Growing demand from the Packaging sector is expected to drive the Global Bio-Based Foam market in the forecast period 2024-2028. According to the TechSci Research report, “Bio-Based Foam Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Bio-Based Foam Market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028.
The Important Factors of the Global Bio-Based Foam Market
A significant factor fueling the growth of the Bio-Based Foam Market is the increase in its usage in the packaging sector due to its similar properties as that of conventional material but with a degradability advantage. The use of Bio-Based Foam is expected to expand in the next years due to increasing demand from various sectors like E-commerce, healthcare, and automotive which will further fuel the expansion of packaging services and result in the growth of the Global Bio-Based Foam market. For instance, according to Packaging World, Papair a German packaging company manufactures a paper alternative to conventional plastic bubble wrap. With the increasing demand for sustainable and eco-friendly solutions, the growth of the Bio-Based Foam Market will be fueled in the future.
Furthermore, the market is being further stimulated by the extensive use of Bio-Based Foam in Aeronautical and Marine Sectors.
However, the availability of various low-cost alternatives can slow down the market growth. Also, the lack of basic testing procedures and transitioning governing landscape can further slowdown market growth.
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Global Bio-Based Foam Market is segmented based on raw material, type, end-use industry, and region.
Based on raw materials, the market is categorized into corn, sugarcane, soy, and others. Sugarcane is expected to hold the largest market share in the forecast period, 2024-2028. Sugarcane is utilized in various applications due to its abundant amount availability and helps to attain carbon neutrality.
Based on type, the market is fragmented into rigid and flexible. Flexible is expected to hold the largest market share in the forecast period, 2024-2028. This is due to its properties such as lightweight, mouldable, and durable nature which help in various applications including automotive interiors, bedding & furniture, and the packaging sector.
Based on the end-use industry, the market is segmented into building & construction, packaging, automotive, and others. Building & Construction segment will experience the highest market share during the forecast period, 2024-2028. This can be attributed due to the increasing demand for green buildings with the use of foam which helps to reduce shocks & vibrations.
Major companies operating in the Global Bio-Based Foam Market are:
- Woodbridge Corporation
- EVA GLORY Industrial Co., Ltd
- BASF SE
- Cargill Inc.
- BEWi ASA
- Stora Enso Oyj
- Trocellen GmbH
- Lifoam Industries, LLC
- Huntsman Corporation
- Foamite Industries Inc.
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“Europe region is expected to grow at the highest rate during the forecast period due to an increase in the manufacturing industries, technological advancement, and changing consumer spending. Furthermore, strict government rules and increasing demand from various end-use industries create lucrative opportunities for market growth. Moreover, in Asia Pacific, increasing demand for eco-friendly products and substantial growth in the e-commerce sector create huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bio-Based Foam Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Raw Material (Corn, Sugarcane, Soy, Others) By Type (Rigid and Flexible) By End Use Industry (Building & Construction, Packaging, Automotive, Others), By Region and Competition, has evaluated the future growth potential of global Bio-Based Foam market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Bio-Based Foam Market.”
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