The Global "Automotive Foams Market" is expected to grow at a CAGR of 10.50 % during the forecasting period (2023-2030).
Automotive foams improve vehicle safety, enhance structural strength, and reduce the “Need For Reduced Overall Weight of the Vehicle” NVH at this moment increasing the comfort of the passengers.
The dynamics of the automotive foams market are undergoing a significant phase of alteration due to upsurge growth in the automotive industry.
An increase in urbanization and disposable income are the key drivers that contribute to significant growth in the global automotive foams market.
Among all the available foams, polyurethane foam is anticipated to occupy the largest share due to an attractive blend of properties.
Polyurethane foam has high chemical resistance, sound mechanical strength along appreciable NVH properties.
Various environmental regulations enacted by the government and international agencies have always been a challenge for OEMs.
To tackle this, OEMs are actively involved in the usage of foam components in various parts of the vehicle.
This reduces overall weight and increases fuel efficiency thereby decreasing emissions.
The cost of foams required for manufacturing automotive components is expensive which in turn is acting as a significant restraint and a challenge for the market.
Ongoing R&D activities for discovering innovative, cost-effective methods of manufacturing foams are anticipated to bring positive results in the near future.
By geography, the global automotive foams market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
The Asia Pacific is anticipated to lead the market, among which China and Japan contribute to a significant share of it.
The rise in demand for passenger vehicles in the Asia Pacific region will boost the demand for the automotive foams market.
Critical players in North America and Europe are looking forward to participating in M&As, tie-ups, and partnerships to boost their research and development activities and contribute to product development. This, in turn, will drive the growth of the automotive foams market.
Key players in the automotive foams market are focusing on new product development and undergoing various business strategies for sustaining in the competitive market.
Most leading players are focussing on geographical expansion.
To achieve this, they are increasingly involved in acquisitions, tie-ups, and collaborations with various regional players.
Critical leading players operating in the global automotive foams market include The Woodbridge Group, BASF, Saint Gobain, The Dow Company, and Rogers Foam Corporation among others.