Market Insights
“The bio-based foam market value was US$ 5.7 Billion in 2024 and is likely to grow at CAGR of 7.2% in the long run to reach US$ 8.65 Billion in 2030”.
Market Dynamics
Introduction
Bio-based foam is a green foam based on bio polyols obtained from renewable feed materials like soy, corn starch, or sugarcane. These foams have been developed to have less effect on the environment by minimizing greenhouse gas emissions and the use of fossil substances. There are two subcategories of bio-based foams; rigid and flex foam where the flexibility of use makes it applicable to many uses. They find extensive applications in fields such as building and construction industries, packaging, automobile industries, furniture and bedding industries, and footwear industries. Bio-based products offer insulation, cushioning, and lightweight capabilities, and have similar performance to conventional foams. This characteristic makes their products appealing to a society that is ever looking for environmentally friendly products for manufacturing and end use.
Recent Market JVs and Acquisitions:
A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:
- In February 2022, Huntsman Corporation and KEEN, Inc. agreed to create a new line of shoes with soles made from plants.
- In February 2022, Sealed Air Corporation joined Foxpack Flexibles Limited as it became the packaging company acquisition.
Recent Product Development:
- In August 2024, Carlisle Construction Materials launched Polyiso Eco, a bio-based rigid foam insulation with 5% bio-circular content, using Covestro and Stepan Company technologies.
- In April 2024, Nouryon introduced on the market a new environmentally friendly EPS foam substitute with more than 95% cellulose content that is biodegradable and recyclable as paper.
- In June 2024, based on CBE JU, The ReInvent project aimed to create bio-based foams for building insulation and vehicle interiors to make the products more sustainable.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Raw Material Analysis
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Soy-Based, Corn-Based, Sugarcane-Based, and Others.
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Sugarcane-based is said to be the dominating Raw Material of the market for bio-based foam market.
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Type Analysis
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Rigid and Flexible.
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Flexible is said to be the dominating Type of the market for bio-based foam market.
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End-Use Industry Analysis
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Building & Construction, Packaging, Automotive, Furniture & Bedding, Footwear, Sports & Recreational and Others.
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Automotive is said to be dominating End Use Industry of the market for bio-based foam market.
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Region Analysis
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Asia-Pacific, Europe, North America, and The Rest of the World.
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Europe is the largest and Asia-Pacific is the fastest region for the bio-based foam market.
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By Raw Material Type
“Sugarcane-Based is said to be dominating by Raw Material of the market during the forecast period”.
- The market is segmented into Soy-Based, Corn-Based, Sugarcane-Based, and Others.
- Sugarcane-based foams occupy the largest share in the market, due to vast availability and cost effectiveness and due to properties including biodegradable and tensile strength. Apart from being an affordable resource, sugarcane is also rich in carbon, which means that it is also a good carbon sink.
- The global use of sugarcane-based foams can also be explained by the versatility of the material in various industries where the car industry and packaging industry, where sustainability and durability are paramount. It is expected, with more manufacturers increasingly using sugarcane in manufacturing bioplastics, to continue to enhance its position in the bio-based foam market.
- Soy and corn are also other raw materials but they are also large in use though they are restricted to special uses or regions. Soy-based foams are used in furniture and bedding due to their cushioning nature and corn-based foam is being used in uses in disposable packaging and footwear industries.
By Type
“Flexible is said to be dominating by Type of the market during the forecast period”.
- The market is segmented into Rigid and Flexible.
- Of all the bio-based foams, flexible foams are commonly used and most popular because of their uses in the furniture, automotive, and footwear industries. These foams provide better shock absorbency, flexibility, and lightweight cross section that are beneficial, particularly in comfort and ergonomic applications.
- Rigid bio-based foams, even though less popular, play a crucial role in those applications that require stimuli and thermal resistance, for example, building and construction. They are prized because of their great compressive strength and thermal stability which cannot be overlooked by architects who care about sustainable design.
- Flexible foams are preferred because they are easily mouldable to dynamic product design and there is an increasing need for lightweight, durable, and recyclable materials in the production of consumers’ products. Flexible foams also complement the circular economy model, which in turn increases their usage.
By End Use Industry Type
“Automotive is said to be dominating by End Use Industry of the market during the forecast period”.
- The market is segmented into the Automotive Industry, Construction & Infrastructure, Industrial, and Others (Aerospace, Defense, Medical).
- The use of bio-based foam is widely embraced in the automotive industry the most because of the industry’s effort to cut emission levels. Car manufacturers employ more bio-based foam products for car seats, sound and thermal insulation, and interior parts because they are light and improve fuel economy.
- Another important application is building and construction, with bio-based rigid foams being used for thermal insulating and construction reinforcement. This is especially important because green building standards and regulations are quickly becoming the global norm and this makes bio-based foams a sought-after product in sustainable construction.
- Other industries include furniture and bedding, and packaging greatly support market expansion, with bio-based flexible foams being applied to cushion and protective packaging solutions. There are two new markets currently on the horizon; footwear and applications for the sports industry due to market demand for products that can be made using sustainable methods.
Regional Analysis
“Europe is the largest and Asia-Pacific the fastest region for bio-based foam during the forecast period”.
- The current largest market for bio-based foams is in Europe, because of strict environmental legislations and the increased market demand for bio-based products. European countries including members of the European Union have pioneered green technologies with moves such as the EU Green Deal that seek to change legislation in the bid to encourage the use of renewable and green products. This has been a major key to the use of bio-based foams in various industries including the automotive, construction, and packaging industries also Europe controls the largest market share.
- The Further growth in the region is supplemented with a developed manufacturing background and a focus on the implementation of the circular economy. Many leading firms in Europe are ramping up spending on research and development to manufacture and develop better quality bio-based foams that meet essential standards of the environment as well as performance to drive utilization across industries.
- However, Asia-Pacific is the prime growing region for the bio-based foam business around the world. This growth rate has been well supported by growth industrialization, urbanization, and enhanced awareness of environmental conservation in Asian countries such as China and India. Bio-based foams are also in rising demand in automotive, construction, and packaging with governments of various countries encouraging workers to reduce the emission of carbon and encouraging the use of sustainable solutions. Consequently, it appears that Asia-Pacific will go through drastic market growth in the years to come.
Key Players
The market is partially fragmented across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the bio-based foam market:
Here is the list of the Top Players (Based on Dominance)
- BASF SE
- Huntsman Corporation
- Cargill, Incorporated
- Stora Enso
- Braskem
- Woodbridge Foam Corporation
- Bewi Group
- INOAC Corporation
- Trocellen GmbH
- Sealed Air Corporation
- RAMPF Group
- Sinomax USA
- DomFoam
- Ecoglobal Manufacturing
- Nomaco
Note: The above list does not necessarily include all the top players of the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global bio-based foam market is segmented into the following categories.
Bio-Based Foam Market, by Raw Material Type
- Soy-Based (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Corn-Based (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Sugarcane-Based (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Bio-Based Foam Market, by Type
- Rigid (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Flexible (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Bio-Based Foam Market, by End Use Industry Type
- Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Packaging (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Furniture & Bedding (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Footwear, Sports & Recreational (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
Bio-Based Foam Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s bio-based foam market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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