The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Technical Foam Market.
It was estimated prior to this unanticipated outbreak that the Technical Foam Market was expected to grow at a CAGR of 11.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Technical foams offer excellent properties such as resistance from heat & fire, noise dampening, and provide ease and acoustic and fire insulation. These foams are of different types such as flexible, rigid, and spray foams, and are used in various end-use sectors such as automotive & transportation, commercial buildings, medical, office equipment, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the form type, the market is segmented as flexible foam, rigid foam, and spray foam. Flexible foam is expected to be the largest segment of the market during the forecast period, owing to its suitableness for the production of automotive seat cushioning, office equipment, and furniture for comfort and support. These foams are less expensive as compared to spray and rigid foam, and they also offer absorbing capacity due to which, they are preferably used in the packaging of electrical devices and medical wipes & swabs, driving the growth of the market.
Based on the material type, the technical foam market is segmented as polyurethane, elastomeric, polyethylene, expanded foam, and others. The polyurethane segment held the largest share of the market in the year 2019, owing to its favorable properties such as low weight, absorption of sound, heat preservation, and excellent cushioning. Technical polyurethane foams are primarily used in the automotive & transportation and commercial building segments. As compared to other materials, these foams are highly used due to their low heat conduction coefficient, low density, relatively good mechanical strength, low water absorption, and insulating properties.
Based on the end-use type, the market is segmented as automotive & transportation, commercial buildings, electrical & electronics, office equipment, medical, and others. The automotive & transportation segment is estimated to account for the largest share of the market over the forecast period. Technical foams are of low weight and durable for high-temperature insulating solutions, and offer various properties such as heat & fire resistance, noise dampening for boats & ships, and these foams also provide comfort, and acoustic and fire insulation. The major factors fueling the growth of the automotive & transportation end use of technical foam are the increase in demand for better vehicle operational and environmental efficiency, control of temperature, excellent dielectric insulation qualities, and thermal conductivity of various materials, which make the technical foam best suited for a wide range of specialist applications of the automotive industry.
In terms of regions, Asia-Pacific is expected to be the largest as well as the fastest-growing market for technical foams during the forecast period, with China being the center of attraction for major consumers of technical foams in APAC. Factors such as the industrial development and improving economic conditions in the region are driving the growth of the market in APAC. Furthermore, to establish the presence in the region, various foreign players are adopting inorganic growth strategies, which in turn, is estimated to trigger further growth opportunities to the Asia-Pacific’s technical foam market during the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the technical foam market are-