The flexible foam market is set to grow from its current value of more than $35 billion to more than $65 billion by 2025, according to the latest study from Global Market Insights Inc. (GMI; Selbyville, DE). The robust outlook is fueled by the versatile end use applications of flexible foam, which include furniture, packaging, construction, consumer goods, bedding, carpet cushions, automotive interiors and more.
Features such as light weight, resiliency, durability, safety and comfort enhance the product’s scope in end-use applications.
The popularity of memory and visco-elastic foam in bedding and mattress products and the rapid expansion of flexible packaging to protect contents from vibration during shipping will contribute to industry growth.
Polyurethane dominated the flexible foam market, accounting for more than 60% of overall demand in 2018. Polyurethane is widely used in automotive interior components, cushioning in bedding and upholstery, and as thermal insulation in buildings. Features such as enhanced cushioning, light weight, durability, reduced installation time, increased shelf life and resiliency are among the key properties expected to drive demand for flexible polyurethane foam.
Furniture and upholstery accounted for more than $10 billion in sales in 2018. Increasingly, restaurants are investing in cushioning and comfort upgrades, buttressing flexible foam market revenue, according to the report. Technological advances in flexible foam materials have diversified the applications.
Asia Pacific dominated the flexible foam market and accounted for more than 30% of overall demand in 2018. Surging consumer spending on luxury products and consumer goods coupled with rising demand for memory foam in mattresses are having a positive impact on the flexible foam industry.
BASF, Covestro, Huntsman International, Dow Chemical and Recticel are among the major flexible foam manufacturers. Global industry share is highly fragmented, according to GMI, with the presence of multinational and regional players. Manufacturers are enagaged in production capacity expansions, mergers and acquisitions, and new product launches to gain a competitive share of this market.
Image courtesy limco72/Adobe Stock.