At 5.4% CAGR, Middle East & Africa Molded Foam Market is Projected to be Worth US$ 1,153.20 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa molded foam market was valued at US$ 755.81 million in 2022 and is expected to reach US$ 1,153.20 million by 2030, registering a CAGR of 5.4% from 2022 to 2030. Focus on developing sustainable solutions and robust growth of automotive industry are among the critical factors attributed to the Middle East & Africa molded foam market expansion.

The automotive industry is growing in various countries across the world due to factors such as transition toward electric vehicles, economic growth, increasing population, government support for automotive production, and rising investments in the industry. According to the International Organization of Motor Vehicle Manufacturers, the global sales of passenger cars increased from 53.92 million in 2020 to 57.49 million in 2022.

In the automotive industry, molded foams are used to create automotive interior components. They provide many advantages from the perspective of companies specializing in automotive part and vehicle production. Molded foams are used to make products with complex designs as they can take various shapes. Therefore, the strong growth of the automotive industry in various countries across the world is driving the demand for molded foams.

On the contrary, harmful impact of raw materials on environment hampers the growth of Middle East & Africa molded foam market.

Based on type, the Middle East & Africa 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 29.6% share of the Middle East & Africa molded foam market in 2022, amassing US$ 223.72 million. It is projected to garner US$ 365.09 million by 2030 to expand at 6.3% CAGR during 2022-2030.

In terms of form, the Middle East & Africa molded foam market is bifurcated into rigid foam and flexible foam. The flexible foam segment held 57.1 % share of the Middle East & Africa molded foam market in 2022, amassing US$ 431.90 million. It is projected to garner US$ 666.29 million by 2030 to expand at 5.6% CAGR during 2022-2030.

By material, the Middle East & Africa molded foam market is segmented into expanded polystyrene, polyurethane foam, expanded polyethylene, expanded polypropylene, and others. The polyurethane foam segment held 45.7% share of Middle East & Africa molded foam market in 2022, amassing US$ 345.68 million. It is projected to garner US$ 513.48 million by 2030 to expand at 5.1% CAGR during 2022-2030.

By application, the Middle East & Africa molded foam market is segmented into seating and furniture, automotive interior, bedding and mattresses, footwear, and others. The bedding and mattresses segment held 35.1% share of Middle East & Africa molded foam market in 2022, amassing US$ 265.39 million. It is projected to garner US$ 431.88 million by 2030 to expand at 6.3% CAGR during 2022-2030.

Based on country, the Middle East & Africa molded foam market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held 37.6% share of Middle East & Africa molded foam market in 2022, amassing US$ 284.48 million. It is projected to garner US$ 459.07 million by 2030 to expand at 6.2% CAGR during 2022-2030.

Key players operating in the Middle East & Africa molded foam market are Foam Factory Mattresses, INTERNATIONAL INDUSTRIES LLC, Poly Chem Molding Solutions, and SABIC, among others.

• In April 2022, the company developed TrimVisible BIO. The new product, TrimVisible BIO, enabled a cradle-to-gate reduction in carbon dioxide footprint for seating foam. This technology ultimately contributed to the reduction in CO2 footprint for the lifetime of the vehicle.
  
  

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