CHICAGO, May 14, 2020 According to the new market research report "Technical Foam Market by Form (Flexible, Rigid, Spray), Material (Elastomeric, PU, PE, Expanded Foam), End Use (Electricals & Electronics, Automotive & Transportation, Commercial Buildings, Office Equipment, Medical), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Technical Foam Market size is projected to grow from USD 9.1 billion in 2020 and reach USD 15.7 billion by 2025, at a CAGR of 11.6% from 2020 to 2025.
The growth of this market can be attributed to the increase in demand from automotive & transportation end uses and the rising demand for acoustic solutions in commercial buildings.
Flexible foam segment to lead the technical foam market during 2020-2025
Flexible foam is the most widely consumed since it is soft, flexible, and resilient. The growth of this segment can be attributed to its lower cost compared to rigid and spray foam. It can also be attributed to the consumption of these foams for manufacturing automotive, commercial building insulation, office equipment, and others due to their softness, moisture resistance, and high impact & mechanical properties. Moreover, flexible foams regain their original shape even after being deformed. Hence, the consumption of flexible foam is higher in such end uses.
Elastomeric segment is expected to grow at highest CAGR in technical foam market during the forecast period
Based on material, the elastomeric segment is expected to be the largest of the technical foam market. Elastomeric foams are rubber-based and are used as thermal and acoustic solutions in commercial buildings and heavy equipment, among others. They are moisture-resistant and help in dampening sound vibrations. Resistance to wear & tear, chemicals, and high voltage and performance in extreme conditions of high vibration, high humidity, high temperature, and abrasion are some of their other advantages.
Automotive & transport segment is expected to register the fastest growth during the forecast period
Automotive & transport segment is expected to register the fastest growth in the global technical foam market during the forecast period. The growth rate can be attributed to the increasing application areas of technical foam and its ability to perform in adverse environments, which has led to an increase in its consumption in the automotive & transportation sector. Increasing demand for better vehicle operational & environmental efficiency, temperature control, superior dielectric insulation qualities, and thermal conductivity of various materials make technical foam suited for a broad range of specialist automotive applications.
Asia Pacific to lead the global technical foam market during the forecast period
Asia Pacific is estimated to account for the largest share of the global technical foam market in 2020. The market here is anticipated to grow at the highest CAGR between 2020 and 2025. The Asia Pacific region is an emerging and lucrative market for technical foam, owing to the demographic changes, increasing industrial development, and improving economic conditions. This region constitutes approximately 60% of the world's population, resulting in the wide-scale adoption of technical foam in electricals& electronics, automotive & transportation, commercial buildings, and medical end uses.
Some of the leading manufacturers of technical foam profiled in this report are 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), and The Woodbridge Group (US).
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