Flexible foam Market by Type (Polyurethane (PU), Polyethylene (PE), Polpropylene (PP)), Application (Furniture & Bedding, Transportation, Packaging), & Region (North America, Europe, APAC, Middle East & Africa, Latin America) - Global Forecast to 2028
The market size of flexible foam is estimated at USD 42.7 billion in 2023 and is projected to reach USD 56.9 billion by 2028, at a CAGR of 5.9%. Increased use of flexible foam in automotive and growth in automobile production are driving its demand in this end-use application. Flexible foams are used as cushioning material in different end-use products such as beds, mattresses, chairs, garden furniture pillows, carpet cushions, and automobile parts (seats, armrests, and headrests), among others. The global flexible foam market is driven by increasing demand for furniture & bedding, rise in living standards of people, and growing per capita income of the population in emerging markets such as the Asia-Pacific, South American, and Middle Eastern & African regions.
To know about the assumptions considered for the study, Request for Free Sample Report
Market Dynamics
Driver: Growing end-use applications
The growing end-use industries, including furniture & bedding, transportation, and packaging, play a pivotal role in driving the flexible foam market due to the unique properties of flexible foams. Rising urbanization and population growth contribute to the demand for furniture and bedding products, driving growth in the industry. Additionally, evolving consumer lifestyles, preferences, and an emphasis on home aesthetics contribute to a higher demand for innovative and comfortable furniture and bedding solutions. The growth in housing construction and real estate development, particularly in emerging markets, creates a demand for furniture and bedding to furnish new homes and constructions. As India continues its path of urbanization and infrastructure development, flexible foam stands as a key component supporting sustainability, efficiency, comfort, and durability.
Restraints: Exposure risk and environmental impact due to restricted raw materials
Environmental concerns and regulatory pressures pose significant restraints for the growth of the flexible foam market. With increasing global attention on environmental issues, there is heightened scrutiny on materials with potential environmental impacts, including extruded polystyrene. Concerns revolve around the environmental footprint of extruded polystyrene, primarily related to the use of certain blowing agents during its manufacturing process and its long-term sustainability. Stringent regulations aimed at reducing carbon emissions and enhancing sustainability in construction and infrastructure projects further contribute to the challenges faced by flexible foam manufacturers and users.
Opportunities : Development of bio-based and carbon dioxide-based polyols
The development of bio-based and carbon dioxide (CO2)--based polyols presents significant opportunities for the flexible foam market due to several key advantages associated with these sustainable alternatives. Bio-based polyols are derived from renewable resources such as plant oils, while CO2-based polyols utilize carbon dioxide as a feedstock. By incorporating these alternatives, manufacturers can contribute to reducing the environmental impact of flexible foam production, lowering the carbon footprint. Bio-based polyols reduce reliance on traditional fossil fuel-derived raw materials. This diversification of feedstocks aligns with the global push toward sustainable and renewable resources.
Challenges : Volatility in raw material prices
Fluctuations in raw material costs and supply pose a significant challenge to the growth of the flexible foam market. Flexible foam production relies on raw materials such as polyols, isocyanates, blowing agents, surfactants and catalysts which are susceptible to price volatility influenced by factors like global demand, availability of feedstocks, geopolitical issues, and market speculation. Such fluctuations can directly impact the production cost of flexible foams, affecting profit margins for manufacturers and potentially influencing product pricing for consumers. Supply chain disruptions or shortages in raw materials can lead to production delays or limitations in flexible foam availability.
Flexible Foam Market Ecosystem
The ecosystem includes companies manufacturing flexible foam, such as BASF SE, Covestro AG, Dow Inc., JSP Corporation, Huntsman International LLC, Rogers Foam Corporation, Ube Corporation, Recticel, Zotefoams Plc and Woodbridge
Based on the type, polyurethane was the largest segment of the flexible foam market, in terms of value, in 2022.
The polyurethane segment accounted for the largest share of the global flexible foam market in 2022. Polyurethane flexible foam is widely used in the furniture and bedding industry due to its ability to provide excellent comfort and support. Mattresses, sofas, and cushions benefit from the soft and resilient nature of polyurethane foam, enhancing the overall user experience. In automotive and aerospace applications, the lightweight nature of polyurethane flexible foam is a significant advantage. It contributes to fuel efficiency in vehicles and reduces overall weight without compromising on performance.
Based on application, furniture & bedding was the largest segment of the flexible foam market, in terms of value, in 2022.
The furniture & bedding segment accounted for the largest share of the flexible foam market in 2022. Consumer preferences often drive trends in furniture and bedding design. Flexible foams offer designers and manufacturers the flexibility to create products that align with current market trends, contributing to their dominance in the industry. The combination of comfort, customization, versatility, durability, and cost-effectiveness makes flexible foams, especially polyurethane foams, highly suitable for the unique requirements of the furniture and bedding industry. This has positioned them as the largest application segment within the broader flexible foam market.
Asia Pacific accounted for the largest market share of the flexible foam market, in terms of value, in 2022.
Asia Pacific is the leading consumer of flexible foam. The region’s large market share is due to the increase in demand from its furniture and automotive industries. The growing economies of China, Japan, and South Korea and the growth in medical devices in Southeast Asian countries are the major factors driving the market. China accounted for the largest share of the Asia Pacific flexible foam market in 2022 due to its vast population and growing automotive and packaging industry.
To know about the assumptions considered for the study, download the pdf brochure
Key Market Players
The key players in this market BASF SE (Germany), Covestro AG (Germany), Dow Inc. (US), Huntsman International LLC (US), JSP Corporation (Japan), Rogers Foam Corporation (US), UBE Corporation (Japan), Recticel Group (Belgium), Zotefoams Plc (UK) and Woodbridge (Canada) and others. These are the key manufacturers that secured a major market share in the last few years.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Years considered for the study |
2017–2028 |
|
Base year considered |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Value (USD Million) |
|
Segments Covered |
Type, Application, and Region |
|
Regions covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies profiled |
The key players profiled in the report are BASF SE (Germany), Covestro AG (Germany), Dow Inc. (US), Huntsman International LLC (US), JSP Corporation (Japan), Rogers Foam Corporation (US), UBE Corporation (Japan), Recticel Group (Belgium), Zotefoams Plc (UK) and Woodbridge (Canada) and others. |
This report categorizes the global flexible foam market based on type, application, and region.
On the basis of Type, the Flexible foam market has been segmented as follows:
- Polyurethane (PU)
- Polyethylene (PE)
- Polypropylene (PP)
- Others
On the basis of Application, the Flexible foam market has been segmented as follows:
- Furniture & bedding
- Transportation
- Packaging
- Others
On the basis of region, the Flexible foam market has been segmented as follows:
- Asia Pacific
- North America
- Europe
- Middle East & Arica
- South America
Recent Developments
- In Dec 2023, Woodbridge entered into a joint venture (JV) with TM Automotive Seating Systems. The JV, to be called TMWB Foam Private Limited, will focus on delivering innovative seating systems to commercial vehicle manufacturers and buses.
- In October 2022, BASF established its new Polyurethane Application Development Laboratory in Mumbai, India. The new lab will house state-of-the-art applications equipment in an approximately 2,000 sq meter space. To be inaugurated in 2024, the lab will strengthen collaboration with Indian customers from high-growth industries, including consumer appliances, construction, footwear, furniture, and transportation.
- In September 2022, Covestro AG has been working on producing more sustainable polyurethane foam. Covestro AG has introduced a new range of polyether polyols that are produced using bio-circular feedstock. These polyols can be used in combination with renewable toluene diisocyanate (TDI) and climate-neutral methylene diphenyl diisocyanate (MDI) to produce polyurethane (PU) foams based on alternative raw materials.
- In July 2022, Covestro AG announced to commencement of two new manufacturing plants in Shanghai (China) to meet the rising demand for polyurethane dispersions (PUDs) and elastomers in the region.
- In March 2022, Huntsman collaborated with Joe Nimble and Footwear Innovation GmbH to offer polyurethane foam for extra comfort to shoes with the product named DALTOPED.
Frequently Asked Questions (FAQ):
Which are the major players in the Flexible foam market?
The key players profiled in the report include BASF SE (Germany), Covestro AG (Germany), Dow Inc. (US), Huntsman International LLC (US), JSP Corporation (Japan), Rogers Foam Corporation (US), UBE Corporation (Japan), Recticel Group (Belgium), Zotefoams Plc (UK) and Woodbridge (Canada).
Who are the top 4 players in the market?
BASF SE (Germany), Covestro AG (Germany), Dow Inc. (US), and Huntsman International LLC (US) are the major service providers of the flexible foam market.
What are the drivers and opportunities for the flexible foam market?
Versatility and unique physical properties, growing end-use applications, development of bio-based and carbon dioxide-based polyols, and high Growth Potential for flexible foam in emerging economies.
What are the various strategies key players are focusing on within the flexible foam market?
New acquisitions, expansion, and partnerships are some of the strategies adopted by key players to expand their global presence.
What are the major factors restraining the flexible foam market growth during the forecast period?
Exposure risk and environmental impact due to restricted raw materials. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved four major activities in estimating the market size for flexible foam. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Post that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Primary Research
The Flexible foam market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the automotive, medical, electronics, and others. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Breakdown of Primary Participants
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022, available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
|
Dow Inc. |
Director of Marketing |
|
BASF SE |
Manager- Sales & Marketing |
|
Huntsman Corporation |
Sales Manager |
|
Covestro AG |
Production Manager |
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Flexible foam market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Flexible foam Market: Bottom-Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Flexible foam Market: Top-Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the flexible foam industry.
Market Definition
Flexible foams are a type of foam material that can be bent or compressed without breaking. According to the “British Plastics Federation”, flexible foam is the foam used in a variety of applications such as upholstered furniture, mattresses, automotive and packaging. Flexible foam can be classified into two types: slabstock foam and molded foam. Slabstock foam is produced in continuous sheets and is used in applications such as furniture, bedding, and automotive interiors. Molded foam, on the other hand, is produced in a mold and is used in applications such as automotive seating, headrests, and armrests.
Key Stakeholders
- Flexible foam manufacturers
- Flexible foam distributors
- Raw material suppliers
- Government and research organizations
- Investment banks and private equity firms
- Research & development institutions
- Environment support agencies
- Investment banks and private equity firms
Report Objectives
- To define, describe, and forecast the global flexible foam market size in terms of volume and value
- To provide detailed information about the significant drivers, restraints, challenges, and opportunities influencing market growth
- To estimate and forecast the market size based on type, and application
- To forecast the size of the market based on five major regions–Asia Pacific, North America, Europe, the Middle East & Africa, and South America, along with their key countries
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and to provide a competitive landscape of market leaders
- To analyze recent developments such as agreements, mergers & acquisitions, expansions, and product launches in the market
- To strategically profile key market players and comprehensively analyze their core competencies2 and market share
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application typse
Company Information
- Detailed analysis and profiles of additional market players (up to five)
Growth opportunities and latent adjacency in Flexible foam Market