The report “Thermo Compression Forming Market by Foam Type (Thermoplastic Foam, Needle-Punch Nonwovens, Light Weight Glass Mat Thermoplastic), End-use Industry (Automotive, Aerospace, Construction, Medical, Electrical & Electronics) – Global Forecast to 2029″, is projected to reach a market size of USD 13.37 billion by 2029 from USD 11.00 billion in 2024, at a CAGR of 4.0%. North America is the one of the largest markets for compression molded components. The demand for foams used in thermo compression forming is experiencing significant growth across various industries, including automotive, construction, medical, aerospace, electronic & electronics, and more. Emerging nations such as US, Canada, Germany, UK, China and Mexico are expected to play a crucial role in driving the global thermo compression forming market forward.
Key Market Players
Trinseo S.A. (US), SABIC (Saudi Arabia), Rohm GmbH (Germany), Asahi Kasei Corporation (Japan), Mitsubishi Chemical Group Corporation (Japan), LX MMA (South Korea), and CHIMEI Corporation (Taiwan).
Asia Pacific region is the largest market for Polymethyl Methacrylate (PMMA).
APAC is estimated to be the largest market for PMMA. This is due to the rising demand from the construction, and automotive sectors. The emerging economies in this region like Thailand, Vietnam, and India are showing an increase in construction activities. Besides this, other countries of this region are the manufacturers of prominent cars and other vehicles. Additionally, the improved lifestyle and income is leading to increase in purchase of four-wheelers in this region, which are leading to surge in automotive sales. There is also a shift to electric vehicles being observed in this region, where countries like China are contributing majorly towards exports of EVs.
Thermo Compression Forming Market Dynamics
- Drivers: Growing automotive industry
- Restraint: Availability of low-cost substitutes
- Opportunity: Increasing applications in the healthcare & medical sector
- Challenge: Raw material shortage