Polymer foams are typically light, have a high strength-to-weight ratio, are adept at absorbing energy, and provide comfort due to their flexibility and softness. The market for these materials has been increasing as a result of these features, particularly for use in the construction of furniture like as sofas, office chairs, and bean bags. On the other hand, they have good acoustic and insulation properties, as well as acceptable fire resistance, making them ideal for use in the production of insulation panels and flooring products.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS), the global mattress market was valued at $31,181.5 million in 2017 and is predicted to register a CAGR of 3.8%, during 2018–2023. Rise in purchasing power parity and growing global population are the major drivers for the mattress market.
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Memory Foam Mattress Held Largest Share in 2021:
On the basis of product, the memory foam category held the greatest share in the mattress market in 2020, owing to its widespread use for orthopaedic issues. This is due to the fact that persons with orthopaedic disorders, such as joint pains, choose memory foam mattresses over other types of mattresses since they provide more comfort. Furthermore, because of their simple availability and lower prices, these varieties are utilised in the commercial sector.
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Latest Trend of Mattress:
The working class and students' increased stress and exhaustion has produced a need for solutions that can help them relax. Memory foam is a type of polymer foam that holds its shape when stressed, dispersing the stress evenly and allowing the muscles to relax. This foam is primarily used in the production of footwear soles. These foam-based soles not only assist clients relieve pain, but they also aid to restore natural pronation.
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On the other side, the growing worldwide senior population has fueled demand for memory foam-based bedding products including mattresses and cushions, particularly in Japan and Germany. These foams are used in mattresses to give support for the full body and to assist relieve pain. Furthermore, foam-based pillows have been shown to aid in the maintenance of the consumer's sleep cycle, as well as the reduction of stress, giving them a big boost in the global market. This upward trend in the usage of memory foam-based goods is likely to give the industry a significant boost.
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APAC Arcade:
Due to increased demand from various applications such as packaging and building activities, Asia Pacific is expected to be the largest region in the market over the forecast period. The market in Asia Pacific is primarily driven by factors such as increased building and construction activity, which can be attributed to the region's growing population and disposable income. Asia Pacific will continue to dominate worldwide polymer market share, with India becoming as the leading producer and consumer of these foams. The market is also predicted to develop the fastest in this region. Due to their expanding populations and construction activity, China, Japan, and India are the primary countries contributing to the region's market growth.
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Market Size:
The polymer foam market is expected to develop at a CAGR of 4.8 percent from USD 90.7 billion in 2020 to USD 114.8 billion in 2025. In terms of revenue, the Polyurethane Foam Mattress market will grow at a 4.3 percent CAGR over the next five years, reaching US$ 3380 million by 2024, up from US$ 2730 million in 2019.
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Because of the rising end-use industries, the worldwide polymer foam market is booming. BASF SE, Covestro AG, The Dow Chemical Company, Huntsman Corporation, INOAC Corporation, Sekisui Chemical Co. Ltd., Recticel NV, The Woodbridge Group, and Rogers Corporation are among the market's major competitors.
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Conclusion:
NPCS is a well-known technical consultancy providing focused services and we have been following stringent system and procedure to ensure only top quality strictly in conformity with delivering the needs of our clients in this rapidly growing & changing market. For the further requirement of business investment in projects like these, kindly contact Niir Project Consultancy Services (NPCS).
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