NEWARK, DE / ACCESSWIRE / July 10, 2023 / According to forecasts, the automotive foams market is expected to be valued at US$ 38,290.9 million in 2023 and US$ 69,878.1 million by 2033.

Leading automakers have begun modernizing their cars by adding impact-absorbing foams to improve consumer safety and reduce strain and stress. The demand for the product is expected to be impacted by these goods' lowering prices throughout the projected period.

Consolidating the complete value chain is considered of the utmost importance since several businesses are working to manage costs, regression, and forward integration. The demand for these resources from other application industries is predicted to affect their availability.

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Several companies focus on increasing their manufacturing capacity to meet the growing demand. However, the adverse environmental effects of blowing agents and stringent regulatory restrictions provide a substantial barrier to the market's growth. The rising usage of these foams in the automotive industry is driving the market on a worldwide scale.

Key Takeaways:

• By 2033, the automotive foams market in the United Kingdom is likely to expand, with a CAGR of 4.3%.

• In 2023, the United States is expected to expand in the automotive foams market with a share of 17%.

• The automotive foams market grew considerably to US$ 36,712.3 million in 2022.

• The automotive foams sector expanded at a CAGR of 3.7% from 2018 to 2022.

• By 2033, China's automotive foams market is projected to expand with a CAGR of 7%.

• By 2033, India's automotive foams market is projected to develop with a CAGR of 7.6%.

• Japan's automotive foams industry is likely to expand significantly, with a 9.1% share in 2023.

• Australia's automotive foams sector is anticipated to grow with a share of 0.2% by 2023.

• In 2023, the polyurethane segment is expected to dominate the market, with a share of 46%, based on foam type.

• In 2023, the agriculture segment is anticipated to dominate the market, with a share of 36.3%, based on application.

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Competitor's Winning Strategies:

To increase their market share, key automotive foam companies focus on providing cutting-edge bio-based products. One of the primary business strategies producers use to assist customers and expand the market sector is local manufacturing to reduce operating costs.

Major Players are:

• 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.

Recent Developments:

• In October 2021, Huntsman and Catalisti began a research initiative to develop state-of-the-art polyurethane foams for automotive applications. The project uses bio-based components to make the foams more environmentally friendly, boosting the automotive foam market's revenue.

• Thor Industries, a manufacturer of recreational vehicles with headquarters in the United States, acquired Elkhart Composites in January 2022 for an undisclosed fee. Thor Industries builds RVs more efficiently and provides greater customer service due to the acquisition. Elkboard, a foamed polypropylene-based composite material used for insulation and RV sidewalls, is produced by Elkhart.

• Sika AG, a Swiss manufacturer of specialty chemicals, said in March 2019 that it has acquired Belineco LLC, a producer of polyurethane foam systems in the CIS region. The group's trade distribution networks in Eastern Europe should be strengthened as a result.

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Key Market Segmentation:

By Foam Type:

• Polyurethane

• Polyolefin

• Other

By Application:

• Seating

• Door Panels & Water shields

• Instrument Panels

• Bumper System

• Other Applications

By End Use:

• Passenger Vehicles

• Light Commercial Vehicles (LCV)

• Heavy Commercial Vehicles (HCV)

By Region:

• North America

• Latin America

• Europe

• East Asia

• South Asia & Oceania

• Middle East & Africa

Explore Wide-ranging Coverage of FMI's Automotive Landscape:

Automotive Seating Market Share: Is anticipated to reach a value of US$ 52,941.6 Million in 2022 and to achieve a moderate compound annual growth rate (CAGR) of 3.40% during the period covered by this estimate.

Automotive Seating Systems Market Size: Is anticipated that the global market is likely to expand at a healthy CAGR of 3.10% between the years 2022 and 2032.

Child Safety Seats Market Growth: Is anticipated to reach nearly US$ 5559.7 Million by 2032, with a growing CAGR of 7.3% from 2022 to 2032.

Automotive Wiring Harness Market Demand: Is expected to grow at a considerable CAGR of 7.9% through 2032. The automotive wiring harness market is expected to hit a valuation of US$ 110.78 billion by 2032.

Locomotive Wiring Harness Market Outlook: Is evaluated to be worth US$ 4,366.50 Million in 2023 and is expected to be worth US$ 7,388.20 Million by 2033, increasing at a 5.4% CAGR from 2023 to 2033.

Automotive Fuel Delivery System Market Share: Is expected to grow at a CAGR of more than 6% (2022 to 2032).

Automotive Suspension Systems Market Size: Is forecast to grow at a CAGR of 4.36% to be valued at US$ 95 Billion from 2022 to 2032.

Automotive Plastic Interior Trims Market Demand: Is expected to surpass US$ 44 Billion, registering growth at a CAGR of 6% - 8% during the forecast period (2022 to 2032).

Automotive AC Compressor Market Outlook: Is anticipated to be appraised at US$ 13,696.2 Million by 2032, up from US$ 9,342.1 Million in 2022.

Automotive In-Wheel Motors Market Trends: Is projected to expand at a 38.0% CAGR, attempting to reach a valuation of US$ 53291.81 Million by 2032.

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SOURCE: Future Market Insights, Inc.

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