Diverse Applications of Furniture Foam Are Boosting the Growth of the Furniture Foam Market

 

Furniture Foam Market

Furniture foam has been around a while and has gained popularity for being both comfortable and durable. Furniture foam provides both aesthetic and functional benefits in the manufacture of residential and commercial furniture products such as recliners, chairs, sofas, etc. Foam properties such as resilience, flex fatigue, compression module, firmness, density determine the type of foam used to manufacture upholstery that provides proper comfort. Polyurethane foam is widely used furniture foam accounted for largest share in the furniture foam market in 2018. It is cost-efficient and lasts longer than other foam materials.

Asia Pacific is the fastest growing region in the furniture foam market due to factors such as increasing investments by leading furniture manufacturers in Asia countries, such as China and India. For instance, in August 2018, IKEA opened its first retail store in Hyderabad (India), followed by one in Mumbai in 2020. The company also planned to open more 24 stores across the country by the end of 2025. Moreover, increasing demand for furniture foam from various industries and rising footprint of leading furniture manufacturers dealing in furniture foam are some of the factors that may aid in the furniture foam market growth.

Several manufacturers are investing or collaborating to manufacture high-quality, durable furniture foams to reduce the use of raw materials. For instance, in Jan. 2020, Covestro AG and Recticel NV/SA collaborated to make mattresses more sustainable; to reduce the use of raw materials for the production of polyurethane foams. Moreover, in November 2020, a sleep solutions provider, Duroflex, planned to launch a state-of-art foam and mattress manufacturing plant in Indore (India) to increase its production capacity and expand business operations.

However, the major restraint to the growth of the furniture foam market are the stringent regulations related to the manufacturing of polyurethane foam. For instance, the United States Environmental Protection Agency (EPA) formulated some regulations for new and existing plant sites that are engaged in manufacturing of flexible polyurethane foams.

The demand for luxury furniture is increasing with the rapid growth of the hospitality and tourism industries worldwide, which may aid in the furniture foam market growth. Hospitality and tourism is a massive, collective industry consisting of tourism and other hospitality-related businesses. According to India Brand Equity Foundation (IBEF), India’s tourism sector is expected to grow 6.7% to reach US$ 488 billion by 2029, and accounting for 9.2% of the total economy. Tourism in India has significant potential considering variety in ecology, historical heritage, rich cultural, and terrains and places of natural beauty spread across the country.

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