The global foam plastics market was valued at $102.0 billion in 2019, and is projected to reach $123.7 billion by 2027, growing at a CAGR of 3.3% from 2020 to 2027.

Foam plastics, also known as cellular polymers, or expanded plastics, can be made from almost any type of polymer. Foam plastic is a synthetic resin with a closed-cell or open-cell structure transformed into a sponge-like mass, either of which can be flexible or rigid. By adding a blowing agent that decomposes at the fusion point of the plastic, releasing gas bubbles trapped during gelling, foams with a closed-cell structure are formed. Foams with an open-cell structure are formed under pressure by integrating an inert gas into the resin and then releasing the mixture into the atmosphere and curing the resulting foam.
In the building & construction segment, foam plastics are commonly used for various applications, including forging, doors, roof boards, and slabs. In addition, new infrastructure growth and major investments in new housing projects & renovation of non-residential buildings are expected to drive the global foam plastics market during the forecast period in developed and developing economies such as China, India, and ASEAN countries. Some outstanding advantages are provided by low-cost foam plastic materials such as low coefficient of heat conduction, low density, low water absorption, relatively good mechanical strength, and good insulating properties. Therefore, this product is also in high demand in the building & construction and automotive industries. In the near future, these factors are anticipated to drive the global foam plastics market. Additionally, growing development and industrial output capabilities have a significant effect on the market for foam plastics in packaging. Increase in exports of goods across borders has led to new revenue generation opportunities for foam plastics manufacturers as long-transit packaging needs to be exceptionally safe.
The global foam plastics market is segmented into type, application, and region. Depending on type, the market is divided into polyurethane, polystyrene, polyolefin, phenolic, and others. On the basis of application, it is differentiated into building & construction; packaging; automotive; furniture & bedding; footwear, sports, & recreational; and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global market include Alchemie Ltd., BASF SE, Covestro, Hexion Inc., Huntsman International LLC, Repsol, Sabic, the Dow Chemical Company, Total S.A., and Wanhua Chemical Group Co., Ltd.
KEY BENEFITS FOR STAKEHOLDERS
? The report provides in-depth analysis of the global foam plastics market along with the current trends and future estimations.
? This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
? Porter's five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global foam plastics industry for strategy building.
? A comprehensive market analysis covers factors that drive and restrain the global foam plastics market growth.
? The qualitative data about market dynamics, trends, and developments is provided in the report.
IMPACT OF COVID-19 ON THE GLOBAL FOAM PLASTICS MARKET
- The world is battling the contagious COVID-19 pandemic, which has spread across the globe.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- Foam plastics are primarily used in furniture & bedding, packaging, and automotive. Therefore, due to the impact of national lockdown, these sectors were experiencing slight decline in growth rates.
- In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The demand supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the building & construction market during the COVID-19 pandemic.
- The markets in North America and Europe are expected to undergo a period of decline in the midst of the COVID-19 crisis. However, the production of foam plastics is expected to increase steadily as the demand for protective packaging solutions increases across industries.
- Until the end of 2020, the demand for foam plastics is expected to remain weak. However, manufacturers are resuming work in a few countries, such as China, Canada, and India, with strategic planning to rapidly rebound from the losses. Analysts forecast that the demand for foam plastics is projected to gain considerable traction by 2021.
KEY MARKET SEGMENTS
By Type

- Polyurethane
- Polystyrene
- Polyolefin
- Phenolic
- Others

By Application

- Building & Construction
- Packaging
- Automotive
- Furniture & Bedding
- Footwear, Sports, & Recreational
- Others
By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? Spain
? Italy
? UK
? Rest of Europe
o Asia-Pacific
? China
? Japan
? India
? South Korea
? Australia
? Rest of Asia-Pacific
o LAMEA
? Brazil
? South Africa
? Saudi Arabia
? Rest of LAMEA

KEY MARKET PLAYERS
- Alchemie Ltd.
- BASF SE
- Covestro
- Hexion Inc.
- Huntsman International LLC
- Repsol
- SABIC
- The Dow Chemical Company
- Total S.A.
- Wanhua Chemical Group Co., Ltd.