LONDON--(BUSINESS WIRE)--According to the latest market study released by , the is expected to reach USD 6,929.1 million by 2021, growing at a CAGR of almost 6%.

This research report titled ‘’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

PE foams possess superior properties, which include durability, lightweight, resilience, flexibility, and closed-cell structure. The high demand for these foams from the end-user industries will primarily drive the market during the forecast period. Economic growth in developing countries, including India, China, Mexico, Brazil, and Russia, will result in the increase in construction activities fostering the market demand for PE foams during the forecast period.

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Technavio’s analysts categorize the global PE foam market into five major segments by end user. They are:

• Packaging industry
• Automotive industry
• Building and construction industry
• Footwear industry
• Others

The top three end-user segments for the global PE foam market are discussed below:

Global PE foam market in packaging industry

PE foams are extensively used in protective packaging. They have a soft feel; are flexible, durable, lightweight, and resilient; and have a closed-cell structure. They are primarily used for protective packaging of furniture, electronics, automotive parts, and other products.

According to Mahitha Mallishetty, a lead research analyst from Technavio, “The demand for recyclable packaging is increasing. This industry is leading in manufactured waste recovery and recycling. At present, approximately 90% of manufactured waste PE foam is recovered for the use of alternative packaging.”

Global PE foam market in automotive industry

In the automotive industry, PE foams are widely used in the insulation for engine compartments, acoustic insulations, and insulation for walls, ceilings, and floors. Other applications of PE foams in the automotive industry include carpet backings, crash pads, filters, head and armrests, headliners, instrument panels, seats, sound insulations, sun visors, trims, and vibration damping.

“The increase in the per capita income and the improvement in the living standards of people in developing countries such as India are driving the demand in the global automotive industry,” says Mahitha.

Global PE foam market in building and construction industry

The most important application for PE foams in the building and construction industry is in insulation. PE foams are affordable, durable, and reduce carbon emissions. They reduce heat loss from homes and buildings during winters. During summers, they keep the building cool; thus, saving money while maintaining uniform temperature and lowering noise levels.

The top vendors highlighted by Technavio’s research analysts in this report are:

• Armacell
• JSP
• Rogers Foam
• Sealed Air
• Zotefoams

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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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