Automotive Foam Global Market Report 2022: Ukraine-Russia War Impact


Major players in the automotive foam market are Armacell, BASF SE, Johnson Controls, Woodbridge Foam Corporation, Lear Corporation, Bridgestone Corporation, Recticel, The Dow Chemical Company, Saint-Gobain, Rogers Corporation, Borealis AG, Fritz Nauer AG, Adient, Foam Supplies Inc (FSI), and Magna International.

New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Automotive Foam Global Market Report 2022: Ukraine-Russia War Impact" -

The global automotive foam market is expected to grow from $ 31.64 billion in 2021 to $ 36.18 billion in 2022 at a compound annual growth rate (CAGR) of 14.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The automotive foam market is expected to reach $ 54.26 billion in 2026 at a CAGR of 10.7%.

The automotive foam market consists of sales of automotive foam products by entities (organizations, sole traders, and partnerships) that refer to automotive foams made up of polyurethane, olefins, and polystyrene.These foams are produced by combining polyols and diisocyanates, which are frequently derived from crude oil and other bio-based biomass.

The foams are used in automobile seats, armrests, and headrests, where their cushioning properties help to reduce fatigue and stress.

The main types of automotive foams are polyurethane (PU) foam, polyolefin (PO) foam, and other foams.Polyurethane (PU) foam refers to foam made up of polyurethane (PU).

Polyurethane is a type of polymer offered in both solid and foam forms.In particular, the polyurethane foam has an open cell structure to achieve this shape and may be rigid or flexible.

The automotive foams are applied in seats, door panels and watershields, instrument panels, bumper systems, and other applications that are suitable for passenger cars, heavy commercial vehicles (HCVs), and light commercial vehicles (LCVs).

Asia-Pacific was the largest region in the automotive foam market in 2021. The regions covered in the automotive foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increase in demand for electric vehicles is expected to propel the growth of the automotive foam market going forward.While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for electric and hybrid vehicles has increased.

Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring.These EV vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles.

These factors increased the demand for automobile foam, offering passengers maximum comfort, safety, and security during the drive.For instance, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019.

Furthermore, the global electric vehicle stock reached 10 million units in 2020, representing a 43% increase over 2019. Therefore, rising demand for electric and hybrid vehicles will drive the automotive foam market.

The rising use of bio-based materials has emerged as a key trend gaining popularity in the automotive foam market.Bio-based products can help the economy become more sustainable and reduce its reliance on fossil fuels.

In addition, biobased materials protect the environment and reduce associated greenhouse gas emissions, which helps attract the rural economy.These bio-based materials are derived from organic carbon sources such as sugarcane, biomass, and potato corn that innovate new sustainable and lightweight automotive materials.

Major companies operating in the automotive foam market are focused on providing technologically advanced bio-based materials to strengthen their market position.For instance, in March 2019, Trocellen, a German-based foam company, developed a bio-based cross-linked polyethylene foam certified by an accredited external laboratory.

This innovative product’s raw material is derived from sugarcane biomass.

In March 2019, Sika, a European-based chemical company, acquired Belineco LLC for an undisclosed amount.With the acquisition, Sika will broaden its expertise in producing and developing polyurethane foams.

This will also strengthen Sika’s product offering for trade distribution channels and store penetration with more prominent distributors. Belineco LLC is a European-based manufacturer of polyurethane foam systems.

The countries covered in the automotive foam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The automotive foam market research report is one of a series of new reports that provides automotive foam market statistics, including global market size, regional shares, competitors with an automotive foam market share, detailed automotive foam market segments, market trends and opportunities, and any further data you may need to thrive in the automotive foam industry. This automotive foam market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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