According to the recent study the automotive foam market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 3% to 5% from 2023 to 2028. Growth in this market is primarily driven by weight reduction properties and cost-effectiveness of automotive foam, changing lifestyles of people, rising sales of electric vehicles, increasing production of passenger cars and commercial vehicles, and demand for more comfort and safety.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in automotive foam market by product type (polyurethane (PU) foam, polyolefin (PO) foam, and others), application ((interior (seating, instruments panels, headliners, door panels & water shields, seals, gaskets & NVH, and others), and exterior (bumper system and others)), end use industry (passenger cars, light commercial vehicles, and heavy commercial vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Polyurethane (PU) foam market is expected to remain the largest segment during the forecast period.”
Based on product type, the automotive foam market is segmented into polyurethane (PU) foam, polyolefin (PO) foam, and others. Lucintel forecasts that the polyurethane (PU) foam market is expected to remain the largest segment due to its excellent mechanical strength properties, flexibility, cost-effectiveness, weight reduction abilities, and wear and weathering resistance have made it one of the most important materials in automobile production. It is used in various automobile components including seats, armrests & headrests, door panels, bumpers, and various other parts. It helps to reduce the overall weight of the vehicle and enhance thermal insulation in engines thereby providing greater fuel efficiency.
“Within the automotive foam market, the passenger cars segment is expected to remain the largest end use industry”
Based on end use industry the passenger cars segment is expected to witness the highest growth over the forecast period due to increasing number of working populations leading the demand for new passenger vehicles and use of foam material in vehicles considering the demand for low-emission vehicles in order to reduce the environmental impact. Growing automotive production in countries, such as India and China, is expected to propel the growth of automotive foam.
“Asia pacific will dominate the automotive foam market in near future”
APAC will remain the largest region due to increasing purchasing power of consumer leading towards investment in personal vehicles and growing production of economic models in APAC region. In addition, growing government investment in electric vehicles and introduction of sustainable and efficient materials by automotive manufacturers for fuel efficiency and environment safety are also contributing towards growing demand for automotive foam.
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Major players of automotive foam market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Johnson Controls, Woodbridge Foam Corporation, Lear Corporation, Bridgestone Corporation, BASF, Recticel, Vitafoams, Armacell, The Dow Chemical Company, and Rogers Corporation are among the major automotive foam providers.
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