Foam Plastics Market in North America region would showcase the fastest CAGR by 2027

Based on geography, the foam plastics market across Asia-Pacific held the highest share in 2019, garnering nearly half of the global market. At the same time, the North America market would showcase the fastest CAGR of 4.2% from 2020 to 2027. The other two provinces covered in the report include Europe and LAMEA.

The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends. As per the report published by Allied Market Research, the global foam plastics market was over $102.0 billion in 2019 and is expected to cross $123.7 billion by 2027, registering a CAGR of 3.3% from 2020 to 2027.

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Rise in demand for polyurethane foam in building insulation for energy conservation, comfort offered by polyurethane foam, and increase in adoption of polystyrene foam in construction activities drive the growth of the global foam plastics market. On the other hand, stringent environment regulations on the use of flexible polyurethane foam impede the growth to some extent. However, production of bio-based polyols is expected to create lucrative opportunities in the industry.

The global foam plastics market report is analyzed across type, application, and region. Based on type, the polyurethane segment accounted for nearly one-third of the total market share in 2019, and is anticipated to retain its dominance by 2027. The polyolefin segment, on the other hand, is expected to manifest the fastest CAGR of 3.9% throughout the forecast period.

Based on application, the building & construction segment contributed to more than one-third of the total market revenue in 2019, and is projected to dominate by the end of 2027. Simultaneously, the automotive segment would exhibit the fastest CAGR of 4.0% during the forecast period.

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Covid-19 scenario-

1. The outbreak of Covid-19 created huge disruptions in the supply chain and with this, the overall manufacturing activities in industries like automotive, packaging, building & construction etc. were hampered significantly, thereby impacting the global foam plastics market negatively.
2. However, as the lockdown has now loosened off and government bodies in different countries are coming up with relaxations on the existing dictums, the market is projected to recoup soon.

Key market players

1. Alchemie Ltd.
2. BASF SE
3. Covestro
4. Hexion Inc.
5. Huntsman International LLC
6. Repsol
7. Sabic
8. the Dow Chemical Company
9. Total S.A.
10. Wanhua Chemical Group Co., Ltd.

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