At 7.2% CAGR, the Asia Pacific Molded Foam Market is Projected to be Worth US$ 9,069.20 million by 2030, Says Business Market Insights

According to Business Market Insights research, the Asia Pacific molded foam market was valued at US$ 5,191.01 million in 2022 and is expected to reach US$ 9,069.20 million by 2030, registering a CAGR of 7.2% from 2022 to 2030. Focus on developing sustainable solutions and robust growth of automotive industry are among the critical factors attributed to the Asia Pacific molded foam market expansion.

Players operating in the global molded foam market focus on creating sustainable solutions to reduce their environmental impacts. According to the news released in May 2021, Kaneka Corporation has been developing a technology for turning KANEKA Biodegradable Polymer Green Planet into a molded foam material. KANEKA Biodegradable Polymer Green Planet is a 100% plant-derived biodegradable polymer made by integrating fermentation and macromolecule technologies. Also, the product has excellent biodegradability in a wide range of environments. Further, in 2021, INOAC CORPORATION announced a successful domestic development of plant-based polyurethane foam with a biomass of 50% or higher, named ECOLOCEL BEH. The company stated that the newly developed product will reduce CO2 emissions and has less reliance on fossil resources. Also, it has a wide range of applications in mattresses, pillows, clothing pads, etc. Thus, the rising focus of manufacturers on developing sustainable solutions is expected to boost the Asia Pacific molded foam market growth during the forecast period.

On the contrary, harmful impact of raw materials on environment hamper the growth Asia Pacific molded foam market.

Based on type, the Asia Pacific molded foam market is segmented into closed cell foam, high resilience foam, integral skins foam, memory foam, and others. The closed cell foam segment held 34.1% share of the Asia Pacific molded foam market in 2022, amassing US$ 1,770.84 million. It is projected to garner US$ 3,262.75 million by 2030 to expand at 7.9% CAGR during 2022-2030.

By form, the Asia Pacific molded foam market is categorized into rigid foam and flexible foam. The flexible foam segment held 53.2% share of Asia Pacific molded foam market in 2022, amassing US$ 2,759.08 million. It is projected to garner US$ 4,889.86 million by 2030 to expand at 7.4% CAGR during 2022-2030.

Based on material, the Asia Pacific molded foam market is divided into expanded polystyrene, polyurethane foam, expanded polyethylene, expanded polypropylene, and others. The polyurethane foam segment held 46.4% share of Asia Pacific molded foam market in 2022, amassing US$ 2,409.54 million. It is projected to garner US$ 4,085.83 million by 2030 to expand at 6.8% CAGR during 2022-2030.

Based on application, the Asia Pacific molded foam market is segmented into seating and furniture, automotive interior, bedding and mattresses, footwear, and others. The bedding and mattresses segment held 33.3% share of Asia Pacific molded foam market in 2022, amassing US$ 1,729.47 million. It is projected to garner US$ 3,222.76 million by 2030 to expand at 8.1% CAGR during 2022-2030.

Based on country, the Asia Pacific molded foam market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 43.4% share of Asia Pacific molded foam market in 2022, amassing US$ 2,254.43 million. It is projected to garner US$ 3,905.26 million by 2030 to expand at 7.1% CAGR during 2022-2030.

Key players operating in the Asia Pacific molded foam market are Carpenter Co, Sheela Foam Ltd, Sinomax Group Ltd, and Woodbridge Foam Corp, among others.

- In June, 2023; Carpenter Co completed the acquisition of Recticel N.V.'s Engineered Foams Division, which included the former Foam Partner and Otto Bock operations.

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