Industrial Foam Market worth $72.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 26, 2022 /PRNewswire/ -- According to the new market research report "Industrial Foam Market by Foam Type (Flexible, Rigid), Resin Type (Polyurethane, Polystyrene, Polyolefins, Phenolic, Pet), End-Use Industry and Region (North America, APAC, Europe, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the market size is estimated at USD 55.6 billion in 2021 and is projected to reach USD 72.2 billion by 2026, at a CAGR of 5.4% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted the market growth.
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Aerospace is one of the fastest-growing end-use industry in the industrial foam market.
The aerospace industry is estimated to account for the second-largest share of the industrial foam market in 2021 and is projected to be the fastest-growing type segment from 2021 to 2026. The growth is due to rising use of a high percentage of PMI, silicones, and metal foams in new-generation aircraft by aircraft manufacturers.
PET foam is anticipated to grow at the highest CAGR in global industrial foam market from 2021 to 2026. PET foam is projected to register the highest CAGR during the forecast period. This is due to a surge in demand for PET foam in Asia Pacific due to increasing demand from the wind energy industry.
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Asia-Pacific is projected to register the fastest growth for the industrial foam market from 2021 to 2026.
Increasing demand for industrial foam from the rapidly growing industrial sector in the Asia Pacific region is one of the major factors responsible for the highest share and CAGR of this region. The industrial foam market in Asia-Pacific is driven by the easy availability of raw materials, increased foreign investments, and low labor costs. The end-use industries of industrial foams, such as building & construction, HVAC, and aerospace, are growing in emerging countries such as China, India, Indonesia, and Thailand, which play an important role in driving the market.
Key players operational in the market include Covestro AG (Germany), BASF SE (Germany), Dow Inc. (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan), Saint-Gobain (France), Chemtura Corporation (Lanxess) (US), Recticel NV/SA (Belgium), Rogers Corporation (US), Trelleborg AB (Sweden), FoamPartner Group (Switzerland), Eurofoam Group (Austria), Woodbridge Foam Corporation (Canada), Tosoh Corporation (Japan), Foamcraft, Inc. (US), Loyal Group(China), JSP Corporation(Japan), and Sealed Air Corporation (US).
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Polyolefin Foam Market, By Resin Type (Polyethylene, Polypropylene, Ethylene-Vinyl Acetate), End-use Industry (Protective Packaging, Automotive, Building & Construction, Footwear), and Region
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Polystyrene Foam Market, By Resin Type (EPS AND XPS), End-use Industry (Construction and Industrial Insulation, Packaging, Building and Construction), Region (APAC, Europe, North America, South America, and Middle East & Africa)
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