Automotive & transportation is projected to be the largest end use of the technical foam market

June 24 19:52 2020
Automotive & transportation is projected to be the largest end use of the technical foam market

Browse 122 market data tables and 53 figures spread through 164 pages and in-depth TOC on “Technical Foam Market”
Technical Foam Market by Form (Flexible, Rigid, Spray), Material (Elastomeric, PU, PE, Expanded Foam), End Use (Electricals & Electronics, Automotive & Transportation, Commercial Buildings, Office Equipment, Medical), and Region

The global technical foam market size is estimated at 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. The increase in demand for technical foam from the automotive & transportation sector and the rising demand for acoustic solutions to tackle noise pollution are the major factors responsible for the market growth of technical foam. The increase in industrialization has also helped trigger the growth of the technical foam market.

Technical foam is preferred due to its low weight and durability for high-temperature insulation solutions. These foams also offer resistance to heat & fire, and noise dampening for boats & ships. Technical foam provides comfort, acoustic, and fire insulation. Thus, increasing demand for better vehicle operational and environmental efficiency, temperature control, superior dielectric insulation qualities, and thermal conductivity of various materials make technical foam suited for a broad range of specialist automotive applications. These are the prime factors responsible for the growth of the automotive & transportation end use of technical foam.

To know about the assumptions considered for the study download the pdf brochure

Asia Pacific is estimated to account for the largest share of the global technical foam market in 2020. The market here is anticipated to grow at the highest CAGR between 2020 and 2025. The Asia Pacific region is an emerging and lucrative market for technical foam, owing to the demographic changes, increasing industrial development, and improving economic conditions. This region constitutes approximately 60% of the world’s population, resulting in the wide-scale adoption of technical foam in electricals & electronics, automotive & transportation, commercial buildings, and medical end uses.

Asia Pacific is estimated to account for the largest share of the global technical foam market in 2020. The market here is anticipated to grow at the highest CAGR between 2020 and 2025. The Asia Pacific region is an emerging and lucrative market for technical foam, owing to the demographic changes, increasing industrial development, and improving economic conditions. This region constitutes approximately 60% of the world’s population, resulting in the wide-scale adoption of technical foam in electricals & electronics, automotive & transportation, commercial buildings, and medical end uses.

Major companies such as 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) are key players in the global technical foam market. These players have been focusing on developmental strategies, such as new product development/launches, expansions, acquisitions, agreements, joint ventures, collaborations, and partnerships, which have helped them expand their businesses in untapped and potential markets.

SEKISUI CHEMICAL CO., LTD. operates and distributes products in North America, Europe, Central/South America, China, Japan, and Asia & Oceania. SEKISUI CHEMICAL CO., LTD. is expanding its business through inorganic growth strategies such as expansion to meet the growing demand for technical-grade foam.

In 2017, the company established a polyolefin foam plant in Thailand through the THAI SEKISUI FOAM CO., LTD. division of the company. It expanded its foam production line to meet the increasing demand for foam from the construction, technical, automotive, and other sectors. With this increase in production, the company was able to produce 5-million-meters square of polyolefin foam per year.

Huntsman Corporation is a global leader in MDI-based polyurethanes, serving over 3,000 customers in more than 90 countries. The company has world-scale production facilities in the US, the Netherlands, and China, and 30 highly capable downstream formulation facilities, worldwide. Innovation is the core value of the company, and continuous efforts are being made to develop technologically upgraded products. The company is also involved in the manufacturing of flexible and rigid foam for furniture and medical applications. Huntsman adopts organic and inorganic strategies to sustain itself in the market. For instance, in February 2020, the company acquired Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC, for USD 350 million. The acquisition of Icynene-Lapolla is aligned with Huntsman’s strategy of growing its downstream polyurethanes business. 

Rquest for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=55658044

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/technical-foam-market-55658044.html

view more articles

About Article Author