According to a recent report titled “Bio-Based Foam Market by Raw Material (Corn, Sugarcane, Soy), Type, End-Use Industry (Building & Construction; Packaging; Automotive; Furniture & Bedding; and Footwear, Sports & Recreational), and Region – Global Forecast to 2027”, the bio-based foam market is projected to grow from USD 102 million in 2022 to USD 229 million by 2027, registering a CAGR of 23.1%.
The primary drivers for this growth include the increasing adoption of bio-based materials by multiple end-use sectors, including building & construction, automotive, packaging, furniture, and sports.
Key market players mentioned in the report include:
- BASF SE (Germany)
- Huntsman Corporation (US)
- Cargill, Incorporated (US)
- Stora Enso (Finland)
- Braskem (US)
- Woodbridge Foam Corporation (Canada)
Recent Developments:
- In February 2022, Huntsman Corporation partnered with KEEN, Inc. to develop a line of shoes using plant-based soles.
- In February 2022, Sealed Air Corporation acquired Foxpack Flexibles Limited.
- In September 2021, Cargill, Incorporated entered into an agreement with Arkema to advance bio-based plasticizers and polyols.
Market Dynamics:
- Driver: Sustainability goals of product manufacturers encouraging packaging companies to adopt eco-friendly solutions.
- Restraint: Inconsistency and performance degradation over time.
- Opportunity: FMCG companies innovating with products using bio-based foams.
- Challenge: Lack of standard testing procedures and a changing regulatory environment.
The market’s momentum reflects a strong commitment to green innovation and sustainable materials that support environmental goals while offering industrial performance.