The global Polyethylene Foam market was valued at US$3.50 billion in 2021. It is estimated to grow at a CAGR of 5.4% during the forecast period mainly due to the rising demand from the packaging industry.
ChemIntel360’s global Polyethylene Foam market study is a 148-page report containing an in-depth analysis of the sector's historical and forecasted spending and consumption patterns. The study offers granular value and volume data from a global, regional and end-use industry perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Type
Polyethylene Foam market is segmented into Crosslinked and Non-crosslinked, in terms of type.
Polyethylene (PE) Foam is a closed-cell, non-absorbent foam that is lightweight, highly resilient, and shatterproof with excellent buoyancy and shock absorption properties. Polyethylene Foam is classified into Crosslinked and Non- Crosslinked Polyethylene Foam based on type.
Crosslinked Polyethylene Foam accounted for 76% of the market in 2021. Crosslinked Polyethylene Foam, known as XLPE, is a closed-cell foam that is very compact and water-resistant. It is extensively used in packaging medical products and equipment, orthopedic soft goods, athletic padding, helmet lining, protective case inserts, etc.
Insights on End-Use
Polyethylene Foam is used in various end-use industries such as packaging, automotive, footwear, sports and recreational, building and construction, medical, and others.
Protective Packaging held the dominant share of 36% of the market in 2021. Polyethylene Foam can be processed and fabricated to hold any shape. It is durable, lightweight, resilient, and is extensively used as cushion packaging for high-value and fragile products. Moreover, its load-bearing characteristics make it a very cost-effective alternative to regular packaging as manufacturers can use thinner and fewer amounts to protect their products.
The application areas of Polyethylene Foam in the automotive industry include headliners, door panels and water shields, seat liners, mirror seal, dashboard padding, air conditioning ducts, and trunk liner.
Regional Insights
Asia-Pacific was the largest market for Polyethylene Foam with a share of 43.7% in 2021, mainly due to growth in packaging, automotive, construction, and medical industry driving growth in the Polyethylene Foam market in countries such as India, China, Japan, and South Korea.
The construction industry in the region is expected to grow significantly due to rapid urbanization and increasing income levels. Polyethylene Foam is widely used for various applications such as slabs, rooftop sheets, pipe-in-pipe, and entryways. Thus, the demand for Polyethylene Foam from building and construction sector in the region is expected to rise during the forecast period.
Additionally, Pharmaceutical companies in countries such as Japan, China, and South Korea, are increasingly using Polyethylene Foam in medical packaging due to its non-toxic and latex-free properties.
COVID-19 Impact
The Polyethylene (PE) Foam market was adversely affected by the COVID-19 pandemic due to a sudden fall in demand from all end-user industries due to various factors such as a drop in consumer spending, extended lockdowns, and supply chain bottlenecks. Meanwhile, construction and infrastructure development activities across the globe were also stalled or indefinitely delayed, creating much uncertainty in the market.
However, the demand for hygiene products and increased medical attention due to the COVID-19 pandemic is expected to boost the demand for Release Coatings.
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Key Companies
The key companies operating in this market are INOAC Corporation, Sealed Air Corporation, Trecolan GmbH, Armacell,Kaneka Corporation, Thermotec, The DOW Chemical Company, Zotefoams PLC, Wisconsin Foam Products, and Recticel NV.
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