Technical foams are exceptionally lightweight and versatile, highly robust, mildew resistant, and dermatologically friendly. These properties make foams harmless and recommendable for several consumer applications. The application of technical foam is increasing in diverse end-use industry domains such as automotive & transportation, commercial buildings, electricals & electronics, medical, and various others.
The technical foam market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by product type, end-use industry, and region. Among end-users, the automotive & transportation segment is anticipated to be the largest end-user in the technical foam market during the forecast period. This dominant position is attributed to its low weight and durability for high-temperature insulation results. These foams also provide resistance to heat & fire, comfort, acoustic, fire insulation, and noise reduction for boats & ships. Henceforth, growing demand for improved vehicle’s operational & environmental efficiency, temperature control, greater dielectric insulation qualities, and thermal conductivity of several materials make technical foam suited for an extensive range of high-quality automotive applications.CLICK TO DOWNLOAD SAMPLE REPORT
Polyurethane (PU) foams encompass properties such as durability, lightweight, versatility, resistance to corrosion & vibration, recyclability, and offer a high level of freedom in an orderly design. PU is progressively used in numerous passenger car seat cushions, gasket seals, armrests, headrests, cushioned instrument panels, airbags, and other constituents to create lightweight, fuel-efficient, and durable assemblies. Owing to the above features and their wide application scope, technical foams are anticipated to witness significant demand in the automotive industry.
Expanded foam is one of the lightest resources and as a result of its high strength to weight ratio, it is used in packaging applications as it outcomes in low fuel consumption and transport budget savings. It can furthermore be used in rail applications, such as the manufacture of train station platform extensions and rail embankment.
The environmental assistance of polymer foam contains high recyclability, clean incineration for pollutant purification, abridged wastage, and superior sustainability.
Additionally, various technological advancements such as the introduction of bio-based polyols and non-hazardous isocyanates, are also expected to promote technical foam demand in numerous applications. Existing and new market entrants are hence compelled to transform or improve their existing production processes to gain greater margins in this extremely competitive industry.
Some government and federal organizations are gradually raising concerns concerning the detrimental health effects of isocyanates used in polyurethane production which is however anticipated to pose a challenge for the growth of the market during the forecast period.
The current outbreak of COVID 19 has forced many industries to shut down their factories halting the production process coupled with the halt in global supply chain management that could impact negatively on the overall market growth of technical foams.
Our in-depth analysis of the technical foam market includes the following segments:
Geographically, the technical foam market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The Asia Pacific is projected to account for the largest share of the global technical foam market followed by Europe and North America.
North America, driven by the U.S. and Canada is foreseen to witness significant growth opportunities. The U.S. market is driven by increasing demand for polyurethane and polystyrene foams in building and construction as well as marine industry and PVC foam in wind energy applications.
The technical foam market in Europe is led by the UK, Germany, and France which is predicted to observe stable growth. Growing household expenditure on the automobile sector and rising medical expenses may propel the regional growth.
Asia Pacific is expected to hold the largest regional market for technical foam. Emerging markets across the Asia Pacific are gearing up their technical foam producing facilities to meet the ever-growing demand from the burgeoning populace. Nations with high GDP growth rates, such as China and India, are projected to eyewitness rapid expansion in the automotive, construction, pharmaceuticals, and manufacturing segments. These factors are expected to foster demand for technical foam in several associated applications. Further, the rising elderly inhabitants, growing health care spending, rising direct foreign investments, contributing to investments in these sectors, and growing economic standards in evolving economies of China, Japan, and India may drive regional growth in the forecast period.
The technical foam market is further classified based on region as follows:
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