Industry Background:
Plastic foams, also called polymer foam, is a sponge-like material prepared by the polymer matrix. Polymer foams are extremely lightweight and versatile, highly durable, superior thermal and acoustic insulation, mildew resistant, and dermatologically friendly. The foaming of plastic is carried out via physical, chemical, and mechanical methods such as thermal decomposition by chemical blowing agent, mechanical whipping of gas into the liquid polymer, chemical blowing reaction, and other methods. The largest application segment in the Philippine plastics market is packaging. The Philippines aims to promote 60 percent recovery and recycling of plastic by 2030 and offers opportunities for the private sector for technology transfer and assimilation in plastic waste management, particularly for different plastic waste streams. For example, the Polystyrene Packaging Council of the Philippines has set up a recycling plant.This growth is primarily driven by Rising Urbanization and Growing Disposable Income of Consumers
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies in Study | Betafoam Corporation (Philippines), E-Wha Foam Philippines (Philippines), Inoac (Philippines), BASF SE (Germany), DowDuPont, Inc. (United States), Armacell International S.A. (Germany), Rogers Corporation (United States), Sealed Air Corporation (United States), Polymer Technologies, Inc. (United States) and Woodbridge Foam Corporation (Canada) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Globally, a noticeable market trend is evident Innovations in Commercialization Including Biodegradable Foams for Packaging
. Major Vendors, such as Betafoam Corporation (Philippines), E-Wha Foam Philippines (Philippines), Inoac (Philippines), BASF SE (Germany), DowDuPont, Inc. (United States), Armacell International S.A. (Germany), Rogers Corporation (United States), Sealed Air Corporation (United States), Polymer Technologies, Inc. (United States) and Woodbridge Foam Corporation (Canada) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In February 2020, Huntsman Corporation has announced the acquisition of Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications.
In March 2019, BASF has enhanced its regional innovation capabilities with new facilities at the Innovation Campus Shanghai to further strengthen collaboration with the automotive industry and to offer new process catalysts to the chemical industry. and In November 2018, The Dow Chemical Company has announced the opening of a polyol (a raw material for polymer foam) plant for rigid PU foam in Rayong, Thailand. This facility is expected to increase the company's capacity to offer high-quality insulation products and solutions.
Market Drivers
- Rising Urbanization and Growing Disposable Income of Consumers
- Growth of Major End-Use Industries of Foam Plastics Such As E-Commerce
- Rising Consumer Spending Levels for Household Products Such As Bedding, Furniture, and Appliances
Market Trend
- Innovations in Commercialization Including Biodegradable Foams for Packaging
- Significant Technological Advancements, Such As the Introduction of Bio-Based Polyols and Non-Toxic Isocyanates
- Utilization of Polymer Based Memory Foams in Footwears
Restraints
- Over-Reliance on Imports of Raw Materials and Finished Plastics
- Increasingly Raising Concerns Regarding the Detrimental Health Effects of Isocyanates Utilized In Polyurethane Production
Opportunities
Innovative applications in electronic products, as well as rising usage of bio-degradable plastics, are expected to offer various opportunities for the growth of the market. and Advancements of Additive Manufacturing for Polyurethane Foam
Challenges
Stringent Government Regulations for Single-Use Plastics
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Plastic Foams Study Sheds Light on
The Plastic Foams Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Plastic Foams industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Plastic Foams industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.