Furniture foam offers both functional as well as aesthetic benefits in the manufacturing of residential & commercial furniture products such as sofas, chairs, recliners etc. Foam properties such as density, firmness, compression module, flex fatigue, resilience decides the type of foam used for developing upholstery that provides proper comfort.
- Favorable growth of the tourism & hospitality industry globally is boosting demand for luxury furniture which is projected to drive growth of global furniture foam market throughout the forecast period. For instance, according to India Brand Equity Foundation's report, the hotel & tourism sector in India received Foreign Direct Investment of US$ 12.35 billion during the period of April 2000 to March 2019.
- Wood accounted for major share among raw material used in the manufacturing of furniture. Many forest-based industries are highly dependent on supply of wood from forest departments. Due to rising environmental concerns, forest departments have restricted supply of wood to these industries. Also, the complexity of wood harvesting in terms of process and production cost is a major challenge in front of furniture manufacturers.
- Among product type, polyurethane foam segment accounted for largest market share in the global furniture foam market in 2018. Properties such as resilience, strength, comfort & durability makes polyurethane foam a preferred choice for manufacturing furniture. Moreover, polyurethane foam is cost-efficient and lasts for a longer time compared to other foam materials.
- Among category, flexible foam segment held major share in the global market in 2018. Flexible foam is light & comfortable and can be designed in any variety of shape & firmness. Therefore, the segment is projected to maintain its dominance in the near future.
- Asia Pacific is expected to be the fastest growing region in the global furniture foam market during the forecast period. Increasing investments by leading furniture manufacturers in emerging economies such as India and China are projected to create growth opportunity for players operating in the Asia Pacific furniture foam market. For instance, in 2018, IKEA, the world’s largest furniture retailer, opened its first retail store in India and is planning to open more 24 stores across the country by the end of 2025.
KEY PLAYERS OPERATING IN THE GLOBAL FURNITURE FOAM MARKET
- Key players operating in the global furniture foam market include Foam Factory Inc., Future Foam Inc., FXI, Grand Rapids Foam Technologies, G&B Foam (High Wycombe) Ltd., SINOMAX, Lensyl Products Limited, Southern Foam, Flexipol Foams Pvt. Ltd., KTT Enterprises among others
- Leading players are investing in the global furniture foam market to meet rising demand from consumers. For instance, in January 2019, Future Foam Inc., a supplier of furniture & bedding, announced plans to invest US$ 8.5 million to expand its manufacturing plant at 1300 Prospect Street in Iowa, U.S.
On the basis of product type, the global furniture foam market is segmented into:
- Polyurethane Foam
- Latex Foam
On basis of category, the global furniture foam market is segmented into:
On basis of application, the global furniture foam market is segmented into:
- Residential Furniture
- Commercial Furniture
On the basis of region, the global furniture foam market is segmented into:
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- North America
- Rest of the Europe
- South America
- Rest of South America
- Middle East
- Rest of Middle East
- North Africa
- Central Africa
- South Africa