The trend towards manufacturing light weight & energy efficient vehicles, has led to the growing usage of eco friendly (recyclable & reusable) foam, which is boosting the use of flexible foam in various end-use applications. These aspects have encouraged companies to adopt development strategies in the flexible foam industry. New product launches and investments & expansions are the key strategies adopted by the industry players to achieve growth in the flexible foam market from 2010 to 2016. Strategies such as new product launches and investments & expansions accounted for the largest share among all the strategies adopted by the market players. BASF SE (Germany), Bayer Material Science (U.S.), The Dow Chemical Company (U.S.), JSP Corporation (Japan), and The Woodbridge Group (Canada) are some of the leading market players that adopted strategies such as new product launches and investments & expansions to develop their businesses.
Mergers & acquisitions, and partnerships, contracts, & agreements were the other strategies adopted by companies to expand their market shares and distribution networks. These strategies also accounted for a significant share of the total number of growth strategies adopted by players in the global flexible foam market from 2010 to 2016.
Key companies such as BASF SE (Germany), Bayer Material Science (U.S.), The Dow Chemical Company (U.S.), Huntsman Corporation (U.S.) Rogers Corporation (U.S.), Ube Industries, Ltd (Japan), Recticel (Belgium), Zotefoams Plc (U.K.), The Woodbridge Group (Canada), and Sekisui Alveo AG (Switzerland) are the most active players in the global flexible foam market.
New product launches was the most preferred strategy adopted by the leading companies for potential growth in the flexible foam market. For instance, Woodbridge Foam launched a new product, AdaptiPedic.
Investments & expansions is also most preferred strategy by the players operating in the flexible foam market. For instance, in 2015, BASF SE started operations at a 300,000 metric ton TDI (toluene diisocyanate) plant at Ludwigshafen site to cover the European market. TDI is a core component for flexible polyurethane used in the furniture & bedding industry.
Asia-Pacific is the most potential market, in terms of strategic initiatives, owing to its emerging market demands across various end-use industries. In January 2015, JSP Corporation (Japan) expanded its polypropylene (EPP) foam manufacturing in China and Thailand with a total investment of around USD 15 million.
Flexible Foam Market by Type (Polyurethane, Polyethylene, Polypropylene), Application (Furniture & Bedding, Transportation, Packaging), Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa) - Global Forecast to 2026
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