The report “Industrial Foam Market by Foam Type (Flexible, Rigid), Resin Type (Polyurethane, Polystyrene, Polyolefins, Phenolic, Pet), End-Use Industry and Region (North America, APAC, Europe, MEA, South America) – Global Forecast to 2026”, size is estimated at USD 55.6 billion in 2021 and is projected to reach USD 72.2 billion by 2026, at a CAGR of 5.4% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted the market growth.
Some of the prominent key players are:
· Covestro AG (Germany)
· BASF SE (Germany)
· Dow Inc. (US)
· Huntsman Corporation (US)
· Sekisui Chemical Co., Ltd. (Japan)
· Saint-Gobain (France)
· Chemtura Corporation (Lanxess) (US)
· Recticel NV/SA (Belgium)
· Rogers Corporation (US)
· Trelleborg AB (Sweden)
· Eurofoam Group (Austria)
Opportunities: Growing demand for bio-based polyols
In view of the growing concerns over the dependence on fossil fuels and the impact of plastics on the environment, foam manufacturers are continuously striving for sustainability in business practices. The volatility in oil prices in recent years had a significant impact on the profitability of the foam industry. This led to the development of bio-based polyols that can be used to manufacture foam. Bio-derived materials such as soy-based polyols are far superior to conventional polyols in terms of sustainability and cost. They are also more thermally stable and less sensitive to hydrolysis. The key producers of soy-based polyols include Urethane Soy Systems, Bio-Based Technologies, The Dow Chemical Company, Cargill, Inc., and MCPU Polymer Engineering
Aerospace is one of the fastest-growing end-use industry in the industrial foam market.
The aerospace industry is estimated to account for the second-largest share of the industrial foam market in 2021 and is projected to be the fastest-growing type segment from 2021 to 2026. The growth is due to rising use of a high percentage of PMI, silicones, and metal foams in new-generation aircraft by aircraft manufacturers.
PET foam is anticipated to grow at the highest CAGR in global industrial foam market from 2021 to 2026. PET foam is projected to register the highest CAGR during the forecast period. This is due to a surge in demand for PET foam in Asia Pacific due to increasing demand from the wind energy industry.
Asia-Pacific is projected to register the fastest growth for the industrial foam market from 2021 to 2026.
Increasing demand for industrial foam from the rapidly growing industrial sector in the Asia Pacific region is one of the major factors responsible for the highest share and CAGR of this region. The industrial foam market in Asia-Pacific is driven by the easy availability of raw materials, increased foreign investments, and low labor costs. The end-use industries of industrial foams, such as building & construction, HVAC, and aerospace, are growing in emerging countries such as China, India, Indonesia, and Thailand, which play an important role in driving the market.
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