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Technical Foam Market worth $15.7 billion by 2025 | Key Players include BASF SE, Dow Inc., SEKISUI CHEMICAL, Huntsman Corporation, Armacell International S.A.
Technical Foam Market
Browse 122 market data Tables and 53 Figures spread through 164 Pages and in-depth TOC on "Technical Foam Market - Global Forecast to 2025"
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Flexible foam is the most widely consumed since it is soft, flexible, and resilient. The growth of this segment can be attributed to its lower cost compared to rigid and spray foam. It can also be attributed to the consumption of these foams for manufacturing automotive, commercial building insulation, office equipment, and others due to their softness, moisture resistance, and high impact & mechanical properties. Moreover, flexible foams regain their original shape even after being deformed. Hence, the consumption of flexible foam is higher in such end uses.
Based on material, the elastomeric segment is expected to be the largest of the technical foam market. Elastomeric foams are rubber-based and are used as thermal and acoustic solutions in commercial buildings and heavy equipment, among others. They are moisture-resistant and help in dampening sound vibrations. Resistance to wear & tear, chemicals, and high voltage and performance in extreme conditions of high vibration, high humidity, high temperature, and abrasion are some of their other advantages.
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The global technical foam market size is estimated at USD 9.1 billion in 2020 and is projected to reach USD 15.7 billion by 2025, at a CAGR of 11.6% from 2020 to 2025. The increase in demand for technical foam from the automotive & transportation sector and the rising demand for acoustic solutions to tackle noise pollution are the major factors responsible for the market growth of technical foam. The increase in industrialization has also helped trigger the growth of the technical foam market.
Major companies such as BASF SE (Germany), Dow Inc. (US), SEKISUI CHEMICAL CO., LTD (Japan), Huntsman Corporation (US), Armacell International S.A. (Germany), LANXESS AG (Germany), Trelleborg AB (Sweden), Recticel NV/SA (Belgium), INOAC Corporation (Japan), UFP Technologies, Inc. (US), Wanhua Chemical Group Co., Ltd. (China), and The Woodbridge Group (US) are key players in the global technical foam market. These players have been focusing on developmental strategies, such as new product development/launches, expansions, acquisitions, agreements, joint ventures, collaborations, and partnerships, which have helped them expand their businesses in untapped and potential markets.
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SEKISUI CHEMICAL CO., LTD. operates and distributes products in North America, Europe, Central/South America, China, Japan, and Asia & Oceania. SEKISUI CHEMICAL CO., LTD. is expanding its business through inorganic growth strategies such as expansion to meet the growing demand for technical-grade foam.
In 2017, the company established a polyolefin foam plant in Thailand through the THAI SEKISUI FOAM CO., LTD. division of the company. It expanded its foam production line to meet the increasing demand for foam from the construction, technical, automotive, and other sectors. With this increase in production, the company was able to produce 5-million-meters square of polyolefin foam per year.
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