Albany, New York, Dec. 11, 2018 (GLOBE NEWSWIRE) -- The global automotive foams market is prognosticated to experience witness a healthy growth curve in the coming years, according to a Transparency Market Research (TMR) report. The market is abuzz with stiff competition among the vendors, who are competing on the basis of product quality, innovation, and differentiation. The regular entry of new market participants is likely to intensify the rivalry in the market.
A key strategy adopted by market vendors to gain traction is added focus on creating innovative offerings. Substantial enhancement is being brought about in the manufacturing techniques of automotive foams in order to garner attention of the end-use industry.
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Other strategies that vendors in the global automotive foams market are expected to adopt are collaborations, partnerships, and mergers and acquisitions. Key vendors operating in the market include Saint-Gobain SA, The Dow Chemical Co., Caligen Foam, Woodbridge Foam Corp., and Zotefoams Plc.
Asia Pacific to Exhibit 10.10% CAGR over Forecast Period
TMR reports that the global automotive foams market is likely to register an impressive 9.40% CAGR over the forecast period 2017 to 2022. The market was values to be at US$22.53 bn in 2017, and is anticipated to be worth US$35.38 bn by 2022.
The segment of polyurethane as the type of material is expected to exhibit a CAGR of 8.50% over the forecast period, on account of high demand for the material.
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Geography-wise, high consumption from China is expected to boost the Asia Pacific market for automotive foams in the coming years. The region is expected to witness a 10.10% CAGR over the forecast period.
Favorable Product Features to Amplify Demand
Automotive foam offers low heat transfer and ideal protective properties; these are key determinants fuelling the demand in the global automotive foams. Furthermore, automotive foams give additional comfort, delicateness, and adaptability to the travelers; this is foreseen to push the growth of the worldwide market. Additional, expanding shopper tendency towards polymer foams in vehicles and producers concentrating on automotive foam in the business vehicle application are expected to fuel the growth of the global automotive foam market.
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Rising Urbanization to Boost Growth
The surge in the affluent middle and rich classes who expect creative seating innovation and best-in-class features are foreseen to lead future development prospect of the automotive foams market. Developing populace in urban communities is one of the key factors which are driving automotive foam market. Additionally, the growing number of passenger cars is expected to support the growth of this market in the coming years.
However, steep costs of advanced automotive foam could hinder the growth of the market to some extent. Polyurethane foam costs more than some alternatives present in the industry. This factor may deal a blow to the growth of the automotive foams market.
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This review is based on TMR’s report titled, “Automotive Foams Market (Material Type - Polyurethane, Polyolefin, Styrenic, Polyvinyl chloride, Phenolic, and Melamine; Sales Channel - OEM and Aftermarket; Application - Instrument Panels, Seating, Door Panels, Headliners, Water Shields, Gaskets and Seals, and Noise, Vibration and Harness (NVH); Vehicle Type - Compact Passenger Cars, Mid-sized Passenger Cars, Premium Passenger Cars, Luxury Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Two-Wheeler) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”Top of Form
Global Automotive Foams Market by Material Type
- Polyurethane
- Polyolefin
- Styrenic
- Polyvinyl chloride
- Phenolic
- Melamine
Global Automotive Foams Market by Sales Channel
- OEM
- Aftermarket
Global Automotive Foams Market by Application
- Instrument Panels
- Seating
- Door Panels
- Headliners
- Water Shields
- Gaskets and Seals,
- Noise, Vibration and Harness (NVH)
Global Automotive Foams Market by Vehicle Type
- Compact Passenger Cars
- Mid-sized Passenger Cars
- Premium Passenger Cars
- Luxury Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-Wheeler
Global Automotive Foams Market by Geography
- North America
- Europe
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
- Japan
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