Global Biofoam Market size was valued at USD 126 Million in 2023 and is expected to reach USD 261 Million by 2032, at a CAGR of 22.1% during the forecast period 2023 – 2032.
Biofoam Market – Overview
Biofoams are lightweight, durable, have high shock absorption, and enhanced insulation, and are non-hazardous, applicable for clean packaging. A gradual shift from synthetic to biodegradable materials is being observed globally, resulting in the widespread adoption of bio foam packaging in end-use industries including food and beverages, healthcare, and automotive.
Bio foams are organic materials made of biopolymers that are abstracted from vegetable materials, sugarcane, and fats. They possess similar structures and properties as that of expanded polystyrene and are suitable for fitness and leisure, comfort, acoustic insulation, shock-pad, and thermal insulation, among other applications.
Recent trends in the biofoam market include a focus on circular economy principles, emphasizing recyclability and composability. There’s a growing interest in utilizing agricultural and food waste as feedstocks for biofoam production, aligning with sustainability goals.
Advances in biotechnology and genetic engineering are driving the development of bio-based polymers with enhanced properties.
Moreover, increasing collaboration between industry players, research institutions, and startups is fostering innovation and accelerating the commercialization of biofoam products. The integration of biofoam in niche applications, such as packaging and medical devices, is expanding, driven by heightened consumer awareness and stringent environmental regulations.
These trends collectively contribute to the growth and diversification of the flexible biofoam market, meeting the evolving demands of both industries and environmentally conscious consumers.
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By raw material, the vegetable oil & fat segment held the highest market share in 2022. The biofoam market is influenced by trends in vegetable oils and fats, primarily as feedstocks for bio-based polymers. A notable trend is the increasing use of non-food-grade, waste, or byproduct oils, such as used cooking oil and algae oil, reducing reliance on edible resources.
Researchers and companies are optimizing extraction processes and formulations to enhance the performance and sustainability of biofoam derived from vegetable oils. Additionally, the trend towards developing bio-based polyols from vegetable oils is gaining traction, providing a renewable alternative to petrochemical-based polyols.
As sustainability becomes a focal point, the biofoam market benefits from the push towards creating eco-friendly materials that utilize vegetable oils and fats, contributing to reduced environmental impact and fostering a circular economy within the industry.
By end-use industry, building & construction segment dominated the biofoam market. The biofoam market is influenced by key trends in the building and construction sector. A prominent trend is the increasing emphasis on sustainable and energy-efficient construction practices.
Biofoam, known for their thermal insulation properties, are gaining popularity as eco-friendly alternatives to traditional insulation materials. Growing awareness of environmental impact has led to a surge in demand for biofoam insulation in residential and commercial buildings. Additionally, advancements in biofoam formulations, allowing customization for specific construction needs, are contributing to market growth.
CMI has comprehensively analyzed biofoam market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this biofoam industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Biofoam Market:
- BASF SE
- Huntsman Corporation
- Cargill Incorporated
- Stora Enso
- Braskem
- Woodbridge Foam Corporation
- Bewi Group
- INOAC Corporation
- Trocellen GmBh
- Sealed Air Corporation
- RAMPF Group
- Sinomax USA
- Corbion
- BioFoam Technologies
- Mitsui Chemicals
- Covestro
- Kaneka
- DomFoam
- Ecoglobal Manufacturing
- Nomaco
- Others
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