According to forecasts, the automotive foams market is projected to reach USD 38,290.9 million in 2023, with expectations of growing to USD 69,878.1 million by 2033.
Leading automotive manufacturers are increasingly modernizing their vehicles by incorporating impact-absorbing foams, which not only enhance consumer safety but also reduce strain and stress on occupants. The anticipated decrease in prices for these products during the forecast period is expected to further boost demand.
Consolidating the entire value chain has become a key priority for companies seeking to manage costs through both backward and forward integration. However, the demand for these foams from various application industries may impact their availability.
Many companies are focusing on expanding their manufacturing capacity to keep pace with the rising demand. Nevertheless, the market faces significant challenges, including the negative environmental impact of blowing agents and stringent regulatory restrictions. Despite these obstacles, the increasing utilization of automotive foams continues to drive global market growth.
Comprehensive Market Insights: Full Report Overview
Key Takeaways
- By 2033, the automotive foams market in the United Kingdom is expected to grow at a CAGR of 4.3%.
- In 2023, the United States is anticipated to account for 17% of the automotive foams market.
- The automotive foams market grew significantly to USD 36,712.3 million in 2022.
- The automotive foams sector expanded at a CAGR of 3.7% from 2018 to 2022.
- By 2033, China’s automotive foams market is projected to grow at a CAGR of 7%.
- India’s automotive foams market is expected to develop at a CAGR of 7.6% by 2033.
- Japan’s automotive foams industry is likely to achieve a significant market share of 9.1% in 2023.
- Australia’s automotive foams sector is projected to grow, holding a market share of 0.2% by 2023.
- In 2023, the polyurethane segment is expected to dominate the market, accounting for 46% based on foam type.
- In 2023, the agriculture segment is anticipated to lead the market with a share of 36.3% based on application.
Competitors Winning Strategies
To increase their market share, key automotive foam companies focus on providing cutting-edge bio-based products. One of the primary business strategies producers use to assist customers and expand the market sector is local manufacturing to reduce operating costs.
Key Players
- Bridgestone Corporation
- Johnson Controls
- Evonik Industries AG
- BASF SE
- Rogers Corporation
- FoamPartner
- ARMACELL LLC
- Woodbridge
- Lear Corporation
- Toray Plastics (America), Inc.
- The Dow Chemical Company
- Recticel
- Fostek Corporation
- Trocellen
- Zotefoams Plc.
Recent Developments:
- In October 2021, Huntsman and Catalisti began a research initiative to develop state-of-the-art polyurethane foams for automotive applications. The project uses bio-based components to make the foams more environmentally friendly, boosting the automotive foam market’s revenue.
- Thor Industries, a manufacturer of recreational vehicles with headquarters in the United States, acquired Elkhart Composites in January 2022 for an undisclosed fee. Thor Industries builds RVs more efficiently and provides greater customer service due to the acquisition. Elkboard, a foamed polypropylene-based composite material used for insulation and RV sidewalls, is produced by Elkhart.
- Sika AG, a Swiss manufacturer of speciality chemicals, said in March 2019 that it has acquired Belineco LLC, a producer of polyurethane foam systems in the CIS region. The group’s trade distribution networks in Eastern Europe should be strengthened as a result.
Key Segmentations
By Foam Type:
- Polyurethane
- Polyolefin
- Other
By Application:
- Seating
- Door Panels & Water shields
- Instrument Panels
- Bumper System
- Other Applications
By End Use:
- Passenger Vehicles
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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