North America Automotive Foams Market: Current Scenarios and Opportunities

The North America automotive foams market size was valued at USD 2.45 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028

The North America Automotive Foams Market size is anticipated to reach USD 3.26 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 3.7% over the forecast period. The market growth is credited to the rapid expansion of the automotive industry in the U.S., Canada, and Mexico. Vehicles are considered a status symbol in society, which has propelled vehicle sales due to transitioning lifestyles and the easy availability of low-end models of cars by prominent automotive OEMs. Also, rising sales of Electric Vehicles (EVs) due to environmental concerns arising from petrol and diesel vehicles are expected to drive the market.

The U.S. is the regional market that held the maximum revenue share. The automotive OEMs and their suppliers in the U.S. are constantly innovating their product range by providing maximum comfort for better driving and commuting experience. This has propelled them to include automotive foams due to their softness, low heat transfer properties, and flexibility. The automotive foams are produced from Polyurethane (PU), and polyolefins like Ethylene-vinyl Acetate (EVA), Polyethylene (PE), Polypropylene (PP), and ethylene propylene diene monomer.

They are used in various automotive components, such as seating, armrests, door panels, bumpers, headliners, gaskets, and automotive trims, reducing the vehicle’s overall weight. This helps in improving the fuel efficiency of the vehicle. Polyurethane and polypropylene are the most widely used materials in the manufacturing of automotive foams. Their superior properties, including durability, high-load bearing capacity, impact resistance, and chemical resistance make them suitable for a variety of applications mentioned above.

Related Press Release@ North America Automotive Foams Market Report

North America Automotive Foams Market Report Highlights

• The market was valued at USD 2.45 billion in 2020 and is estimated to grow at a CAGR of 3.7% from 2021 to 2028
• The seating application segment is expected to witness a significant CAGR of 3.6% over the forecast period
• This growth can be credited to the rising demand for comfort and effective cushioning in automotive seats
• The PU type segment accounted for a significant share of the overall revenue in 2020 and will expand further at a steady CAGR from 2021 to 2028
• This growth is credited to the rising demand for PU foams owing to their high compressibility, durability, water & chemical resistance, and low weight
• The U.S. accounted for the maximum share of the overall revenue in 2020. The market in the U.S. is also expected to witness the fastest CAGR during the forecast period