According to forecasts, the automotive foams market is expected to be valued at US$ 38,290.9 million in 2023 and US$ 69,878.1 million by 2033.
Leading automakers have begun modernizing their cars by adding impact-absorbing foams to improve consumer safety and reduce strain and stress. The demand for the product is expected to be impacted by these goods’ lowering prices throughout the projected period.
Consolidating the complete value chain is considered of the utmost importance since several businesses are working to manage costs, regression, and forward integration. The demand for these resources from other application industries is predicted to affect their availability.
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Several companies focus on increasing their manufacturing capacity to meet the growing demand. However, the adverse environmental effects of blowing agents and stringent regulatory restrictions provide a substantial barrier to the market’s growth. The rising usage of these foams in the automotive industry is driving the market on a worldwide scale.
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 US$ 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 Segments
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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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