The polyethylene foams market is projected to grow from USD 3.3 billion in 2020 to USD 4.5 billion by 2025, at a CAGR of 6.1% between 2020 and 2025. The market is propelled by the growth of various end-use industries. Increasing investments in use for polyethylene foams in protective packaging, infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted the market growth.
APAC is projected to lead the polyethylene foams market during the forecast period which is driven by high economic growth and heavy investments in packaging, automotive, building & construction, and manufacturing industries. Its growing middle-class population plays an important role in driving various industries, which has led to industrialization and the manufacturing of various products that require PE foam. The demand for premium and better-quality products is increasing in the region with the growth in the middle-class population.
The key players operating in the market are Armacell LLC (Luxembourg), JSP (Japan), Zotefoams PLC (UK), Sealed Air (US), and Recticel N.V. (Belgium). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement to grow in the market. Investment & expansion was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies increase their geographic presence.
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Armacell LLC is an inventor of flexible elastometric foams for equipment insulation. They develop innovative and safe thermal, acoustic and mechanical solutions that create sustainable value for its customers. They focus on insulation materials for technical equipment, high-performance foams for high-tech and lightweight applications and next generation aerogel blanket technology. The company has two business units called advanced insulation and engineered foams. In August 2018, Armacell acquires Guarto, a manufacturer of acoustic insulation solutions. The acquisition of Guarto extends Armacell’s footprint in Italy, enabling to reinforce their leadership in the fast growing acoustic insulation industry. Furthermore, they are adding new production capacities to their product portfolio and improved customer service in Italy.
Zotefoams PLC is one of the largest manufacturer of lightweight crosslinked polyolefin block foams, sell and licenses high-performance products and materials technology. The company has three business segments: polyolefin foams, HPP (High-Performance Products), and MEL (MuCell Extrusion LLC). Their products are used across extensive range of markets including aerospace, automotive, industrial parts, product protection, marine, military, building & construction, medical, leisure, and sports. In May 2019, Zotefoams boosts product protection foams line-up with two new Plastazote grades. Plastazote, a low-density polyethylene foam range in AZOTE family, has set the standard for protection of products in transit, long-term storage and conversation applications due to its light weight, aesthetic qualities, excellent impact resistance and compatibility with wide range of processing techniques.
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