The shape memory foam market is on the rise, projected to grow from $9.21 billion in 2023 to $10.54 billion in 2024 at a CAGR of 14.4%. Growth is driven by rising disposable incomes, wellness industry expansion, e-commerce growth, an aging population, and increased healthcare facilities.
The shape memory foam market is set to grow rapidly, reaching $18.17 billion by 2028 at a CAGR of 14.6%. Factors contributing to this growth include increased investment in robotics, demand for high-quality bedding and sleep products, a rising need for hypoallergenic foam options, and an emphasis on product durability. Trends include advancements in technology, customized mattress solutions, multi-functional furniture, sleep optimization tech, and pet beds.
Major Driver In The Shape Memory Foam Market
The increase in acute back pain is expected to propel the growth of the shape memory foam market. Acute back pain is a sudden discomfort typically lasting less than six weeks, caused by factors such as poor posture, inadequate physical activity, and aging. Shape memory foam provides personalized support and pressure relief, helping align the spine and reduce muscle strain. In June 2024, the Australian Institute of Health and Welfare estimated that 4.0 million people in Australia, or 16% of the population, were living with back problems in 2022. Back problems became the third leading cause of disease burden, contributing to 4.3% of the total disease burden in the country, with 1,112 deaths linked to back issues in 2022. Thus, the rising incidence of acute back pain is driving the shape memory foam market.
Request A Free Sample Of The Shape Memory Foam Market Report
Shape Memory Foam Market Competitive Landscape
Ashley Furniture Industries, Tempur Sealy International, Casper Sleep Inc., Saatva Inc., Nilkamal Limited, Bensons for Beds Limited, Tuft & Needle LLC, Leesa Sleep LLC, Kurlon Enterprises Limited, Nectar Sleep LLC, Sleepwell, Zinus Inc., The Puffy Mattress Company, Bear Mattress LLC, Brooklyn Bedding LLC, Avocado Green Mattress, Serta Simmons Bedding LLC, Coirfit Mattress Limited, DreamCloud, Helix Sleep Inc., Essential Aids Limited, WinkBeds LLC, HomeKomforts LLC
Key Shape Memory Foam Market Trend
Companies in the shape memory foam market are introducing products with triple-phase cooling technology to offer superior temperature regulation. These memory foams enhance comfort by managing heat in three phases throughout the night. For instance, in August 2022, Saatva, a US-based luxury sleep company, launched a memory foam hybrid mattress with a triple-phase LuxeCool system that efficiently disperses body heat. The mattress also includes lumbar zone technology for enhanced support and pressure relief, providing a cooling and comfortable sleep experience for various sleeping preferences.
Purchase The Global Shape Memory Foam Market Report Directly And Get A Swift Delivery
Global Shape Memory Foam Market Segmentation
The shape memory foam market covered in this report is segmented –
1) By Type: Polyurethane (PU) Memory Foam, Gel-Infused Memory Foam, Plant-Based Memory Foam, Other Types
2) By Application: Residential, Commercial
3) By End-Use: Bedding And Furniture, Automotive, Medical, Other End-Users
By Geography:The regions covered in the shape memory foam market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the shape memory foam market in 2023, and is expected to be the fastest-growing region in the forecast period.
The Shape Memory Foam Global Market Report 2024 furnishes information about the global shape memory foam market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
