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Global technical foam market was valued at $31.3 billion in 2019, and is projected to reach $50.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
PORTLAND, OREGON, UNITED STATES, July 27, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Technical Foam Market by Product Form, Material, and End-use Industry: Opportunity Analysis and Industry Forecast, 2020-2027," The global technical foam market was valued at $31.3 billion in 2019, and is projected to reach $50.7 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
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Technical foam encompasses all the foam solutions developed for industrial and commercial applications and helps in achieving specific function such as thermal and noise insulation, laminating, packaging, and sealing. It is made from various polymers and elastomeric blends that mainly include polyurethane (PU), polyethylene (PE), polystyrene (PS), and expanded foam. One of the most common applications of technical foam in our daily life includes the reusable packaging inserts made from foam materials such as polyurethane and polyethylene.
The global technical foam market is driven by increase in demand for acoustic and thermal insulations in the automotive and construction sectors. Foam insulation can help to effectively seal gaps and close air leaks, maintain indoor air temperature, and reduce a building’s energy usage. In addition, significant usage of polymer foams in electronics appliances as a lightweight protective material positively impact the market growth.
By product form, the flexible foam segment held the highest market share in 2019. Flexible foam has found use in furniture, transportation, and packaging. In the automotive industry, flexible foam is used for achieving safety, durability, and comfort. Reduced weight and increased fuel efficiency provide increased mileage and speed as demanded by the consumers.
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By material, polyurethane emerged as the market leader, owing to wide application in automotive, electronics, and furniture. Polyurethane foam offers strength being lightweight at the same time. Moreover, it is moisture resistant and durable.
By end-use industry, the automotive & transportation segment accounted for highest market growth. Rise in demand for light-weight and fuel efficient vehicles have led to increase in applications of technical foams in the automotive & transportation industry
Asia-Pacific accounted for the highest market share in 2019 in the global technical foam market. Urban expansions in countries such as India and China, as well as presence of well-established automotive and electronics industries are some of the underlying factors responsible for the highest market share.
Some of the major players profiled in the report include Armacell, BASF SE, Covestro AG, Dow Inc., Furukawa Electric Co. Ltd., Huntsman Corporation, Kaneka Corporation, Recticel, Rogers Corporation, SABIC, Sealed Air Corporation, Sekisui Chemical Co. Ltd., Woodbridge Group, and Zotefoams Plc.
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Major players have adopted product launch, business expansion, and acquisition to sustain the intense market competition. For instance, in April 2018, Huntsman Corporation acquired Demilec, one of North America's leading manufacturers and distributors of spray polyurethane foam (SPF) insulation systems for $350 million. This helped Huntsman to expand its spray polyurethane foam market across the globe targeting new customer segments.
Key findings of the study
By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 6.6%, in terms of revenue, during the forecast period. By product form, Flexible foam segment held the largest market share in 2019. Flexible foam has an exhaustive application area that includes furniture, automotive interior, and packaging. By material, the polyurethane (PU) segment holds the largest market share in the global technical foam market, owing to the extensiveness of PU foam in various end-use industries such as automotive, electronics, and building & construction. By end-use industry, the automotive & transportation application segment accounted for highest market growth. Rising demand for light-weight and fuel efficient vehicles have led to increasing applications of technical foams in the automotive and transportation industry
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David Correa Allied Analytics LLP 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn
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