According to forecasts, the automotive foams market is expected to reach a value of USD 38,290.9 million in 2023 and grow to USD 69,878.1 million by 2033.
Leading automakers are increasingly modernizing their vehicles by incorporating impact-absorbing foams, which enhance consumer safety and alleviate strain and stress. The anticipated decline in prices for these products during the forecast period is expected to drive demand.
Consolidating the entire value chain has become a top priority as companies work to manage costs through backward and forward integration. However, the demand for these foams from other application industries may affect their availability.
Several companies are focusing on expanding their manufacturing capacity to meet growing demand. Nevertheless, the market faces significant challenges, including the adverse environmental impact of blowing agents and stringent regulatory restrictions. Despite these hurdles, the rising use of automotive foams continues to drive market growth on a global scale.
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Key Takeaways
- By 2033, the automotive foams market in the United Kingdom is likely to expand, with a CAGR of 4.3%.
- In 2023, the United States is expected to expand in the automotive foams market with a share of 17%.
- The automotive foams market grew considerably to USD 36,712.3 million in 2022.
- The automotive foams sector expanded at a CAGR of 3.7% from 2018 to 2022.
- By 2033, China’s automotive foams market is projected to expand with a CAGR of 7%.
- By 2033, India’s automotive foams market is projected to develop with a CAGR of 7.6%.
- Japan’s automotive foams industry is likely to expand significantly, with a 9.1% share in 2023.
- Australia’s automotive foams sector is anticipated to grow with a share of 0.2% by 2023.
- In 2023, the polyurethane segment is expected to dominate the market, with a share of 46%, based on foam type.
- In 2023, the agriculture segment is anticipated to dominate the market, with a share of 36.3%, based on application.
Competitors Winning Strategies
To increase their market share, key automotive foam companies focus on providing cutting-edge bio-based products. One of the primary business strategies producers use to assist customers and expand the market sector is local manufacturing to reduce operating costs.
Key Players
- Bridgestone Corporation
- Johnson Controls
- Evonik Industries AG
- BASF SE
- Rogers Corporation
- FoamPartner
- ARMACELL LLC
- Woodbridge
- Lear Corporation
- Toray Plastics (America), Inc.
- The Dow Chemical Company
- Recticel
- Fostek Corporation
- Trocellen
- Zotefoams Plc.
Recent Developments:
- In October 2021, Huntsman and Catalisti began a research initiative to develop state-of-the-art polyurethane foams for automotive applications. The project uses bio-based components to make the foams more environmentally friendly, boosting the automotive foam market’s revenue.
- Thor Industries, a manufacturer of recreational vehicles with headquarters in the United States, acquired Elkhart Composites in January 2022 for an undisclosed fee. Thor Industries builds RVs more efficiently and provides greater customer service due to the acquisition. Elkboard, a foamed polypropylene-based composite material used for insulation and RV sidewalls, is produced by Elkhart.
- Sika AG, a Swiss manufacturer of speciality chemicals, said in March 2019 that it has acquired Belineco LLC, a producer of polyurethane foam systems in the CIS region. The group’s trade distribution networks in Eastern Europe should be strengthened as a result.
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Key Segmentations
By Foam Type:
- Polyurethane
- Polyolefin
- Other
By Application:
- Seating
- Door Panels & Water shields
- Instrument Panels
- Bumper System
- Other Applications
By End Use:
- Passenger Vehicles
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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