Molded Foam Market Regional Analysis:
APAC Market Insights
Molded foam market in Asia Pacific is predicted to account for the largest share of 42% by 2035 impelled by rapid urbanization. China's urbanization rate has increased dramatically in recent years driven by fast suburbanization through the in-situ conversion of towns and villages and migration from rural to urban areas. Over 50% of China's population lives in cities, which has led to a surge in demand for furniture and houses. The growth of the social economy as well as the furniture business is influenced by the Chinese furniture industry which includes a variety of goods such as dining chairs, couches, armchairs, and ottomans. For instance, more than 66% of China's population resided in cities as of 2023.
In addition, India is one of the world's top five makers of furniture and ranks fourth globally in terms of furniture consumption and fifth globally in terms of furniture production. The Indian furniture industry is a subset of the home furnishings sector driven by the growing demand for durable and hybrid seating furniture, rising urbanization, and rising demand for modern, modular furniture among urban people.
North American Market Insights
The North America molded foam market is estimated to be the second largest, during the forecast timeframe led by the growing packaging industry. One of the packaging markets with the quickest rate of growth is the United States, where sales are expected to rise from around USD 713 billion units in 2021 to over USD 764 billion units by 2026 fueled by increased spending power, and a resulting rise in the demand for packaged goods.
