Thursday, June 20, 2024

future of technical foam market

The global technical foam market size is estimated to be USD 9.1 billion in 2020 and is projected to reach USD 15.7 billion by 2025, at a CAGR of 11.6% from 2020 to 2025. Technical foams find wide application in the automotive & transportation sector, which includes automotive, aviation, marine, and other transportation. They also witness demand as acoustic solutions to tackle noise pollution. These factors drive the growth of the technical foam market.

The automotive & transportation segment is expected to hold the largest share of the technical foam market during the forecast period.
The automotive & transportation segment accounted for the largest share of the technical foam market in 2019.The insulation benefits that technical foam provides in automotive & transportation include heat shields, battery insulation, fire protection, and insulation for data recorders.

Fireproofing of the bodywork and interiors is a key part of vehicle safety. High-temperature insulation improves vehicle safety, supports advanced technological vehicle components, and extends the useful lifespan of vehicles on the road, air, and water.

Spray foam is expected to witness the highest growth in the technical foam market during the forecast period.
The spray foam segment is expected to witness the highest growth during the forecast period. This growth can be attributed to its ease of manufacturing and convenience of application.

Spray foams are widely used in insulation and acoustic applications in the building & construction industry since they act as air barriers, which means they expand quickly and fill up cracks and crevices. They also reduce air leakage through building envelopes, which, in turn, helps in lowering the cooling and heating costs of buildings.

Polyurethane segment is expected to lead the technical foam market during the forecast period.
Based on material, the polyurethane segment is estimated to account for the largest share of the technical foam market in 2020.The growth of this segment can be attributed to the increase in demand from the automotive & transportation, commercial buildings, electricals & electronics, office equipment, and medical end uses.

The demand in these end uses is due to the low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and insulating properties of PU foam.

Asia Pacific is projected to grow at the highest CAGR of the technical foam market during the forecast period.
The Asia Pacific technical foam market has been studied for China, Japan, India, South Korea, and the Rest of Asia Pacific. This region is a lucrative market for technical foam, owing to demographic changes, improving economic conditions of emerging economies, and increasing industrialization.

Major market players such as SEKISUI CHEMICAL CO., LTD. and INOAC Corporation have a presence in Asia Pacific in terms of manufacturing facilities, distribution systems, and sales offices, which generates an adequate supply of technical foam in this region. The players mentioned above are acquiring small-scale companies and technical foam fabricators in the region, which drives market growth. Moreover, technical foam manufacturers in North America and Europe are expanding their business in the Asia Pacific region, and there is a significant knowledge transfer taking place between developed and emerging countries through active engagements in different forums.

Breakdown of primary interviews for the report on the technical foam market
• By Company Type – Tier 1 – 16%, Tier 2 –36%, and Tier 3 – 48%
• By Designation – C-Level – 16%, D-Level Executives – 24%, and Others – 60%
• By Region – North America – 24%, Europe – 36%, Asia Pacific – 20%, Middle East & Africa – 12% South America – 8%

Some of the leading manufacturers of technical foam profiled in this report include BASF SE (Germany), Dow Inc. (US), SEKISUI CHEMICAL CO., LTD (Japan), Huntsman Corporation (US), Armacell International S.A. (Germany), LANXESS AG (Germany), Trelleborg AB (Sweden), Recticel NV/SA (Belgium), INOAC Corporation (Japan), UFP Technologies, Inc. (US), Wanhua Chemical Group Co., Ltd. (China), and The Woodbridge Group (US).

Research Coverage
This report covers the technical foam market by foam, material, end use, and region. It aims at estimating the size and future growth potential of the market across various segments.

The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.

Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, such as industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments, high-growth regions, and drivers, restraints, opportunities, and challenges in the technical foam market.

The report provides insights on the following:
• Market Penetration: Comprehensive information on various raw materials and products of technical foam offered by top players operating in the market
• Product Development/Innovation: Detailed insights into upcoming developments in technical foam, R&D activities, and new applications in the market
• Market Development: Comprehensive information about lucrative and emerging markets across different regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the technical foam market
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the technical foam market