According to the latest report by IMARC Group, titled “Technical Foam Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global technical foam market size reached US$ 31.1 Billion in 2022. Technical foam is a lightweight, robust, mildew resistant, and skin-friendly product that is manufactured from polyurethane, polyethylene, polypropylene, polystyrene, and silicone. Technical foam is manufactured with various degrees of density to meet specific requirements such as high-impact resistance, sound absorption and wear-resistance, and provide insulation against heat or cold. These foams typically bounce back to their original shape after getting compressed and are therefore extensively utilized as a cushioning and protection material for fragile or delicate items during transport or storage. Technical foams also have excellent barrier properties and therefore can be used to create a tight seal between two different surfaces that can effectively prevent leakage or seeping. At present, they are gaining traction as a lightweight, durable, versatile raw material that can be customized for particular applications in a wide range of end-use industries.
Global Technical Foam Market Trends:
The global market is majorly driven by the accelerating product demand from the construction industry. This can be attributed to the rapid expansion of construction and infrastructure development projects. In line with this, the growing adoption of lightweight and versatile raw material with good thermal and acoustic insulation properties in the manufacturing industry is resulting in a higher product uptake. Moreover, an enhanced focus on energy efficiency is leading to the growing adoption of technical foam in numerous insulation applications to reduce energy consumption in buildings and other structures is furthering the market. Besides this, continual technological advancements in the manufacturing of technical foam resulting in the emergence of new and improved variants with eco-friendly properties, bio-based composition, and improved performance are propelling the market growth. Additionally, the rapid product utilization in the foam compression, shock-resistance and rattle-proofing of battery components of electric vehicles (EVs) are creating lucrative growth opportunities in the market. The market is further fueled by the growing usage of technical foam in the manufacturing of medical equipment, surgical drapes and dressing, short-term implants in the medical sector. Apart from this, growing concerns over noise pollution is resulting in the introduction of acoustic solutions to tackle the effects, which, in turn, are fueling the market. Some of the other factors contributing to the market include the growing demand for eco-friendly alternatives to traditional foam products, considerable growth in the packaging industry, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 42.4 Billion by 2028, exhibiting a CAGR of 5% during 2023-2028.
- Based on the product form, the market has been segmented into flexible, rigid, and spray. Among these, flexible represent the largest market segment.
- On the basis of the material, the market has been divided into elastomeric, polyurethane, polyethylene, and others. Among these, polyurethane accounts for the dominant market share.
- Based on the end use industry, the market has been categorized into automotive and transportation, electrical and electronics, building and construction, medical, sporting equipment, packaging, and others. Between these, automotive and transportation accounts for the biggest segment in the market.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Armacell, BASF SE, Covestro AG, Dow Inc., Huntsman Corporation, Kaneka Corporation, Recticel, Saudi Basic Industries Corporation (Saudi Aramco), Sealed Air Corporation, Sekisui Chemical Co. Ltd., Woodbridge, and Zotefoams Plc.
|Base Year of the Analysis
||Product Form, Material, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Armacell, BASF SE, Covestro AG, Dow Inc., Huntsman Corporation, Kaneka Corporation, Recticel, Saudi Basic Industries Corporation (Saudi Aramco), Sealed Air Corporation, Sekisui Chemical Co. Ltd., Woodbridge and Zotefoams Plc
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