Press release
Industrial Foam Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033
Industrial Foam Market
Industrial Foam Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $11.29 billion In 2028 At A CAGR Of 11.9% :
The industrial foam market size has grown strongly in recent years. It will grow from $63.14 billion in 2023 to $68.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to research and development, cost-effective material solutions, globalization and market expansion, transportation and aerospace, environmental concerns and sustainability.
The industrial foam market size is expected to see strong growth in the next few years. It will grow to $91.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to construction industry growth, sustainable materials and eco-friendly solutions, rising automotive sector, packaging innovations, energy efficiency in buildings. Major trends in the forecast period include circular economy initiatives, furniture and bedding preferences, electronics and electrical applications, healthcare and medical innovations, stringent regulatory compliance.
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Industrial Foam Market Major Segments
The industrial foam market covered in this report is segmented -
1) By Foam Type: Flexible, Rigid
2) By Resin Type: Polyurethane, Polystyrene, Polyolefin, Phenolic, PET, Other Resin Types
3) By End-Use: Building And Construction, HVAC, Industrial Pipe Insulation, Marine, Aerospace, Industrial Cold Storage, Others End-Uses
Key Driver - The Surge In Demand For Energy-Efficient And Lightweight Industrial Foams
Growing demand for energy-efficient and lightweight materials is expected to propel the industrial foam market. Lightweight materials are manufactured using lightweight raw materials that directly reduce the weight of the material while maintaining its performance. Industrial foam is a type of lightweight material made up of tiny cells filled with gas or air and used in applications such as insulation, packaging, and construction. For instance, in July 2021, according to a report released by EuroAccess, a France-based online information and search tool, the manufacturing costs of lightweight materials are 25% less than current materials. Lightweight products comprise more than 50% sustainable and bio-based components. The various properties of energy-efficient and lightweight materials, including sustainability and high performance, are increasing the demand for industrial foams by various industries. Therefore, the growing demand for energy-efficient and lightweight materials is driving the growth of the industrial foam market.
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Prominent Trend - Technological Advancements Propel The Industrial Foam Market Forward
Technological advancements are the key trends gaining popularity in the industrial foam market. Major companies operating in the market are focused on developing new technological solutions to lead the market. For instance, in May 2022, BASF SE, a Germany-based chemicals company introduced Elastoflex CE 3651/108, a 100% water-blown and high flame retardant polyurethane insulation spray foam based on a flame retardant technology to provide better interior air quality in public transportation. It is a low-odor spray foam system that optimizes the performance and cost of the final product.
Industrial Foam Market Players
Major companies operating in the industrial foam market report are Covestro AG, BASF SE, Dow Inc., Huntsman Corporation, Sekisui Chemical Co. Ltd., Saint-Gobain S.A., Chemtura Corporation, Recticel N.V, Rogers Corporation, Trelleborg AB, FoamPartner Group, Eurofoam Group, Woodbridge Foam Corporation, Tosoh Corporation, Hanwha Chemical Corporation, ACH Foam Technologies LLC, Arkema, Mitsui Chemicals Inc., Toray Industries, Sealed Air Corporationfv, Zotefoams plc, Armacell International S.A., Future Foam Inc., FXI Inc., General Plastics Manufacturing Company, Graco Inc., Greiner Holding AG, INOAC Corporation, JSP Corporation, Kaneka Corporation
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the industrial foam market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Foam Market Report Structure
3. Industrial Foam Market Trends And Strategies
4. Industrial Foam Market - Macro Economic Scenario
5. Industrial Foam Market Size And Growth
…..
27. Industrial Foam Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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