Press release
Technical Foam Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Technical Foam Market
The technical foam market size is expected to see strong growth in the next few years. It will grow to $48.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to customization and personalization, supply chain optimization, adoption of recyclable materials, r&d investments, urbanization and infrastructure needs. Major trends in the forecast period include innovation in material science, technological advancements, collaborations.
Market Overview -
Technical foam refers to the foam that includes the use of various rubber and polymer blends developed to achieve application-oriented properties such as filtering, packaging, sound insulation, cleaning, and sealing.
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Surge In Automobile Demand Accelerates Technical Foam Market Growth
An increase in demand for automobiles is expected to propel the growth of the technical foam market going forward. An automobile is a passenger vehicle built for use on roadways with four-wheel drive and a gasoline or diesel internal-combustion engine. Automotive foams provide cushioning and sound management and are used in windscreens, instrument panels, door panels, and headliners. As a result, the increasing demand for automobiles increases the demand for the technical foam market. For instance, according to the May 2022 publication of the 'Global EV Outlook 2022' report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increase in demand for automobiles is driving the growth of the technical foam market.
Competitive Landscape -
Major companies operating in the technical foam market report are Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams plc, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., Foam Products Corporation
Sabic Pioneers Nanotechnology Breakthrough In Technical Foam Evolution
Technological advancements are a key trend gaining popularity in the technical foam market. Major companies operating in the technical foam market are focused on developing new technological solutions to strengthen their position in the market. For instance, in January 2021, SABIC, a Saudi Arabia-based company operating in technical foam, launched the LNP COLORCOMP WQ117945 compound, a breakthrough material based on advanced nanotechnology. This compound facilitates the efficient production of polyethylene terephthalate (PET) foams for core materials in sandwich structures that improve control over nucleation and cell growth and shear strength or strain properties for better fatigue performance. These foams address the evolving needs of various industries, such as building and construction, wind energy, marine, and packaging.
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Key Segments -
The technical foam market covered in this report is segmented -
1) By Product Form: Flexible, Rigid, Spray
2) By Material Type: Expanded Foam, Polyethylene, Elastomeric, Polyurethane, Melamine, Phenolic, Ethyl Vinyl Acetate, Other Material Types
3) By End Users: Automotive and Transportation, Electrical and Electronics, Building and Contruction, Medical, Sporting equipment, Packing, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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