Published Date : 22 Nov 2023
The global consumer foam market size surpassed USD 47.6 billion in 2022 and is projected to rise to USD 72.17 billion by 2032, anticipated to grow at a CAGR of 4.3 percent during the projection period from 2023 to 2032.
Consumer foam could be a term used in various industries where foam materials are designed, manufactured, or utilized for consumer related products. Foam materials, known for their lightweight and versatile nature, find application in diverse consumer goods. Foam is often associated with comfort products. Memory foam, for example, is renowned for its ability to conform to the body shape, providing support and comfort. Mattresses and pillows made from memory are popular choices among consumers seeking enhanced sleep comfort.
The consumer foam market is driven by various factors including growing consumer preference for comfort and lifestyle, increasing housing and construction activities, rising e-commerce industry, growing innovation in foam technology and others. Moreover, the increasing mattress demand across the globe is another important factor influencing the market growth over the anticipated timeframe. For instance, according to the National Sleep Foundation, in the United States, 16.8 million new mattresses are sold annually. Furthermore, the growing product launches are also significant factors that propel the market growth over the forecast period.
North America is expected to hold the largest market share over the forecast period. The market growth in the region is attributed to the increasing housing and construction trends. The demand for foam insulation materials in the construction sector can be influenced by housing market trends. As construction activities and housing projects increase, the demand for foam insulation in residential and commercial buildings may also rise.
In the region, the US is expected to hold a prominent market share during the forecast period. The growth in the country is owing to the increasing demand from the end-use sector including e-commerce, automotive and others. The growth in e-commerce in the US has implications for packaging materials, including foam. With the increase in online shopping, there may be a higher demand for foam packaging solutions to protect goods during transportation.
|Market Revenue in 2023
|USD 49.41 Billion
|Projected Forecast Revenue by 2032
|USD 72.17 Billion
|Growth Rate from 2023 to 2032
|CAGR of 4.3%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Increasing utilization of foam in the sports industry
Increasing utilization of consumer foam in the sports industry due to its lightweight, affordability, durability and adaptability. Polyurethane products are used to line motorcycle and cycling helmets to offer cushioning and absorb excess shock impact. It is utilized in sports headgear as a personal protective element. The product is also commonly used as a cushioning material for mats used in wrestling, gymnastics, and martial arts, among other sports. Thus, driving the market growth over the anticipated timeframe.
Innovation in foam technologies
Advances in foam manufacturing technologies, such as the development of new types of foams such as memory foam, gel-infused foam and others, can stimulate market growth. Consumers are often attached to products that offer enhanced features and performance. Thus, driving the market growth.
The cost of raw materials, such as petrochemicals, can be volatile and can impact the overall production costs for foam manufacturers. Fluctuations in raw material prices can affect profit margins. Thus, the price volatility is expected to hamper the market growth.
Compliance with regulations regarding safety, fire resistance, and chemical content in foam products can pose challenges for manufacturers. Meeting evolving regulatory standards may require investments in research and development and changes in the production processes. Thus, regulatory compliance might be a hurdle for the market growth during the study period.
Growing demand from the automotive sector
In the automobile company, there is a sizable market for polyurethane foam. The material finds widespread application in automotive interiors, exteriors, doors, windows, and automobile bodies, among other areas. By reducing total weight, the product improves corrosion resistance, insulation, sound absorption, and fuel efficiency in vehicles. The need for better vehicle performance, more electrification, and an increase in the demand for passenger vehicles have all contributed to the global market expansion.
For instance, the Society of Indian Automobile Manufacturers (SIAM) provided figures showing that compared to 30,82,421 passenger vehicles delivered in 2021, a total of 37,92,356 passenger vehicles sold in India.
Growing sustainability initiatives
There is a growing consumer demand for sustainable and eco-friendly products. Companies that prioritize sustainability in their manufacturing processes, use recycled materials, or offer recycling programs for foam products may tap into a market segment focused on environmental responsibility. For instance, a brand-new, cutting-edge line of environmentally friendly PU foams called OrbisTM is created from polyols recovered from recycled post-consumer foam mattresses. The first flexible polyurethane (PU) foam produced in Europe using recycled raw materials is called OrbisTM foam.
Creating a circular economy is the primary motivation for the creation of OrbisTM and other sustainable foams made by The Vita Group. For Orbis, this entails keeping post-consumer materials out of landfills and incinerators to make a truly circular product. At its ICOA plant in Crancey, France, Vita produces OrbisTM foam manufactured from recycled polyols; additional advancements are underway in Germany. Up to 200,000 mattresses will be recycled annually as part of this program. Thus, this is expected to offer a lucrative opportunity for market development over the projected timeframe.
Segments Covered in the Report
By Resin Type
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