Key players adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement, to grow in the Foam Plastics Market
Foam plastics are resins used in manufacturing polymer foams, which are used in various end-use industries such as building & construction, furniture & bedding, packaging, and automotive among others. The foam plastics market is projected to grow from USD 51.6 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. APAC is the largest consumer of foam plastics. The overall growth of the market is triggered by the growth of major end-use industries of foam plastics and energy sustainability and energy conservation properties of foam plastics.
The key players operating in the market are BASF SE (Germany), Covestro (Germany), Huntsman International LLC (US), The Dow Chemical Company (US), and Wanhua Chemical Group Co., Ltd. (China). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement, to grow in the market. Investment & expansion was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies enhance their geographical presence.
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BASF SE (Germany) is a diversified chemical company. The company has five business segments: Functional Materials & Solutions, Chemicals, Performance Products, Agricultural Solutions, and Others. The company operates through six integrated production sites and 390 other production sites in Europe. It has a strong customer base and operates in many countries in Europe, North America, APAC, Africa, and the Middle East. In March 2019, BASF enhanced its regional innovation capabilities with new facilities at the Innovation Campus Shanghai to further strengthen collaboration with the automotive industry and to offer new process catalysts to the chemical industry. With an investment of approximately USD 38.0 million, the new 5,000-square-meter facility includes the Automotive Application Center and the Process Catalysis Research & Development (R&D) Center. One of the innovations includes polyurethane (PU) integral foam solutions with an open cell structure offering unique performance as they are light-weight, with excellent sound insulation and flame resistance.
The Dow Chemical Company is a diversified, global manufacturer and supplier of products which are used primarily as raw materials in the manufacture of customer products and services. It operates through three business segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The company caters to numerous end-use industries such as appliances, automotive, agricultural, building and construction, chemical processing, electronic, furniture, houseware, oil & gas, packaging, paint, coating and adhesive, personal care, pharmaceutical, processed food, pulp & paper, textile and carpet, utilities, and water treatment.
Related Reports:
Foam Plastics Market by Type (PU, PS, PO, Phenolic), End-Use Industry (Building & Construction, Packaging, Automotive, Furniture & Bedding, Footwear, Sports & Recreational), and Region - Global Forecast to 2025
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