Bio-based Foam Market Size, Share, Growth, and Industry Analysis, By Type (Corn-based and Soy-based), By Application (Construction, Automobile, Furniture and Interiors and Footwear) and Regional Forecast to 2032

Updated On: 25 November 2024

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BIO-BASED FOAM MARKET REPORT OVERVIEW

The Bio-based Foam Market Size was US$ 110.31 Mn in 2023 and is projected to touch US$ 584.82 Mn By 2032, Exhibiting a CAGR of 18.15% During the Forecast Period.

Lightweight and permeable, bio-based foam is produced from sustainable materials including sugar cane and vegetable oils. It is a fossil fuel-derived, sustainable substitute for expanded polyurethane (PU) foam. The end product is a mixture of bio-based polyols and isocyanate that, once combined, undergoes a solidification process akin to that of expanded polyurethane (PU). As such, they are appealing options for treating different kinds of wounds. Compared to thin-film dressings, biofoams can absorb a greater amount of exudates.

An all-time high is being reached in the demand for environmentally friendly items. Sustainable living solutions are actively sought after by consumers. An important driver of the market's expansion is the rise in demand for environmentally friendly substitutes across a variety of industries. The transition to sustainable solutions has accelerated significantly as customers grow more conscious of the environmental effects of traditional materials. Further driving the adoption of bio-based products and stimulating market expansion are strict government rules requiring the reduction of carbon footprint. The market Bio-based Foam Market has grown as a result of this aspect.

COVID-19 Impact:

"Market Growth Obstructed by Pandemic due to Lockdown"

The World-wide COVID-19 outbreak has been unparalelled and astonishing, with the market getting an exposure higher-than-predicted demand across all regions contrast to pre-pandemic levels. The drastic  market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak had a detrimental effect on the market. The pandemic had a substantial effect on the construction sector, which dampened market demand. In the upcoming years, the market is anticipated to continue growing at its current rate. The market is expanding significantly at the moment after recovering from the pandemic. The closing of markets caused a disruption in the supply chain. Therefore the market saw a dicline in the growth during the pandemic.

LATEST TRENDS

"Automobile Industries to Drive Market Growth"

The transportation sector, which includes the automobile, railways, and aircraft industries, is where bio-based foam has its main uses. Bio-based PU foam and various other materials are also used in the automobile industry. Particularly, interior components and seating systems are made up of bio-based foams. Given that bio-based PU has the potential to significantly replace conventional PU products in the railway industry in the near future, it has potential applications in this sector. Thermal insulation and seat cushioning are two uses for bio-based foams in railways. Therefore, it is anticipated that demand for bio-based foams will rise due to the transportation industry.

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BIO-BASED FOAM MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Corn-based and Soy-based amongst which the leading segment is the Corn-based .

• Corn-based: Cornstarch is used to make corn-based foam, which has good thermal insulation qualities.

• Soy-based: On the other hand, soy-based foam is made from soybean oil and has a high level of comfort and durability.

By Application

Based on application the global market can be categorized into Construction, Automobile, Furniture and Interiors and Footwear amongst which the leading segment is the Construction.

• Construction: It is utilized in construction for packing, soundproofing, and insulation.

• Automobile: The automotive sector uses bio-based foam for insulation, seat cushioning, and car interiors.

• Furniture and Interiors: It is useful for mattresses, pillows, and upholstery in furniture and interior design.

• Footwear: It serves as a cozy and eco-friendly substitute for shoe manufacture in the footwear sector.

DRIVING FACTORS

"Sustainablity to Boost the Market"

Due to the efforts to achieve sustainability, packaging businesses are creating solutions with biomaterials, such as bio-based foams. Due to its superior performance compared to conventional foams made from petroleum-based resources, many packaging businesses are adopting more bio-based foam in the production of their products. Even after being sustainable. Bio-based products are becoming more and more in demand across a range of businesses due degrading environmental sustainability and the need to lessen dependencecon fossil fuels.

"Construction Sector to Expand the Market"

One of the key industries driving the bio-based foam market's growth is the construction sector. Bio-based foam is in high demand since bio-based insulation materials are becoming more and more popular in buildings due to its energy-efficient and insulating qualities. Moreover, the usage of bio-based foam in the production of lightweight, fuel-efficient in automobiles is anticipated to help market expansion in the automotive sector.

RESTRAINING FACTOR

"Low Performance to Impede Market Growth"

Because bio-based foams are made from natural raw materials like sugarcane and soy, they are prone to deterioration when exposed to moisture and air. Bio-based foams are not appropriate for uses requiring extended longevity. In a variety of applications, such as aerospace, defense, and marine, bio-based foam is utilized in place of conventional foam. However, the uneven performance these foams give in comparison to traditional options limits their uptake.

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BIO-BASED FOAM MARKET REGIONAL INSIGHTS

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Dominating the Market due to Numerous Market Share"

Because so many different industries are implementing sustainable materials, the bio-based foam market in North America is divided into several important segments based on the applications. The automobile sector is one important application area where bio-based foams are being utilized more and more for dashboards, headrests, and seat cushions, among other interior components. Compared to more conventional petroleum-based options, these foams have advantages such decreased environmental impact, enhanced comfort, and lightweight qualities.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF MARKET PLAYERS PROFILED

• Hwa Ching Industry(HCi) (China)
• Nomaco (U.S.)
• KTM Industries, Inc (U.S.)
• Emery Oleochemicals (U.S.)
• Cargill (U.S.)

INDUSTRIAL DEVELOPMENT

November 2022: ACOUSTIFLEX VEF BIO was introduced by Huntsman. It seeks to reduce the carbon footprint of automobile carpet back-foaming by about 25%, with over 20% of its bio-based content coming from vegetable fats. Thus, the market is growing and expanding due to innovation and technology.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.