Global Automotive Foams Market is projected to be worth US$ 42,300.0 million in 2022 and to increase at a CAGR of 11.2% to US$ 122,289.2 million from 2022 to 2032. The global automotive industry, which has been expanding and has in some places reached pre-recession economic levels, is expected to be the automotive foam market's main driver.
The demand for cars is anticipated to increase as a result of rising disposable income and purchasing power parity in emerging economies from the Asia Pacific. This factor is anticipated to be positive for automotive foam market demand. The primary factors anticipated to accelerate the automotive foam market's growth are the rising OEM preference for foam products in commercial vehicle applications and the rising demand for foam in developing nations.
On the other hand, the slowdown in the economy, proper disposal, and recycling practises are some of the main factors limiting growth in the automotive foam market and are anticipated to do so over the course of the forecast period.
Electric vehicles are anticipated to present significant growth opportunities in the region, which will cause the Europe region to experience automotive foam market growth over the course of the forecast period. Additionally, as a result of the UK's steady economic growth, the number of vehicles in use has grown over time.
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Over the course of the forecast period, it is anticipated that the presence of significant auto manufacturers in the area, which are continually increasing their production capacity, will have an effect on regional product demand for automotive foam.
Within a short period of time, the Tesla Cybertruck has received more than 250,000 orders. By the end of 2021, it's anticipated that production of these trucks will begin. Over the forecast period, Europe is also anticipated to experience modest automotive foam market growth.
Key Takeaways:
With regard to automotive foams, Europe commands the largest automotive foam market share. The region is projected to grow at a rate of over 24.5%.
Automotive Foams are predicted to experience rapid automotive foam market growth in North America, where they are projected to account for 21.6% of global sales in 2022.
With lucrative growth prospects, Asia-Pacific is anticipated to grow and account for a sizeable 16.4% of the global automotive foams market by 2022.
The automotive foam market is anticipated to experience significant growth in the Middle East & Africa region, which is projected to account for 9.2% of global market share in 2022.
Competitive Landscape:
In the global automotive foams market, some of the major players 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, and Zotefoams Plc.
The automotive foam market is extremely competitive, which can be attributed to the large number of participants. A number of regional level players are also active across key growth regions, particularly in Europe, even though global players with significant automotive foam market share include Bridgestone Corporation, Johnson Controls, Evonik Industries AG, BASF SE, and Rogers Corporation.
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