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Automotive Foam are specialty materials that are made up of variety of materials and find wide range of application in the automotive. The global automotive foam market is expected to grow in-line with the GDP. The slowdown in the automotive sector across the world has adversely impacted the automotive foams market. According to IMF, the automotive industry represented 20% of the global GDP slowdown and around 30% drop in the global trade in 2018.
Key Market Driver -
Wide adoption and need of automotive foams in the auto sector.
Key Market Restraint -
Uncertainty in the global automobile sector to hamper the market growth.
On the basis of foam type, automotive foam market is segmented into polyurethane foam, polyolefin foams and others. On the basis of application, automotive foam market is segmented into seating, door panels & water shields, instrument panels, bumper system and others. On the basis of end-use, automotive foam market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
From a geographical standpoint, the market is categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key market Drivers- Automotive foams play very crucial role in promoting the comfort, interior beautification, noise reduction, weight reduction, etc.; thus enhancing the car performance and customer satisfaction. Weight reduction is a trend in the automotive industry which is targeted to achieve superior fuel efficiency and performance.
Key market restraints- The global automotive industry witnessed shrinkage in 2018 and 2019 which adversely affected the market growth. This slow-down is effect of various factors such as changing emission regulatory norms, emergence of electric vehicles, increased trend of car-pooling, and others. The industry is however, expected to restore its growth over mid-term forecast and thus, increase the consumption of automotive foams.
The global automotive foam market is highly fragmented with number of global and regional players operating in the market. Some of the key players in the global Automotive Foam Market include- Bridgestone Corporation, Johnson Controls, Evonik Industries AG, BASF SE, Rogers Corporation, FoamPartner, ARMACELL LLC, Woodbridge, Lear Corporation, Toray Plastics (America), Inc., The Dow Chemical Company, Recticel, Fostek Corporation, Trocellen, Zotefoams plc and others
On geographical basis, automotive foam market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific dominates the automotive foams market on the back of large markets such as China, India, Japan, and South Korea. China is the largest consumer of automotive foam in the Asia-Pacific region. India, Thailand, Singapore are emerging as new manufacturing bases for the electric vehicles. The high demand in these regions can also be attributed to the rising disposable income of the consumer. North America is expected to witness low growths over the short-term forecast and moderate growths over mid-and long term forecast with the improving automotive sector in the region.
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The market for light commercial vehicles is expected to boost the demand for automotive foams in the region over mid–term forecast. For instance, the Cybertruck launched by Tesla has already surpassed 250,000 orders in just a couple of weeks. The production of these trucks is expected to start off by the end of 2021. Europe region is also expected to witness slow growth over the forecast period. Electric vehicles are expected to provide major growth opportunities in the region. Mexico and Brazil drive the Latin American automotive foam market on the back of their competent auto-manufacturing industries. Middle East & Africa automotive foam market is expected to witness moderate growth over the forecast period. The automotive industry in the region is growing at healthy rates and manufacturers are expanding their operations in the region.
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