CAGR for automotive foam market about to be raised up to 10.50% by 2019
Research and Markets have anticipated the CAGR for automotive foam market to rise up to 10.50% during the time period of 5 years from 2014 to 2019. The global market value that has been estimated to be generated by 2019 by the automotive foam market is 40.83 billion US dollars. The five most regular applications have been taken into consideration Reasearch and Markets while generating the report, these applications being seating, door panels and water shields, gaskets and NVH, headliners and instrument panels.
The rapid growth of industries using the end products generated by the automotive foam market, increasing demand existing in the Asia-Pacific region and development in technologies have led to the expansion of the automotive foams industry around the world. Widespread use of automotive foams is evidenced in all categories of vehicles, which comprise of cabs, heavy commercial vehicles and light commercial vehicles. Especially, usage of automotive foams extensively in seating has been determined to be the leading factor for the worldwide growth of the automotive foam market in near future.
Automotive foams are used worldwide for various applications, one of the primary ones being seating. The automotive foam market is growing rapidly due to the increasing number of industries, which are serving as end-users for automotive foams. These industries belong to the developing countries like India and China. Energy efficiency is another major factor, which is allowing the swift growth of automotive foam market around the world. Polyurethane is a very popular end-product from the automotive foam market, which had been used exhaustively in 2013. The demand for polyurethane, along with polystyrene and polyolefin has been estimated to grow increasingly for specific applications.
Polyurethane is being used widely for a large number of characteristics it possesses – its conveniently installable feature, its property of resistance to heat, sound and fire, and its light weight. Growing use of automotive foams in commercial vehicles preferred by the automotive manufacturers as well as in the advancing nations is serving as the most important cause for the growth of automotive foams industry around the world in the present scenario and also in near future.