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Automotive Foam Market to accrue lucrative gains over the forecast timeframe

Author : Rahul Varpe | Published Date : 2019-07-10 

Global Automotive Foam Market research report is added by Global market insights, inc by covering all major market aspects. The report also touches the key scenarios like top players, competition, types, applications, regions, recent developments and future market predictions.

Automotive Foam Market Size will foresee the significant growth in coming years. Foams are produced from polyolefins, PVC, polyurethane and other petroleum derivative products. Growing automobile industry coupled with increase in disposable income of people are some key factors for the product market to prosper. The product offers several advantages as it reduces the overall weight which in turn results in enhanced fuel efficiency of the vehicle, offers superior thermal insulation, acoustic, and other such features. This in turn will spur the automotive foam market in forecast spell.

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Vehicles have become a necessity in every household which has developed a high demand for automobile industry across the globe. The lifestyle in today’s era has altered considerably which has propelled the automotive industry. Vehicles are also considered as status symbol in the society which has ramped up the growth of automobile industry, which in turn has led to the automotive foam market growth.in future.

Basically, the product is manufactured by open cell foams, closed cell foams, melamine, natural fibers and others. Polyolefins based open cell & closed cell foams are the widely used product in automotive foams industry due to their light weigh, excellent fire & water resistance, easy of recyclability and other superior properties. These enhanced characteristics will fuel the automotive foams market in forecast period.

Oscillation in raw material prices and adverse effects on the environment are some key restraining factors for automotive foam market growth. Foams are formed by the petroleum derivative products such as polyolefins, polyurethane, etc and changes in the oil prices will significantly influence the prices of its derivatives. Strict regulation related to the negative effects of chloro fluoro carbons which are involved in the production of the polymer-based foams is another challenge for automotive foam market growth by 2024.

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The product is further fragmented into end-use which includes light commercial vehicle, heavy commercial vehicle and passenger cars. Increasing demand for passenger cars is expected to boost the automotive foam market owing to change in earning level and lifestyle. The shifting trends towards better driving comfort and improved performance are driving the product penetration among the passenger cars segment. Growth in passenger car sales particularly in Asia Pacific region with increased per capita income will drive the automotive foam market demand in forecast time frame.

North America led by the U.S. is anticipated to drive the automotive foam market by 2024 due to vehicle safety norms and need for efficient braking. Technological advancement coupled with extensive R&D to improve design and better operations in manufacturing will augmenting the automotive foam market growth in future. Asia Pacific is estimated to be the most lucrative market for the product due to the emerging economies in automobile sector such as South Korea, Japan and China. Government support and increased vehicle production will also spur the product market size in forecast time span.

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The key players in the automotive foam market include Johnson Controls, Dow chemicals, Saint-Gobain, Armacell, BASF, Woodbridge Foam Corporation, Bridgestone, Lear Corporation, Rogers Corporation, Recticel, UFP Technologies, Vitafoams, Grand Rapids Foam Technologies, Foam Supplies, Eurofoam Hungary, Zotefoams Plc, Caligen Foam and others.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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