PUBLISHER: The Business Research Company | PRODUCT CODE: 1425571
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425571
Industrial Foam Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial foam market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial foam? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial foam market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial foam, an expanded material composed of plastic and rubber, results from the introduction of gas bubbles into polymer substances. Renowned for its exceptional insulation capabilities against water, air, chemicals, and adhesives, industrial foam finds widespread applications in both consumer and business products. Its uses range from padding in mattresses, furniture, car interiors, carpet underlay, to serving as packaging material.
The primary categories of industrial foams encompass flexible and rigid variations. Flexible foam denotes a polymer with a cellular structure, showcasing compression and resilience properties, typically formed through the reaction of polyols and isocyanates. These foams encompass different resin types such as polyurethane, polystyrene, polyolefin, phenolic, PET, and other industrial foam materials. Various industries utilize industrial foam across sectors like building and construction, HVAC (heating, ventilation, and air conditioning), industrial pipe insulation, marine applications, aerospace, industrial cold storage, and several other domains. Its versatility and insulation qualities make it a valuable material in enhancing product functionality and ensuring safety across a diverse range of applications and industries.
The industrial foam market research report is one of a series of new reports from The Business Research Company that provides Industrial foam market statistics, including Industrial foam industry global market size, regional shares, competitors with an Industrial foam market share, detailed Industrial foam market segments, market trends and opportunities, and any further data you may need to thrive in the Industrial foam industry. This Industrial foam market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial foam market size has grown strongly in recent years. It will grow from $63.14 billion in 2023 to $68.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The historical growth can be attributed to significant investment in research and development, the development of cost-effective material solutions, the global expansion of markets through globalization, advancements in transportation and aerospace industries, and a heightened focus on environmental concerns and sustainability efforts.
The industrial foam market size is expected to see strong growth in the next few years. It will grow to $91.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The projected growth in the forecast period is propelled by the expansion of the construction industry, the adoption of sustainable materials and eco-friendly solutions, the increasing demand in the automotive sector, ongoing innovations in packaging, and the focus on enhancing energy efficiency within buildings. Major trends anticipated during this period involve the implementation of circular economy initiatives, shifts in preferences for furniture and bedding materials, advancements in electronics and electrical applications, innovations in healthcare and medical sectors, and the adherence to stringent regulatory compliance across various industries.
The burgeoning demand for energy-efficient and lightweight materials is expected to be the prime driver for the industrial foam market. These materials are crafted using lightweight raw components, effectively reducing material weight while retaining performance standards. Industrial foam, comprising tiny gas or air-filled cells, finds applications in insulation, packaging, and construction. As per a July 2021 report from EuroAccess, manufacturing costs of lightweight materials are 25% lower compared to current materials, with over 50% of lightweight products integrating sustainable and bio-based components. The attributes of energy efficiency and lightweight properties, coupled with sustainability and high performance, are fostering increased adoption of industrial foams across diverse industries. Therefore, the surge in demand for energy-efficient and lightweight materials is propelling the industrial foam market's growth.
The expanding demand within the construction sector is poised to drive the industrial foam market's growth trajectory. Spanning activities from planning and design to infrastructure and building development, the construction industry significantly relies on industrial foam. This versatile material contributes to energy efficiency, water resistance, sound attenuation, durability, structural integrity, and occupant comfort. According to a September 2021 report by Oxford Economics, global construction output is forecasted to surge by 42%, reaching USD 15.2 trillion between 2020 and 2030. Hence, the upsurge in demand within the construction industry serves as a pivotal driver for the industrial foam market.
Technological advancements represent a key trend steering the industrial foam market. Leading companies in this sector concentrate on pioneering technological solutions to maintain their market dominance. For instance, in May 2022, BASF SE, a German chemical company, unveiled Elastoflex CE 3651/108, a 100% water-blown, highly flame-retardant polyurethane insulation spray foam. This innovation incorporates flame retardant technology, enhancing interior air quality in public transportation by delivering a low-odor spray foam system that optimizes final product performance and cost.
Major industry players in the industrial foam market are channeling efforts towards innovative product lines, such as the ecoSphere family, to drive market revenues. The ecoSphere product line features mono-material polyethylene terephthalate (PET) aimed at reducing landfill disposal of seating foam pads and trim covers. For instance, in October 2023, Magna International Inc., a Canadian automotive supplier with diverse capabilities in automotive system design, development, and manufacturing, introduced the ecosphere product family. Leveraging expertise in foam chemistry fusion, trim manufacturing, artistry, and tooling, this seamless, cost-effective solution meets industry standards for seating materials' appearance and texture. The utilization of 100% melt recyclable foam and trim technology substantially minimizes environmental impact while adhering to industry requirements.
In July 2021, Creative Foam Corporation, a leading US-based firm specializing in foam and plastics solutions, successfully acquired Ram Technologies Inc., with the specific financial details of the transaction remaining undisclosed. This strategic acquisition is poised to bring notable advantages to Creative Foam's healthcare division by leveraging Ram Technologies' expertise, subsequently enhancing the capabilities extended to its clientele. Moreover, this acquisition contributes significantly to expanding Creative Foam Corporation's market presence and solidifying its standing within the healthcare sector. Ram Technologies Inc. is a US-based company that specializes in manufacturing industrial foam, plastic, and fabric products.
Major companies operating in the industrial foam market report are Covestro AG, BASF SE, Dow Inc., Huntsman Corporation, Sekisui Chemical Co. Ltd., Saint-Gobain S.A., Chemtura Corporation, Recticel N.V, Rogers Corporation, Trelleborg AB, FoamPartner Group, Eurofoam Group, Woodbridge Foam Corporation, Tosoh Corporation, Hanwha Chemical Corporation, ACH Foam Technologies LLC, Arkema, Mitsui Chemicals Inc., Toray Industries, Sealed Air Corporationfv, Zotefoams PLC, Armacell International S.A., Future Foam Inc., FXI Inc., General Plastics Manufacturing Company, Graco Inc., Greiner Holding AG, INOAC Corporation, JSP Corporation, Kaneka Corporation
Asia-Pacific was the largest region in the industrial foam market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial foam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial foam market consists of sales of ethafoam, volara, closed-cell sponge rubber, open-cell sponge rubber and cellulose. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.