The report “Bio-Based Foam Market by Raw Material (Corn, Sugarcane, Soy), Type, End-Use Industry (Building & Construction; Packaging; Automotive; Furniture & Bedding; and Footwear, Sports & Recreational), and Region – Global Forecast to 2027″, 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. Major factors driving the growth of bio-based foam include the increasing adoption of bio-based material by various end-use industries.
By raw material, the sugarcane-based segment accounted for the highest share of the bio-based foam market from 2022 to 2027.
By raw material, the sugarcane-based segment accounted for the highest share of the bio-based foam market. Sugarcane-based foam is widely used in various end-use applications. Many leading footwear manufacturing companies are increasing the use of sugarcane-based foam in their shoe sole manufacturing.
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By type, the flexible segment accounted for the highest share of the bio-based foam market from 2022 to 2027.
By type, the flexible segment accounted the highest share of bio-based foam market. Flexible bio-based material finds application majorly in the automotive, furniture, and bedding sectors. Flexible bio-based foam meets the engineering requirements of commercial-scale manufacturing processes including packaging and mattresses.
By end-use industry, the automotive segment accounted for the highest share of the bio-based foam market during 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 lead to an increase in the demand for various raw materials including bio-based foam. Many leading automotive manufacturers are started using bio-based foam for cushioning and insulation applications in car interiors.
Europe is the largest and fastest-growing region in the bio-based foam market.
Europe accounted for the largest market for bio-based foam and is projected to show the fastest growth during the forecast period. The market of bio-based are driven by the growing manufacturing industries in the region. Many countries in Europe are becoming hubs of manufacturing various global industries.
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BASF SE (Germany), Huntsman Corporation (US), Cargill, Incorporated (US), Stora Enso (Finland), Braskem (US), Woodbridge Foam Corporation (Canada), Bewi Group (Sweden), INOAC Corporation (Japan), Trocellen GmBh (Germany), Sealed Air Corporation (US), RAMPF Group (Germany), Sinomax USA (US), DomFoam (Canada), Ecoglobal Manufacturing (US), and Nomaco (US) are the key players in bio-based foam market.
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