North America Automotive Foams Market Size To Exceed USD 3.26 Billion By 2028Posted by rahul nikade on September 13th, 2022 North America Automotive Foams Industry Overview 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 automotive industry in North America has witnessed rapid growth in recent years owing to the growing population coupled with rising disposable incomes and increasing purchasing power parity. The obligatory norms laid down by the regulatory authorities to control emissions and the diminishing oil & gas reserves have propelled automotive manufacturers in North America to concentrate on manufacturing lightweight and energy-efficient automobiles. According to the American Chemistry Council, presently, plastics make up 50% of a vehicle’s structure. This is due to the fact that the majority of the interior components in automobiles utilize plastic foams like Polyurethane (PU), Polypropylene (PP), Polyethylene (PE), Ethyl Vinyl Acetate (EVA), ethylene, and propylene diene monomer. Gather more insights about the market drivers, restrains and growth of the North America Automotive Foams Market Excellent mechanical strength, high wear & weathering resistance of PU and Polyolefin (PO) foams, along with their weight reduction ability, have made them one of the most important materials used in automobile production. The U.S. accounted for a significant revenue share of the North America automotive foams market in 2020. Ongoing technological innovations in the processes used for manufacturing automobile components have led to an increased usage of automotive foams in various applications in the automotive industry. Conventional foams used for manufacturing seat paddings of vehicles are being replaced by high-performance automotive foams, such as PU, PO, EVA, PE, PP, and Ethylene Propylene Diene Monomer (EPDM). North American automakers have witnessed a shifting of their vehicle production towards electrification due to stringent emission norms introduced by the governments of the U.S., Canada, and Mexico. The introduction of incentives and mandates by the governments also emerged as the key driving factor for the high demand for Electric Vehicles (EVs). Moreover, the demand for commercial vehicles witnessed a rise from the e-commerce and logistics industries, which surged further due to COVID-19 and is one of the major factors that has been driving the market growth in the region. The automotive foams not only provide comfort to passengers but also enable a reduction in the overall weight of the vehicles. The rising demand for consumer vehicles positively impacted the growth of automotive foams in North America. Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
North America Automotive Foams Market Segmentation Grand View Research has segmented the North America automotive foam market on the basis of type, application, end use, and country: North America Automotive Foams Type Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
North America Automotive Foams Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
North America Automotive Foams End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
North America Automotive Foams Country Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Market Share Insights
Key Companies profiled: Some prominent players in the North America automotive foams market include
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