The bio-based foam market is projected to grow from USD 102 million in 2022 to USD 229 million by 2027, at a CAGR of 23.1% during the forecast period. The growth of the market is driven by the increasing demand from various end-use industries such as automotive, building & construction, and packaging industries.
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Companies such as BASF SE (Germany), Huntsman Corporation (US), Cargill, Incorporated (US), Stora Enso (Finland), and Braskem (US) fall under the winners’ category. These are leading players in the bio-based foam market, globally. These players have adopted the strategies of partnership, agreement, joint venture, expansion, divestment, and acquisitions to fulfil the rising demand for bio-based foam on the regional as well as global levels.
Huntsman Corporation operates in business segment such as polyurethanes, performance products, advanced materials, and textile effects. In polyurethane segment Huntsman Corporation manufactures various products including bio-based foam. The company has regional presence majorly in countries such as US, China, Germany, and India. In February 2022, Huntsman Corporation partnered with KEEN, Inc for the development of a line of shoes with plant-based soles. Huntsman Corporation will supply a bio-based polyurethane solution to KEEN, Inc
Sealed Air Corporation has global presence in North America, Europe, Middle East & Africa, Asia Pacific, and South America. The company operates in two business segment such as food and protective. The company manufactures bio-based PU foam for packaging application. In February 2022, Sealed Air Corporation has acquired Foxpack Flexibles Limited, a leading packaging company.
Cargill, Incorporated manufactures bio-based PU foam for end-use application such as automotive, bedding & furniture, among others. The company has regional presence in North America, South America, Asia Pacific, Europe, Middle East & Africa. In September 2021, Cargill, Incorporated has entered into an agreement with Arkema, a specialty chemical company. The aim of this agreement is to improve capabilities of Cargill, Incorporated in bio-based plasticizers and polyols.
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Europe leads as the largest market for bio-based foam and is expected to experience the fastest growth throughout the forecast period. The surge in manufacturing industries across the region propels the demand for bio-based products. Several European countries are emerging as manufacturing hubs for diverse global industries.
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