What are the factors contributing in Structural Foam Market growth? SABIC, Armacell International S.A., The Dow Chemical Company, Evonik Industries, One Plastic Group, PSI Molded Plastics, Diab International AB
Construction, automotive, packaging, and electronics are some of the end-users of this product. Automotive sector is a significant end-user in the structural foam market as it uses the product for various applications including acoustic insulation, vehicle interiors, etc. Increasing demand for light weight vehicles to improve fuel efficiency would also augment the demand for structural foams in the coming years. The electronics segment is expected to increase at a significant rate due to its usage as substrates in various end-products.
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The Structural Foam Market portrays an upward trend in its growth trajectory owing to its rising demand from various industries. Structural foam is a thermoplastic constituent which is manufactured by injection molding process. Asia Pacific is expected to account for about 60% of the total global construction spending by 2025. Increasing growth in this regional construction market would augment the demand for structural foam.
The product finds extensive usage in building and construction as it is capable to reinforce structural load and provides insulation. It is used for thermal floor reinforcement, tank vessel isolation protection, canopy support, perimeter fall protection, etc. Also, the product is increasingly used as a substitute for wood, owing to its robust strength and thermal resistant features. Increasing construction projects, especially in the emerging markets, would augment the market growth in the coming years.
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Structural forms are significantly used in the automotive industry as well. It enhances the vehicle design, improves its safety, provides structural strength and comfort. It is majorly used in applications where cavity sealing is required. Structural foams are used in various parts of the vehicle such as body side joints, lateral rails, door panels, longitudinal structures, engine cradle, pillars, sills, underbody car structure, frame rails, etc.
It offers increased complexity of part design due to its features such as exceptional flowability and improved compression-set properties. The global production of vehicles has increase from 84.2 million units in 2012 to 95.6 million units in 2018. Such rising trend in the automotive production would propel the product demand for in the coming years.
Even though the demand for structural foams has been rising significantly in the recent years, fluctuating price of its raw materials could negatively affect the market growth during the study period. Some of the raw materials used for producing structural foams are polypropylene, polyethylene, polyurethane etc. are naphtha derivatives. Fluctuating price of naphtha would directly affect the prices of these raw materials. Hence, this could deter the market growth in the coming years.
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Asia Pacific market is estimated to grow at a significant rate in the coming years. This progress is attributed towards the rising developments in the regional construction industry. Rising urbanization, growing population and government regulations promoting smart city development are certain factors which would drive the construction industry.
Some of the key market participants of structural foam market, which include SABIC, Armacell International S.A., The Dow Chemical Company, Evonik Industries, One Plastic Group, PSI Molded Plastics, Diab International AB and Polycel Structural Foam, Inc.
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