Global Foamed Plastics Market Size Likely to Expand at a CAGR of 4.9% By 2033

According to current market research conducted by the CMI Team, the global Foamed Plastics Market is expected to record a CAGR of 4.9% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 55.9 Billion. By 2033, the valuation is anticipated to reach USD 87.9 Billion.

Foamed Plastics Market: Overview

According to industry experts at CMI, foamed plastics are a type of polymer manufactured by infusing resin with air bubbles. Numerous factors, such as rising product innovation, technological advancements, growing emphasis on sustainable products, and rising government initiatives, are driving the foamed plastics market.

Furthermore, the market’s growth is also gaining traction with the increasing collaboration among market players to advance their product offerings. However, the fluctuation in the raw materials and adverse health impacts hinder the expansion of the global foamed plastics sector.

Foamed Plastics Market: Growth Factors and Dynamics

Increasing green building certifications

The rising demand for sustainable practices in the building sector and increasing environmental concerns are gaining traction for green building certifications. These certifications can be attained largely due to the energy-efficient foamed plastic insulation materials.

Rising housing demand and the growth of the building industry are the drivers of insulation products. Rapid urbanization and the growth of the middle class in developing nations encourage home construction, raising the demand for insulating materials manufactured from foamed plastics.

Increasing collaboration

The increasing collaboration among the key players from the consumer electronics industry drives the expansion of the market. For instance, in April 2024, RISE collaborated with Apple to develop a bio-based foam. This development is a crucial step in reducing reliance on fossil materials.

The volatile nature of raw materials and competition from alternatives

Petroleum-based products and other raw ingredients needed to make foamed polymers can have fluctuating pricing. Price fluctuations in the raw materials impact companies’ operational expenses and profitability. Furthermore, conventional foamed plastics may face competition from the development and use of alternative materials, including biodegradable foams, natural fibers, and other sustainable choices. Manufacturers and consumers are looking for more environmentally friendly alternatives.

Report Scope

Foamed Plastics Market: New Launches and Acquisitions

• In June 2022, BASF SE launched Ultramidâ A3EM8 OP, enabling more sustainable automotive parts painting.

List of the prominent players in the Foamed Plastics Market:

• Alchemie Ltd.
• BASF SE
• Covestro
• Hexion Inc.
• Huntsman International LLC
• Repsol
• SABIC
• Dow Chemical Company
• Total SA.
• Wanhua Chemical Group Co. Ltd.
• Others

The Foamed Plastics Market is segmented as follows

By Type

• Polyurethane
• Polystyrene
• Polyolefin
• Phenolic
• Others

By Application

• Building & Construction
• Packaging
• Automotive
• Furniture & Bedding
• Footwear, Sports, & Recreational
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America