CHICAGO, November 21, 2022 /PRNewswire/ — The “biobased foam market is expected to grow from $102 million in 2022 at $229 million by 2027, at a CAGR of 23.1% over the forecast period.” Major factors driving the growth of bio-based foam include the increasing adoption of bio-based materials by various end-use industries.
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By feedstock, the sugarcane-based segment accounted for the highest share of bio-based foam market from 2022 to 2027.
By feedstock, the sugarcane-based segment accounted for the highest share of the bio-based foam market. A sugarcane-based foam is widely used in various end-use applications. Many large shoe manufacturing companies are increasingly using sugar cane-based foam in the soles of their shoes.
By type, the flexible segment accounted for the highest share of bio-based foam market from 2022 to 2027.
By type, the flexible segment accounted for the highest share of the bio-based foam market. Flexible bio-based materials find application mainly in the automotive, furniture and bedding sectors. The flexible bio-based foam meets the technical requirements of commercial-scale manufacturing processes, including packaging and mattresses.
By end-use industry, the automotive segment accounted for the highest share of bio-based foam market from 2022 to 2027.
By end-use industry, the automotive segment accounted for the highest share of the bio-based foam market. Automotive is one of the fastest growing industries which has led to an increase in demand for various raw materials including bio-based foam. Many major car manufacturers have started using bio-based foam for car interior upholstery and insulation.
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Europe is the largest and fastest growing region in the bio-based foam market.
Europe represented as the largest bio-based foam market and is expected to show the fastest growth during the forecast period. The market for bio-based products is driven by the growing manufacturing industries in the region. Many countries in Europe are becoming the manufacturing hub of various global industries.
BASF SE (Germany), Huntsman Corporation (USA), Cargill, Incorporated (USA), Stora Enso (Finland), Braskem (United States), Woodbridge Foam Corporation (Canada), Bewi Group (Sweden), INOAC Company (Japan), Trocellen GmbH (Germany), Sealed Air Corporation (USA), RAMPF Group (Germany), Sinomax UNITED STATES (US), DomFoam (Canada), Ecoglobal Manufacturing (US) and Nomaco (US) are the major players in the bio-based foam market.
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