Industrial Foam Market worth $72.2 billion by 2026 | Key players Covestro AG (Germany), BASF SE (Germany), Dow Inc. (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan).

According to recent market research the "Industrial Foam Market by Foam Type (Flexible, Rigid), Resin Type (Polyurethane, Polystyrene, Polyolefins, Phenolic, Pet), End-Use Industry and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2026", size is estimated at USD 55.6 billion in 2021 and is projected to reach USD 72.2 billion by 2026, at a CAGR of 5.4% 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 the market growth.

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The aerospace industry is estimated to account for the second-largest share of the industrial foam market in 2021 and is projected to be the fastest-growing type segment from 2021 to 2026. The growth is due to rising use of a high percentage of PMI, silicones, and metal foams in new-generation aircraft by aircraft manufacturers.

PET foam is anticipated to grow at the highest CAGR in global industrial foam market from 2021 to 2026. PET foam is projected to register the highest CAGR during the forecast period. This is due to a surge in demand for PET foam in Asia Pacific due to increasing demand from the wind energy industry.

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Increasing demand for industrial foam from the rapidly growing industrial sector in the Asia Pacific region is one of the major factors responsible for the highest share and CAGR of this region. The industrial foam market in Asia-Pacific is driven by the easy availability of raw materials, increased foreign investments, and low labor costs. The end-use industries of industrial foams, such as building & construction, HVAC, and aerospace, are growing in emerging countries such as China, India, Indonesia, and Thailand, which play an important role in driving the market.

Key players operational in the market include Covestro AG (Germany), BASF SE (Germany), Dow Inc. (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan), Saint-Gobain (France), Chemtura Corporation (Lanxess) (US), Recticel NV/SA (Belgium), Rogers Corporation (US), Trelleborg AB (Sweden), Eurofoam Group (Austria), Woodbridge Foam Corporation (Canada), Tosoh Corporation (Japan), Foamcraft, Inc. (US), Loyal Group(China), JSP Corporation(Japan), and Sealed Air Corporation (US).

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BASF SE, Ltd., in June 2020, established partnered with China-based Shanghai Zhengming Modern Logistics Co., Ltd. or Zhengming to develop insulating polyurethane (PU) sandwich panels. These panels are used in refrigerated storage of the cold chain industry in China. Under this partnership, BASF SE aims at supplying polyurethanes for all joint cold storage units of Zhengming. This partnership is expected to strengthen the position of BASF SE in the polyurethane foam market of China.

Dow Inc., in May 2020, entered into an agreement with Univar Solutions Inc., a global chemical and ingredient distributor and provider of value-added services. Under the agreement, Univar Solutions Inc. will exclusively distribute VORASURF silicone polyurethane additives of Dow Inc. across North America. These silicone additives and surfactants enable improved foam properties by bringing flexibility and rigidness to industrial foams.

Huntsman Corporation, in June 2020, acquired Icynene-Lapolla (US), a manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications for USD 350 million. This acquisition aims at helping Huntsman Corporation in enhancing its downstream polyurethanes business, as well as in strengthening its polyurethane product portfolio.

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