Automotive Foam market is anticipated to expand significantly through 2028 due to the growing demand for Electric Vehicles (EVs). In 2021, around 487 thousand commercial vehicles were produced in India.
Foam in the automotive sector is gaining massive momentum since it performs several functions, such as controlling noise, harshness, and vibration. Foams also help the automotive domain protect vehicles from the ruggedness of the environment and roadways. Due to the flexibility and softness of foams that provide passenger comfort, the usage of automotive foam in the seating sector is growing, which is a major factor driving the automotive foam market growth in the forecast year.
Increasing Demand for Electric Vehicles (EVs)
The global move to emissions-free mobility is driven by concerns about global warming and goals to attain net-zero emissions. These EV car transitions benefit the economy by lowering gasoline prices and shifting consumption away from petroleum goods toward more locally manufactured power vehicles. These elements raised the need for automotive foam, giving passengers the best comfort, safety, and security level while driving. In addition, the availability of a wide range of models, upgraded technology, eco-friendliness, lower maintenance cost, and increasing customer awareness, along with the availability of subsidies and tax rebates, are some of the major factors driving the demand for electric vehicles, results to accelerate the growth of the Automotive Foam Market in the upcoming years.
For instance, according to recent studies, consumers spent USD 250 billion on electric vehicle purchases in 2021, a 65% increase over 2021. Furthermore, Global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021.
Rising Focus on Bio-Based Materials to be a Key Trend
Products made from bio-based materials can help the economy become more sustainable and rely less on fossil fuels. Additionally, using biobased products helps safeguard the environment and lower greenhouse gas emissions, stimulating the rural economy. These bio-based materials, which provide novel, eco-friendly, and lightweight vehicle materials, are made from organic carbon sources like sugarcane, biomass, and potato corn. Major players in the automobile foam industry are concentrating on offering technologically cutting-edge bio-based products to improve their market position.
For instance, in March 2019, the German foam manufacturer Trocellen created a bio-based cross-linked polyethylene foam that was certified by an accredited external laboratory. The biomass from sugarcane was used to create this novel product. Therefore, the rising use of bio-based materials has emerged as a key trend gaining popularity in the automotive foam market.
Polyurethane Foams Will Continue to Be a Key Type
Demand for Polyurethane foam is anticipated to be impacted by the growing use of foam-based components for automotive parts and vehicle interiors. It is one of the most necessary materials used in manufacturing automobiles because of its superior mechanical strength capabilities, capacity to reduce weight, resistance to wear, and resistance to the elements. Numerous car pieces, such as seats, armrests and headrests, door panels, bumpers, and other sections, employ Polyurethane foam. Polyurethane foams increase fuel economy by lowering the vehicle’s total weight. All these factors are anticipated to boost the market.
In 2021, Momentive Performance Materials Inc. introduced the latest generation of Nix polyurethane additives for a range of PU applications. While retaining the performance of manufacturers’ processes and end products, these new products offer reduced emission attributes.
• In May 2022, a water-blown polyurethane insulation spray foam known as Elastoflex CE 3651/108 was created by King Long United Automotive (Suzhou) Co., Ltd., a major bus manufacturer in China, in partnership with BASF SE.
• For usage in car interior components, Huntsman introduced a new line of low-emission MDI-based foam solutions in October 2021.
• Evonik Industries, in November 2019, announced the development of its Rohacell (polymethacrylimide) foam production facility at its Albama plant in the United States.
• In March 2019, Belineco LLC, a producer of polyurethane foam systems in the CIS Region, was acquired by Sika AG, a specialty chemical manufacturer located in Switzerland.
Global Automotive Foam Market is segmented based on type, application, end-use industry, and region. Based on the type, the market is categorized into polyurethane (PU) foam, polyolefin (PO) foam, and others. Based on the application, the market is segmented into interior and exterior. Based on the end-use industry, the market is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa, By Company.
Lear Corporation, Armacell LLC, Premratan Concast Pvt Ltd., Saint-Gobain S.A., Rogers Corporation., Adient plc., BASF SE, Woodbridge Foam Corporation, Recticel SA, Meenakshi Polymers Pvt. Ltd. are some of the key players of the Global Automotive Foam Market.
In this report, global automotive foam market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Automotive Foam Market, By Type:
–Polyurethane (PU) Foam
–Polyolefin (PO) Foam
• Automotive Foam Market, By Application:
• Automotive Foam Market, By End-Use Industry:
–Light Commercial Vehicles
–Heavy Commercial Vehicles
• Automotive Foam Market, By Region:
· United States
· United Kingdom
· South Korea
–Middle East & Africa
· South Africa
· Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global automotive foam market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).