to the emerging economies in automobile sector such as South Korea, Japan and China. Government support and increased vehicle production will also spur the product market size in forecast time span.
Automotive Foam Market Size will foresee the significant growth in coming years. Foams are produced from polyolefins, PVC, polyurethane and other petroleum derivative products. Growing automobile industry coupled with increase in disposable income of people are some key factors for the product market to prosper. The product offers several advantages as it reduces the overall weight which in turn results in enhanced fuel efficiency of the vehicle, offers superior thermal insulation, acoustic, and other such features. This in turn will spur the automotive foam market in forecast spell.
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Vehicles have become a necessity in every household which has developed a high demand for automobile industry across the globe. The lifestyle in today’s era has altered considerably which has propelled the automotive industry. Vehicles are also considered as status symbol in the society which has ramped up the growth of automobile industry, which in turn has led to the automotive foam market growth.in future.
Basically, the product is manufactured by open cell foams, closed cell foams, melamine, natural fibers and others. Polyolefins based open cell & closed cell foams are the widely used product in automotive foams industry due to their light weigh, excellent fire & water resistance, easy of recyclability and other superior properties. These enhanced characteristics will fuel the automotive foams market in forecast period.
Oscillation in raw material prices and adverse effects on the environment are some key restraining factors for automotive foam market growth. Foams are formed by the petroleum derivative products such as polyolefins, polyurethane, etc and changes in the oil prices will significantly influence the prices of its derivatives. Strict regulation related to the negative effects of chloro fluoro carbons which are involved in the production of the polymer-based foams is another challenge for automotive foam market growth by 2024.
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The product is bifurcated on the basis of applications which include head liners, doors, center console, underbody, trunk/liftgate area, instrument panels, under hood, seats and general interior & exterior. Seats and general interior & exterior are the key application segments in automotive foam market. Majority of the polyurethane based cell foams are used to design the seats of the vehicles due to their excellent features such as ease of installation, minimal weight, fire & thermal resistance, low cost, etc. Rising demand for economic and durable parts in automobile sector is likely to boost the polyurethane based foams segment which will significantly influence the automotive foam market size during forecast period.
The product is further fragmented into end-use which includes light commercial vehicle, heavy commercial vehicle and passenger cars. Increasing demand for passenger cars is expected to boost the automotive foam market owing to change in earning level and lifestyle. The shifting trends towards better driving comfort and improved performance are driving the product penetration among the passenger cars segment. Growth in passenger car sales particularly in Asia Pacific region with increased per capita income will drive the automotive foam market demand in forecast time frame.
The key players in the automotive foam market include Johnson Controls, Dow chemicals, Saint-Gobain, Armacell, BASF, Woodbridge Foam Corporation, Bridgestone, Lear Corporation, Rogers Corporation, Recticel, UFP Technologies, Vitafoams, Grand Rapids Foam Technologies, Foam Supplies, Eurofoam Hungary, Zotefoams Plc, Caligen Foam and others.
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