The Global Technical Foam Market size is estimated to be 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.
Top Key Players Profiled in the Technical Foam Market:
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)
The Woodbridge Group (US)
The automotive & transportation segment accounted for the largest share of the technical foam market in 2019. The insulation benefits that technical foam provides in automotive & transportation include heat shields, battery insulation, fire protection, and insulation for data recorders. Fireproofing of the bodywork and interiors is a key part of vehicle safety.
The spray foam segment is expected to witness the highest growth during the forecast period. This growth can be attributed to its ease of manufacturing and convenience of application. Spray foams are widely used in insulation and acoustic applications in the building & construction industry since they act as air barriers, which means they expand quickly and fill up cracks and crevices.
“Asia Pacific is projected to grow at the highest CAGR of the technical foam market during the forecast period.”
The Asia Pacific technical foam market has been studied for China, Japan, India, South Korea, and the Rest of Asia Pacific. This region is a lucrative market for technical foam, owing to demographic changes, improving economic conditions of emerging economies, and increasing industrialization.
Major market players such as SEKISUI CHEMICAL CO., LTD. and INOAC Corporation have a presence in Asia Pacific in terms of manufacturing facilities, distribution systems, and sales offices, which generates an adequate supply of technical foam in this region.