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The global technical foam market was valued at US$ 29.3 Billion in 2021.
We expect the global technical foam market to exhibit a CAGR of 5.20% during 2022-2027.
The rising utilization of technical foam in electric vehicles for foam compression and providing protection against rattling in battery components is primarily driving the global technical foam market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries, thereby decreasing the demand for technical foam.
Based on the product form, the global technical foam market can be segmented into flexible, rigid, and spray. Currently, flexible technical foam holds the majority of the total market share.
Based on the material, the global technical foam market has been divided into elastomeric, polyurethane, polyethylene, and others. Among these, polyurethane currently exhibits a clear dominance in the market.
Based on the end use industry, the global technical foam market can be categorized into automotive and transportation, electrical and electronics, building and construction, medical, sporting equipment, packaging, and others. Currently, the automotive and transportation industry accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global technical foam market 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.
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