Functional Polymer Sponge Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 - 2025

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Overview

Functional Polymer Sponge Market size is forecast to reach $5.5 billion by 2025, after growing at a CAGR of 3.6% during 2020-2025. The growth of the global functional polymer sponge market is driven by rise in demand for lightweight material in aerospace and automotive industries. These foams help automobile manufacturers address issues pertaining to the weight, vibration, fuel efficiency, and durability of automobiles. Growing industrialization, production of automotive and packaging industries in emerging economies such as India and China are expected to boost demand for functional polymer sponge over the forecast period. Rising foreign direct investment is also expected to contribute to investments in these sectors. However, the high cost associated with functional polymer sponge hampers market growth.   
 
Key Takeaways
  • Asia-Pacific dominates the functional polymer sponge market, owing to the increasing demand of polymer sponge from the automotive industries. In automotive industry functional polymer sponges are used in seating, automotive trim, filters, acoustic application and packaging. According to OICA, the production of light commercial vehicles has increased by 10.2 % in 2018 in the APAC region.
  • Packaging is necessary for all kinds of materials for safety and insulation. The demand for packaging is increasing in the food industry. With the growing awareness about the safety, quality, and maintenance of a product’s physical properties, the use of polymer sponges in packaging industry is increasing.
  • However, operations in various industries such as automotive, and aerospace is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is limiting functional polymer sponge market growth.
Application - Segment Analysis

Automotive held the largest share in the functional polymer sponge market in 2019 and is growing at a CAGR 4.2%, owning to increasing use of polymer sponges in various automotive components, such as seats, dashboards, suspension bushings, crash pads,  trim, sun visors, instrument panels, filters, and headliners, vibration dampening, and energy management. Rapid economic growth and increasing expenditure on luxury vehicles in emerging economies, such as China, India, South Korea, and Indonesia, are expected to boost the demand for functional polymer sponge in the automotive industry during the forecast period. 

Geography - Segment Analysis

Asia Pacific region held the largest share in the global functional polymer sponge market in 2019 up to 30%, owing to growth in automotive and aircraft production in the region. According to the International Air Transport Association (IATA), Asia is the fastest growing aerospace industry in the world. The passenger traffic is increasing on account of the rise in disposable income. The growth in passenger traffic is driving the construction of aircraft thereby driving the demand for functional polymer sponge over the forecast period. In 2016, according to Boeing, China is estimated to require around 6,810 new commercial aircraft, valued at USD 1 trillion, over the next two decades. In 2019, according to International Trade Administration (ITA), China is the world’s second largest civil aerospace and aviation services markets and one of the world’s fastest growing. By the end of 2018, China had more than 59 airlines (passenger & cargo) and 3,615 civil aircraft (an increase of 10% over 2017). According to China’s 13th Five Year Plan (2016-2020), by 2020, China will have more than 4,500 civil aircraft, and by 2018, the number of Chinese civil airports had grown to 235. According to International Trade Administration (ITA), in 2018 the Indian government spent a total of $645 in the civil aviation sector. In addition, according to Boeing, India’s rapid aviation growth is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years. Furthermore, according to OICA, automotive production in countries such as India, Indonesia, and Malaysia has increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Therefore, the growth in automotive and aircraft production in the region is driving functional synthetic polymers, as well as biodegradable polymers sponge market growth. 

Drivers – Functional Polymer Sponge Market
  • Growing demand from automotive and aerospace industry.
The impetus on reducing aircraft weight coupled with rapid technological advancements is contribute to the increasing demand for these sponge from the aerospace industry. The fuselage, bulkheads, and wings of the aircraft are made with light-weight composites, which use polymer sponges as components. According to Boeing, over 4,000 new airliners are needed in the South East Asia region in the upcoming decades, owning to rise in passenger traffic, which is expected to grow at 6.2% annually. As a result, aircraft Original Equipment Manufacturers (OEMs), such as Honeywell International Inc., Rockwell Collins, Embraer S.A. and others are establishing their manufacturing site in South East Asian countries, such as Singapore to meet the growing demand for airliner. According to the General Aviation Manufacturers Association, there are more than 440,000 general aviation aircraft across the globe as of 2018. According to the Stockholm International Peace Research Institute (SIPRI), military expenditure in America is expected to increase from $683 billion in 2016 to $799 billion by 2022, while the military expenditure in Asia Pacific is expected to increase approximately from $456 billion in 2016 to $609 billion by 2022. Therefore, this will have a positive impact on the functional polymer sponges market. Furthermore, according to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market.  An increase of 0.9% from 2016. According to Chinese government the automobile output in the country is expected to reach 35 million by 2025. Therefore, the growth in automotive and aerospace industry is driving functional polymer sponge market growth. 

Challenges – Functional Polymer Sponge Market 
  • Fluctuating raw material prices.
Price and availability of raw materials are major factors that affect the price of the end products. The major challenge for the global functional polymer market is the oscillating price trends of raw materials, which are fluctuating due to volatile energy prices. According to BP statistics, in 2018, average oil price increased to $71/ bbl from $54/bbl in 2017. Therefore, the fluctuation in energy prices are affecting functional polymer sponge price which acts as a challenge.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Functional Polymer Sponge Market. In 2019, the market of Functional Polymer Sponge Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Functional Polymer Sponge market are Argus Ltd., Desmi A/S, Elastec, Elektronik Lab, Eriez, Faroe Maritime, Friess Gmbh, Parker, Qualitech Inc., Skimoil Inc., among others.  
1. Functional Polymer Sponge Market - Overview
        1.1 Definitions and Scope
2. Functional Polymer Sponge Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Functional Polymer Sponge Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Functional Polymer Sponge Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Functional Polymer Sponge Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Functional Polymer Sponge Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Functional Polymer Sponge Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Functional Polymer Sponge Market - By Type(Market Size -$Million / $Billion)
        8.1 Amide
        8.2 Ether
        8.3 Ester
9. Functional Polymer Sponge Market - By Product Type(Market Size -$Million / $Billion)
10. Functional Polymer Sponge - By Application(Market Size -$Million / $Billion)
        10.1 Segment type Size and Market Share Analysis
        10.2 Application Revenue and Trends by type of Application
        10.3 Application Segment Analysis by Type
            10.3.1 Food Packaging
            10.3.2 Automobile
            10.3.3 Aerospace
11. Functional Polymer Sponge- By Geography (Market Size -$Million / $Billion)
        11.1 Functional Polymer Sponge Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
                  11.2.5.1 U.S
                  11.2.5.2 Canada
                  11.2.5.3 Mexico
                  11.2.5.4 Rest of North America
        11.3 Functional Polymer Sponge- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
                  11.4.5.1 Brazil
                  11.4.5.2 Venezuela
                  11.4.5.3 Argentina
                  11.4.5.4 Ecuador
                  11.4.5.5 Peru
                  11.4.5.6 Colombia
                  11.4.5.7 Costa Rica
                  11.4.5.8 Rest of South America
        11.5 Functional Polymer Sponge- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
                  11.6.5.1 U.K
                  11.6.5.2 Germany
                  11.6.5.3 Italy
                  11.6.5.4 France
                  11.6.5.5 Netherlands
                  11.6.5.6 Belgium
                  11.6.5.7 Denmark
                  11.6.5.8 Spain
                  11.6.5.9 Rest of Europe
        11.7 Functional Polymer Sponge - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
                  11.8.5.1 China
                  11.8.5.2 Australia
                  11.8.5.3 Japan
                  11.8.5.4 South Korea
                  11.8.5.5 India
                  11.8.5.6 Taiwan
                  11.8.5.7 Malaysia
                  11.8.5.8 Hong kong
                  11.8.5.9 Rest of APAC
        11.9 Functional Polymer Sponge - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
                  11.10.5.1 Israel
                  11.10.5.2 Saudi Arabia
                  11.10.5.3 UAE
            11.10.6 Africa Segment Analysis
                  11.10.6.1 South Africa
                  11.10.6.2 Rest of Middle East & Africa
12. Functional Polymer Sponge Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Functional Polymer Sponge Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Functional Polymer Sponge Market - Key Company List by Country Premium
15. Functional Polymer Sponge Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Argus Ltd
        15.3 Desmi A/S
        15.4 Elastec
        15.5 Elektronik Lab
        15.6 Eriez
        15.7 Faroe Maritime
        15.8 Fries Gmbh
        15.9 Parker
        15.10 Qualitech Inc
        15.11 Skimoil Inc
        15.12 Company 11
        15.13 Company 12 & More
*Financials would be provided on a best efforts basis for private companies
16. Functional Polymer Sponge Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Functional Polymer Sponge Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends

List of Tables

1 US Functional Polymer Sponge Market Size 2018
2 Canada Functional Polymer Sponge Market Share 2018
3 Brazil Functional Polymer Sponge Market Outlook 2019 - 2023
4 Mexico Functional Polymer Sponge Market Research 2018
5 Germany Functional Polymer Sponge Market Trends 2019 - 2023 
6 France Functional Polymer Sponge Market Growth 2019 - 2023 
7 UK Functional Polymer Sponge Market Demand 2019 - 2023 
8 Italy Functional Polymer Sponge Market Segmentation 2018
9 Russia Functional Polymer Sponge Market Analysis 2019 - 2023
10 China Functional Polymer Sponge Market Revenue 2019 - 2023
11 Japan Functional Polymer Sponge Market Volume 2019 - 2023
12 South Korea Functional Polymer Sponge Market Potential 2019 - 2023
13 India Functional Polymer Sponge Market Leaders 2018
14 Saudi Arabia Functional Polymer Sponge Market Forecast 2019 - 2023 
15 Kuwait Functional Polymer Sponge Market Value 2018

List of Figures

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