The global rubber foam market size is likely to foresee promising growth owing to rising e-commerce sector and stimulating demand for packaging industry during the forecast period. Fortune Business Insights, publish this information in its latest upcoming report, titled “Rubber Foam Market Size, Share & Industry Analysis, By Rigidity (Rigid Foam, Flexible Foam), By Foam Type (Polyurethane Foam, Cross-linked Polyethylene Foam, Neoprene Foam, Silicone Foam, Polyvinyl Chloride – Nitrile Butadiene Rubber (PVC – NBR blend) Foam, Others), By Application (Household Furnishing, Construction, Automotive) Others and Regional Forecast, 2022-2029.”
Fortune Business Insights™ lists out all the rubber foam market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
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Rubber foam is extensively used in wide range of applications such as cushions for automotive seats, from insulation for walls to foot wears, among others. Generally, foams are manufactured by using a blowing agent along with formation of gas bubbles combined in a plastic mixture. Furthermore, they have been used extensively for commercial purpose since the 1940s. In 1950s, Charles C. Price invented and patented the polyether polyurethane rubber and today, 90% of foams by weight consist of polyurethane foams. Moreover, it is not termed as a biodegradable product. For instance, according to the Environmental Action Association (EAA), polystyrene degrades at a slow rate and even after 500 years from now, it will still be present in the landfills.
What does the Report Include?
The market report includes detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Rising E-commerce Sector to Augur Growth
According to an authentic Statista report, ecommerce is expected to witness unprecedented growth in coming years. For instance, in 2017, it registered an astounding revenue of $2.3 trillion and is anticipated to register $4.5 trillion by the year 2021, with further growing at a steady pace. In addition to this, the USA ecommerce sector foresees 10% retail sales alone globally, that is expected to grow by 15% every year. Rising ecommerce sector will drive the growth of the market during the projected horizon. Moreover, growing demand from packaging industry that involves use of rubber foams to protect the materials from being damaged or destroyed will contribute to the growth of the market during the forecast period.
Increasing Demand for Automotive in Europe to Drive the Market
Geographically, the market includes several regions affecting the growth of the market during the forecast period. Below are the regions contributing to the growth of the market:
Europe: The market is anticipated to remain dominant throughout the forecast period. This is ascribable to factors such as booming automotive industry and presence of major manufacturers such as Draka Interfoam, Caligen Europe, Avek International, and many others.
North America: The region is expected to be the second-most leading region during the forecast period. Factors such as high economic stability and strict government regulations regarding the use of plastic are the driving factors for the growth of the market in the forthcoming years. For instance, limit on the use of plastic has propelled the demand for rubber foams significantly in this region.
Asia-Pacific: On the other hand, the market in this region will witness substantial growth between 2019 and 2026. This is attributable to factors such as rising ecommerce sector, and increasing investment in the automotive sector in countries such as India and China. For instance, in India, according to the National Investment Promotion & Facilitation Agency, the $74 billion automotive industry is anticipated to hit $300 billion by 2026.
Overall, the market in the Middle East and Africa will register steady growth for the market owing to increasing infrastructure development during the forecast period.
The Global Rubber Foam Market Research/Analysis Report Contains Answers to your following Questions:
Collaboration and Partnerships by the Companies to Spur Demand
According to the report, the market comprises of several companies striving to gain market presence and cement their position in the fiercely competitive market during the forecast period. They are doing so by adopting strategies such as forging partnerships, collaborations, and product development that will propel the growth of the market in the forthcoming years. For instance, in October 2019, Hyundai Motor Company signed a contract with BASF to use BASF- manufactured Elastofex, a flexible PU foam, for several car segments at its Ulsan, Korea plant. According to BASF, Elastofex provides high comfort, improved elasticity, and developed load distribution capability.
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