In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Automotive foams is generally a polymer foam which is made up of solid, liquid and gas mixed together to form a foam. The process of making the automotive foams is by combining the two phases to get quick response for the system in a smooth fashion. The subsequent foam is combined with the air bubbles or air tunnels also known as closed cell structure or open cell structure. The manufacturing of automotive foam contains chemical gas or physical gas which is termed as blowing agents. These agents help to decompose chemical in the foaming process and thus inert in nature. Polymer foams can be produced through various methods including extrusion, slab-stock by pouring and different types of molding. Polyurethane, biodegradable foams, starch foams among others are various type of foam used for making automotive foam.
The market is expected to expand at a robust CAGR during the forecast period i.e. 2018-2027. Rising automobiles production is anticipated to drive the growth of automotive foam market.
Globally, North-America is projected to account for a significant market share in automotive foam market during the forecast period. Increasing penetration of advanced and variety of cars, two wheelers, buses and other vehicles in the region is expected to positively impact the growth of automotive foam market. Further, introduction of government regulation to harness foam seats in every automotive and comprises safety is appealing and creating awareness among population to adopt foam seats. This factor is anticipated to aid to the growth of the market.
European market is rising due to the increasing automotive vehicle demand among people. The demand for passenger and commercial in urban cites is hiking. Moreover, advancement and availability of wide range of rigid foam insulation panels, B-pillars, headliners, suspension insulators, bumpers and other interior parts of a car in the region is fostering the growth of automotive foam market. Further, Germany, Italy and Spain are expected to account for the largest share of revenue by 2027. The automotive market in Asia-Pacific region is expected to benefit from rapid urbanization and rising demand for polyurethane to aid noise reduction, improve safety, reduce weight and assist comfort. Further, polyurethaneis believed to continue to see its use in future vehicle designs. Moreover, presence of large number of players in China is anticipated to strengthen the growth of the automotive foam market. CLICK TO DOWNLOAD SAMPLE REPORT
Global automotive foam market is further classified on the basis of region as follows:
Global automotive foam market is wholly dependent on the growing economies and developing nations such as India and China. Further, growing affluent middle class population who expect high quality product and innovative seating technology are anticipated to spearhead future growth prospect of the market. Growing population in urban cities is one of the key factors which are driving the market of automotive foam industry. Foams are lightweight, flexible and capable of performing to exceptional levels, in even the most demanding conditions. This factor is strengthening the demand for automotive foams.
Moreover, increasing adoption of passenger cars is expected to boost up the sale of passenger car foam market. Factor such as ease of availability, continuous improvement and attractive looks are believed to attract more customers. The market is witnessing various enhancements such as major manufacturers are focusing on the size, weight and flexibility of automotive seats which can be easily detachable and easily attachable. This factor is envisioned to strengthen the growth of the market.
In contrast, high cost associated with advanced automotive foam is expected to hamper the growth of the market. with automotive foam. Polyurethane foam can cost more than some of the cheaper alternatives in the marketplace.. Further, the chemical material used in the polyurethane to those who have respiratory problems because it reduces the airflow and can cause breathing problem. These factors are dampening the growth of the market.
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global automotive foams market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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