How Is The Global Shape Memory Foam Market Defined?
Shape memory foam, also known as viscoelastic or memory foam, is a material that is sensitive to temperature and pressure. It can contour to the shape of the body or object applying pressure to it and then return to its original shape when the pressure is removed. This foam is typically made from polyurethane, combined with other chemicals to increase its viscosity and elasticity.
Shape Memory Foam Global Market Report 2024 provides data on the global shape memory foam market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shape memory foam market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Shape Memory Foam Market Size And Annual Growth Rates?
The shape memory foam market is forecasted 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, the wellness industry’s expansion, increased healthcare facilities, and a growing aging population. By 2028, the market is expected to reach $18.17 billion at a CAGR of 14.6%, fueled by investments in robotics, demand for high-quality bedding, hypoallergenic foam options, and durability. Key trends include technological advancements, customized mattresses, multi-functional furniture, sleep optimization technologies, and pet beds.
Which Key Drivers Are Propelling The Shape Memory Foam Market's Growth?
The increase in acute back pain is projected to drive the demand for shape memory foam products. Acute back pain, caused by factors such as poor posture, sedentary lifestyles, and aging populations, affects many individuals and contributes to musculoskeletal issues. Shape memory foam provides personalized support by contouring to the body, reducing muscle strain and aligning the spine. According to the Australian Institute of Health and Welfare, an estimated 4 million Australians, or 16% of the population, suffered from back problems in 2022, making it the third leading cause of disease burden. These figures highlight the growing relevance of shape memory foam in addressing acute back pain.
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What Are The Key Segments Within The Global Shape Memory Foam Market?
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
How Are New Trends Impacting The Size Of The Template Shape Memory Foam Market?
In the shape memory foam industry, companies are advancing technology by integrating triple-phase cooling systems into memory foams, ensuring superior temperature regulation for enhanced comfort. This innovation efficiently manages heat across three stages, optimizing nighttime comfort. For instance, in August 2022, Saatva, a U.S.-based luxury sleep company, introduced its memory foam hybrid mattress. This product combines CertiPUR-US-certified foam with the LuxeCool system for advanced cooling, paired with lumbar zone technology, body-hugging AirCradle foam, and 8-inch pocketed coils, offering motion isolation, pressure relief, and balanced medium firmness suitable for various sleepers.
Which Region Drives The Highest Growth In The Shape Memory Foam Market?
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 regions covered in the shape memory foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
