Technical Foam Market

Technical Foam Market Segmentation By Form (Flexible, Rigid, Spray), By Material (Elastomeric, PU, PE, Expanded Foam, and Others), By End-Use (Electricals & Electronics, Automotive & Transportation, Commercial Buildings, Office Equipment, Medical and Others) - Global Demand Analysis & Opportunity Outlook 2028

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Report ID: 2737 | Published On: Feb 01, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • June 08, 2020: BASF collaborated with NIO, a leading novel energy vehicle company to provide NIO’S new ES6 model with improved seat covers which are made of BASF’s Haptex® material, being the first polyurethane (PU) solution made devoid of the organic solvents. It benefits in reducing volatile organic compounds (VOC) and hence odors, by this means improved interior air quality in cars. Haptex also helps in enhancing the look and texture of seatings for NIO’s premium ES6 model.

  • June 02, 2020: DOW, having a leading portfolio of polyurethane additives and surfactants in the market, addresses the vital energy proficiency and sustainability tendencies in the cold chain appliances, by announcing their new generation low cyclics and low volatile silicone surfactants to support the advanced rigid polyurethane foam formulations.


Technical Foam Overview

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.


Market Size and Forecast

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


Growth Drivers

Large scale use of technical foam in the automotive sector

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.

Beneficial properties

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.


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Restraints

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.


Market Segmentation

Our in-depth analysis of the technical foam market includes the following segments:

By Form

  • Flexible
  • Rigid
  • Spray

By Material

  • Elastomeric
  • Polyurethane
  • Polyethylene
  • Expanded Foam
  • Others

By End-Use

  • Electricals & Electronics
  • Automotive & Transportation
  • Commercial Buildings
  • Office Equipment
  • Medical
  • Others

By Region

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  •  Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • the Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


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