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.
- 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”
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- Growing demand from automotive and aerospace industry.