As per the recently published report by MarketsandMarkets™, The “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″, 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%.
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, armrest, 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.
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- 297 Market data Tables
- 51 Figures
- 266 Pages and in-depth TOC on “Flexible foam Market – Global Forecast to 2028”.
This report also provides a comprehensive analysis of the companies listed below:
The key players in the flexible foam market 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. The flexible foam market is witnessed growth in the past few years; new technologies drive the growth of this market. Market players are introducing new technologies and features to acquire larger market shares.
Recent Developments in Flexible foam Market Industry
- 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.
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The polyurethane segment to account for larger share in the flexible foam market in 2022.
The polyurethane segment accounted for the largest share in 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.
Furniture & bedding segment to lead flexible foam market during the forecast period.
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 is expected to be the fastest-growing region, in the overall flexible foam market, during the forecast period.
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.
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