LONDON, Sept. 28, 2016 /PRNewswire/ -- The global High Heat Foam Market is expected to reach USD 13.89 billion by 2024, according to a new report by Grand View Research, Inc. Rising demand for high heat foams in automotive and aerospace industries is anticipated to drive the market over the forecast period. Growing automotive industry coupled with rising need for lightweight vehicles is expected to fuel industry growth over the forecast period. Need for fuel-efficient vehicles along with government regulations regarding automotive pollution is expected to further drive the market in near future.
Growing aerospace industry is anticipated to fuel high heat foams demand over the forecast period. The surge in demand for high heat foams in sports and leisure applications, especially in the Asia Pacific, is also expected to impel high heat foams demand over the next eight years.
Automotive was the leading consumer and accounted for 32.5% of global demand in 2015. Increasing automotive production in China, India, Thailand, and Indonesia is expected to drive this segment over the forecast period. Aerospace also contributed significantly towards the overall market share in terms of revenue. This can be attributed to the high cost of aerospace grade high heat foams than that of other grades available in the market. Growth in the commercial aviation segment is expected to fuel high heat foams demand over the next eight years.
Further key findings from the report suggest:
The global High Heat Foam Market demand was 1,442.6 kilo tons in 2015 and is expected to reach 2,206.3 kilo tons by 2024, growing at a CAGR of 5.0% from 2016 to 2024
Silicone was the leading product segment and accounted for 35.1% of total demand in 2015. Growing demand for these products in the industrial sector is expected to drive this segment over the forecast period.
Melamine is projected to grow at a CAGR of 7.4% from 2016 to 2024. The high growth may be attributed to rising use in aerospace sector owing to various to benefits such as excellent thermal insulation.
Asia Pacific was the leading consumer and accounted for 45.5% of global volume in 2015 owing to growing automotive and construction industry in the region. It is also expected to witness the highest growth of 5.6% over the forecast period.
Major companies operating in the global high heat foams industry include Intec Foams, BASF SE, Sabic, Sinoyqx, UBE Industries, Ltd., Armacell International S.A., Puren Gmbh, Evonik Industries, Wacker Chemie AG, and Rogers Corporation.
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