Flexible Foam Market Growth, Industry Analysis | Global and Regional Market Forecast to 2019 – 2025

Growing consumers spending on luxury beddings and consumer goods coupled with buoyant demand for the product in several end-use industries including furniture & upholstery, transportation, packaging, consumer goods, and construction will propel the flexible foam market growth. Increasing demand for safety and comfort in automotive and furniture industry will provide lucrative opportunities for the industry participants.

Increasing focus of manufacturers towards developing lightweight and fuel-efficient vehicles provides a positive outlook for the industry growth. Surging demand for the product from the packaging industry owing to the lightweight and excellent shock absorbing capability of the product will deliver propitious growth opportunity during the forecasted timeframe. Growing demand for flexible foams in building insulation to meet energy-saving requirements will create new windows of opportunities for industry participants.

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Technological advancements in the e-commerce industry have enabled the online retailing companies to adopt diversified channels will create notable gains up to 2025. Growing internet penetration in Asia has significantly improved the product demand. For instance, internet penetration in China was over 45% in the year 2015. Development of viscoelastic flexible foams providing enhanced comfort and moisture resistance will foster the product demand in the automotive & furniture industry.

Industry participants are focusing on expanding their regional presence through strategic mergers & acquisition to cater to the growing consumer requirements. For instance, In May 2012, INOAC and Rogers entered into a joint venture to open a new polyurethane production line in Suzhou, China. The deal is expected to aid the companies in strengthening their foothold the region as well as enable them to ensure a steady source of raw material supply to aid their operations in the Asia Pacific.

Increasing count of construction projects owing to increasing population, urbanization & economic growth, rising FDI inflows, and government focus on smart cities are expected to augment the flexible foam industry demand. Favourable governments initiatives for spreading awareness and providing subsidies for usage of green materials in the construction sector will result in mushrooming growth for the product. Additionally, the increasing demand for remodeling projects along with a growing demand for light-weight furniture and upholstery will fuel the product demand over the forecast timeframe.

Polyurethane segment dominated the flexible foam market and accounted for over 50% of the overall demand in 2018. It is easily available in form of sheets, molded parts, blocks etc. and can withstand high & low temperatures thus making the product suitable for numerous end-use applications. Polyurethane is majorly used as insulating material in the electronics, building & construction, consumer goods and transportation industry.

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Furniture & upholstery end-use segment dominated the flexible foam market registering over 6% CAGR up to 2025. Surging consumer spending capacity for premium cushion technology in developing economies including India, South Africa, and the UAE will provide a strong business outlook for the furniture end use. Recent technological developments in the flexible foam industry have enabled the manufacturers to develop viscoelastic products that provide excellent protection against microorganisms and allergens, better durability and longer product life.

Asia Pacific flexible foam market will grow significantly owing to the increasing presence of online platforms to provide a wide range of products will augment the regional growth. Shifting consumer interests for home interior products are boosting the demand for different flexible foam types in the industry. Expansion of prominent furniture brands in the region to provide superior quality and low-cost furniture and upholsteries will steer the flexible foam market growth. For instance, in September 2017, IKEA, Swedish-furniture manufacturer, and retailer announced to open its first distribution center in India to enhance their industry share.

Key players in the flexible foam industry includes Covestro AG, BASF, Dow Chemical Company, Recticel, and Huntsman International. New product launches and technological developments are among the key strategies observed in the industry. For instance, in April 2018, SINOYQX launched its melamine flexible foam, YQX TG with enhanced thermal insulation, sound absorption, and chemical & fire-resistant properties that it provides to automotive & marine engine parts.