Dallas, March 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global industrial foam market is expected to grow from USD 67.4 Billion in 2021 to USD 112.9 Billion by 2030, at a CAGR of 5.9% during the forecast period 2022-2030.
Industrial foam is a long-lasting stock framework with a high bonding strength employed in various industrial applications. Industrial foam has more thermal capabilities and is utilized as a physical insulator that acts as a silencing barrier for the interior walls. Industrial foam has closed cellular structures that provide a great deal of shear strength. The available variant is suitable for motion and sound insulation, slightly elevated purification and catalysis, thermal transfer, and diagnostic supplies. The general variation can also be used for practical purposes such as purification and dampening.
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The growing market for industrial foam by the petrochemical industries in established and emerging nations is the primary driver of market expansion. A rise in industrial foam possible applications, including in the medical industry, and the development and competitiveness of different end-user industries, particularly in emerging nations, would have a significant and positive influence on the market's rate of economic growth. Rising urbanization or development operations, increasing technological advances in the labeling and transportation sectors, rapidly growing demand for composite parts in industrial uses, increasing focus on product progressions, and industrialization in manufacturing techniques will pave the way for industry growth. Growing concerns about the environmental responsibility, tight government regulations, and the financial savings connected with reusable features of polypropylene foam since polypropylene foam can be recycled are the significant drivers of the industrial foam business.
Moreover, improved physical qualities such as durability, lighter nature, high energy absorption property, and durability are fueling the need for polypropylene foam in rising end-user sectors such as vehicles and food and beverage packaging.
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Key players operating in the global industrial foam market are Covestro AG, Dow Inc., Saint-Gobain, Trelleborg AB, BASF SE, Huntsman Corporation, Chemtura Corporation, Sekisui Chemical Co., Ltd., Recticel NV/SA, FoamPartner Group, Rogers Corporation, among others. To enhance their market position in the global industrial foam market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Huntington Solutions, LLC, a North American producer of safe packaging products and resource management elements, purchased Texas Foam, a Bastrop, Texas-based firm, in July 2019 to expand and enhance its industrial capacity.
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The Polyethylene segment dominated the market with around 33% and a market value of approximately 22.24 billion in 2021
The type segment is divided into polyethylene, ethylene-vinyl acetate, polyurethane, polypropylene, and others. The polyethylene segment dominated the market, with a market share of around 33% in 2021. The most commonly used materials to create polyurethane foam are TDI, polyether polyols, MDI, and polyester polyols. Open-cell formations can be observed in PU foam. Diisocyanates and Polyols, both are sourced from petroleum products, are widely used to make these foams. An expanding agent is employed to enlarge the foam's cells and improve its capability to make ultralight PU foam. Flexible foam is produced by polyols containing TDI (toluene diisocyanate), often used to generate elastic slab board foam, whereas stiff foam is created by polyols containing MDI.
The Furniture and Upholstery segment dominated the market with around 26.2% and market revenue of 17.65 Billion in 2021.
The application segment is divided into consumer goods, furniture and upholstery, textile and fibers, packaging, and others. Furniture and Upholstery dominated the market, with a market share of 26.2% and market revenue of 17.65 Billion in 2021. This is owing to an increase in the use of foam for insulating material, piping, molding, carpeting, and wire & cable operations. Carpet cushioning, bedding added comfort, fibers, chair pillows, and furniture are predicted to be the second-largest category, owing to expanding applications such as carpet covers, mattress padding, threads, and pieces of equipment.
The building and construction segment dominated the market, accounting for around 30% of global revenue and market value of 20.22 Billion in 2021.
The end-user segment is divided into building and construction, food and beverages, textile, transportation, and others. In 2021, the building and construction segment dominated the market with a market share of 30% and market revenue of 20.22 Billion. Their popularity is due to essential characteristics such as their low density, endurance, and adaptability. They're also employed in packaging applications, like garbage dishes, food containers, and crates. Fast food and other rising transportation activities, together with developing packaged food consumption, are likely to stimulate demand for these companies in packaging and applications. Industrial enterprises are commonly utilized in goods like couch cushions, upholstery, and other items in the furniture sector.
Regional Segment Analysis of the Industrial Foam Market
• North America (U.S., Canada, & Mexico)
• Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, and the Rest of the Middle East & Africa)
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Among all regions, the Asia Pacific region emerged as the largest market for the global industrial foam market, with a market share of around 35.8% and market revenue of 24.12 Billion in 2021. The Asia Pacific region is the fastest-growing industrial foam market, driven by accelerated economic expansion and significant investment in autos, ships, buildings, and industrial industries. The growing use of foam in the structural, automobile, garment, entertainment and recreation, furniture and mattress, and manufacturing companies is propelling the Asia-Pacific market forward. The desire for high-quality products, the ever-increasing population, and the ever-increasing end industry have contributed to market investment and growth.
About the report:
The global industrial foam market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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