The global polymer foams market was valued at around US$ 81 Bn in 2018
and is anticipated to expand at a CAGR of approximately 4.5% during the
forecast period, according to a new report titled ‘Polymer Foams Market: Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’
published by Transparency Market Research (TMR) . According to the report, rise
in usage of polymer foams in the insulation of buildings is driving the market.
Asia Pacific is a leading region of the global polymer foams market. The polymer foams
market in the region is projected to expand at a significant
pace during the forecast period owing to the growth in construction activities
and rise in demand for automotive.
Request A Sample- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5651
Increase in Demand for Polymer Foams in Building
& Construction Sector to Boost Market
Based on application, the global polymer foams market has been segmented
into building & construction, packaging, furniture, automotive, footwear,
and others (including electrical & electronics and appliances). The
building & construction segment is estimated to expand at a significant
pace during the forecast period. The buildings sector consumes about 35% to 40%
of energy in developing nations. Governments are focusing on sustainable
building projects to lower the consumption of energy. Approximately 5% to 6%
energy can be saved by using polymer foams. This, in turn, is likely to drive the
demand for polymer foams across the globe. Expansion of the polymer foams
market can be ascribed to its properties such as lightness of weight, high
k-factor, flexibility, low heat, and sound transfer. Polymer foams are
extensively used for insulation purposes in the building & construction
sector. For instance, flexible polymer foams are used for padding cushions in
carpets. Polymer foam acts as reflective covering to bounce sunlight and heat
away from roofs. This, in turn, helps houses to stay cool and aid in reducing
energy consumption. This is expected to boost the demand for polymer foams in
the construction sector.
Growth of Automotive Sector to Propel Demand for
Polymer Foams
Rise in disposable income has led to an increase in the spending power of
consumers across the globe. This has boosted the disposable income and spending
power of consumers. In turn, this is driving the demand for vehicles in
developing economies such as China, India, and GCC countries. Rise in sale of
vehicles across the globe has been fuelling the demand for polymer foams.
Polymer foams are employed in seating, auto bumper systems, and sandwich panels
in the automotive sector. Additionally, increase in demand for electrical and
fuel-efficient vehicles across the globe is estimated to fuel the demand for
polymer foams.
Purchase A Report- https://www.transparencymarketresearch.com/checkout.php?rep_id=5651<ype=S
Polyurethane Segment to Gain Momentum
The report presents a detailed segmentation of the global polymer foams
market based on type and application. In terms of type, the polyurethane
segment constituted a major share of the global polymer foams market in 2018.
Polyurethane foams are being used in several applications due to their
characteristics such as high impact resistance and excellent load bearing
capacity. This is likely to augment the usage of these foams in the
construction industry. Additionally, increase in natural calamities, such as
hurricanes, is expected to boost the building & construction industry.
This, in turn, is anticipated to propel the demand for polyurethane foams in
the region. Additionally, increase in implementation of stringent regulations
in the building & construction sector is projected to boost the requirement
for research activities on polymer foams across the globe. For instance,
according to the International Building Code, a foamed plastic has to pass fire
tests such as NFPA286, FM 4880, and UL1715. Therefore, manufacturers of
polyurethane foams are striving to obtain the certification of these test
standards.
Asia Pacific to Lead Global Polymer Foams Market
Asia Pacific and Europe were key regions of the global polymer foams
market in 2018. The polymer foams market in Asia Pacific is anticipated to
expand at a rapid pace owing to the increase in per capita income of the people
and rise in urbanization. These factors have augmented the purchasing power of
the people. This, in turn, is fueling the demand for automotive and housing
facilities across the region. Polymer foams are primarily used to reduce the
weight of the structure and manufacture various parts of vehicles.
Additionally, government initiatives are projected to boost the
construction industry in Asia Pacific. The market in North America is projected
to expand at a steady pace during the forecast period. The market in Latin
America is likely to expand at a substantial pace during the forecast period
owing to the high demand for automotive in Mexico.
Get Trending Report-https://www.prnewswire.com/news-releases/growing-consumer-shift-towards-vegetarian-food-product-to-spell-growth-for-the-bean-pasta-market-tmr-301326930.html
