FURNITURE FOAM MARKET ANALYSIS

Furniture Foam MarketSize and Trends

MARKET DYNAMICS

• 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.

MARKET OUTLOOK

• 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.