The bio-based foam market 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. Growth in various manufacturing sectors, increasing concern on use of petroleum products and changes in regulations to drive the bio-based foam market in various region.
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Bio-based foam finds applications in various end-use industries including automotive, packaging, building & construction, among others. Many leading companies are using bio-based foam material in their product manufacturing. Bio-based foams are manufactured from soy-based, corn-based, sugarcane-based, and other natural raw material sources. It possesses similar technical features as conventional petroleum-based foam.
In raw material type segment, the sugarcane-based bio-based foam market is projected to be the fastest-growing segment during 2022 to 2027. Sugarcane is easily available in various leading country. The sugarcane-based foam can replace the conventional petroleum-based EVA foam in various applications.
In type segment, flexible bio-based foam market is projected to be the fastest-growing segment during 2022 to 2027. The demand of flexible bio-based foam has seen significant growth in various end-use industry such as mattresses and furniture. Many leading packaging industries are shifting to flexible bio-based foam material.
In end-use industry segment, automotive bio-based foam market, is projected to be the fastest-growing segment during 2022 to 2027. Many leading automotive manufacturing companies are shifting to bio-based foam, it helps to reduce the fatigue and stress associated with driving.
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Europe is projected to be the fastest-growing market for bio-based foam market during the forecast period. Growing various manufacturing industries in the region, majorly automotive, building & construction and packaging, is expected to boost Europe’s bio-based foam market.
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