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(I-AutoNewsWire.com, September 06, 2019 ) Market Dynamics • Automotive foams improve vehicle safety, enhance structural strength, and reduce NVH at this moment increasing the comfort of the passengers. • The dynamics of the automotive foams market is undergoing a significant phase of alteration due to upsurge growth in the automotive industry. • Increase in urbanization and disposable income are the key drivers who contribute to significant growth in global automotive foams market. • Among all the available foams, polyurethane foam is anticipated to occupy the largest share due to an attractive blend of properties. • Polyurethane foam has high chemical resistance, sound mechanical strength along with appreciable NVH properties.
Market Segmentation “Need For Reduced Overall Weight of the Vehicle” • Various environmental regulations enacted by the government and international agencies have always been a challenge for OEMs. • To tackle this, OEMs are actively involved in the usage of foam components in various parts of the vehicle. • This reduces overall weight and increases fuel efficiency thereby decreasing emissions. Volatility in Raw Material Prices • The cost of foams required for manufacturing automotive components is expensive which in turn is acting as a significant restraint and a challenge for the market. • Ongoing R&D activities for discovering innovative, cost-effective methods of manufacturing foams are anticipated to bring positive results in the near future. Geographical Analysis • By geography, global automotive foams market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. • The Asia Pacific is anticipated to lead the market, among which China and Japan contribute to a significant share of it. • The rise in demand for passenger vehicles in Asia Pacific region will boost the demand for automotive foams market. • Critical players in North America and Europe are looking forward to participating in M&A’s, tie-ups, and partnerships to boost their research and development activities and contribute to product development. This, in turn, will drive the growth of automotive foams market. Competitive trends • Key players in the automotive foams market are focusing on new product development and undergoing various business strategies for sustaining in the competitive market. • Most leading players are focussing on geographical expansion. • To achieve this, they are increasingly involved in acquisitions, tie-ups, and collaborations with various regional players. • Critical leading players operating in the global automotive foams market include The Woodbridge Group, BASF, Saint Gobain, The Dow Company and Rogers Foam Corporation among others.
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