Foam Market | Key players operating in the market include BASF SE, Armacell International S.A., JSP, Kaneka Corp, Recticel

According to recent market research "Foam Market by Type (Polyurethane, Polystyrene (EPS & XPS), Polyolefin (PE, PP, EVA), Phenolic, PET), Type (Rigid, Flexible), End-Use Industry (Construction, Packaging, Automotive, Furniture & Bedding, Footwear), and Region - Global Forecast to 2026", The foam market size is estimated at USD 93.9 billion in 2021 and is projected to reach USD 118.9 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted market growth.

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MDI, TDI, polyether polyols, and polyester polyols are the major raw materials used to make polyurethane foam. PU foam has open-cell structures. Generally, manufacturers make these foams by reacting polyols and diisocyanates, both of which are extracted from raw petroleum. A blowing agent is used to blow the cells of the foam and expand its volume to form lightweight PU foam. Generally, polyols with TDI (toluene diisocyanate) produce flexible foam, which is mainly used to make flexible slab stock foam, while polyols with MDI produce rigid foam. PU foam has a low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties. It is available in a wide range of rigidity, hardness, and density levels. Low-density flexible foam is used in upholstery, bedding, automotive and truck seating, and novel inorganic plant substrates for roof or wall gardens. It is also used in thermal insulation and RTM cores. PU foam is categorized into three sub-segments - flexible PU foam, rigid PU foam, and spray PU foam.

Foam is used in the building & construction industry for forging, pipe-in-pipe, doors, roof board, and slabs. PU foam is widely used for insulation as it has a low heat conduction coefficient, low density, low water absorption, and relatively good mechanical strength and insulating properties. Closed-cell PVC foam is used as a core material for the construction of high-performance sandwich structures.

Excellent acoustic absorption quality and high thermal insulation properties allow melamine to be used in the marine craft, generators, and compressor rooms. There is an increased demand for high-end products such as acoustic panels, suspended baffles, and metal ceiling panels in the construction industry.

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The foam market size is estimated at USD 93.9 billion in 2021 and is projected to reach USD 118.9 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted market growth.

BASF SE (Germany), Armacell International S.A. (Germany), JSP (Japan), Kaneka Corporation (Japan), Recticel (Belgium), Rogers Corporation (US), Sealed Air Corporation (US), Arkema (France), and Zotefoams Plc (UK) are some of the major players catering to the demand for foam, globally. These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2017 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.

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BASF SE is a leading chemical company that offers a range of chemicals and intermediate solutions. The company operates through six business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions. BASF SE has a strong customer base and operates in around 90 countries in Europe, APAC, North America, South America, Africa, and the Middle East.

Sealed Air Corporation brings together packaging materials, services, equipment, and automation to provide essential protection for products. The company operates under two main business segments-food care and product care. Its products are used in a wide range of industries such as meat, poultry, seafood, e-commerce, food retail & service, industrial & transportation, consumer goods & retail, electronics, and healthcare & pharmaceuticals. The company serves about 124 countries in North America, Europe, the Middle East, Africa, APAC, and South America, and has 95 manufacturing facilities and 56 research facilities. It has 2,700 patents and pending applications worldwide and five comprehensive packaging development and innovation centers.

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