Industrial Foam Market by Category (Flexible Foam, and Rigid Foam), Resin Type (Polyurethane, Polystyrene, Polyolefin, Phenolic, PET Foam, and Others), Application (Construction, HVAC, Marine, Aerospace, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 56 billion mark in 2022 and is expected to hit US$ 87 billion by 2030, recording a CAGR of 5.7% during the forecast period.
Increasing demand for industrial foam from various end-use industries
Industrial foam applies to various end-use industries such as building & construction, HVAC, marine, aerospace, and pipe insulation. Industrial foam is used in the building & construction industry for forging, pipe-in-pipe, doors, roof boards, and slabs. It is widely used for interior insulation of walls or roofs in residential and commercial building structures. Extruded polystyrene (XPS) material is also used in crafts and architectural model building. Expanded polystyrene (EPS) is an excellent material for building and construction, as it is light yet rigid with good thermal insulation and high impact resistance. The construction segment is expected to pace up because it is used in numerous applications in the building & construction end-use industry as it is used for thermal insulators, floorings & waterproofing, and air sealing applications. Further, other segment such as HVAC, marine, and aerospace is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into a category, resin type, application, and geography. By category, the market is further segmented into flexible foam, and rigid foam. On the basis of resin type, the market is segmented into polyurethane, polyolefin, phenolic, PET foam, and others. By application, the market is categorized into construction, HVAC, marine, aerospace, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
The manufacturers’ increased investment in research & development empowered the growth of futuristic innovations.
The industrial foam market comprises well-established national and international players focusing on establishing and expanding the market. The manufacturers are extensively investing in research & development activities to cater to the consumers' demand by introducing new products. Furthermore, R&D activities are vital for the growth of the industrial foam market. The key players invest in these activities to develop innovative formulations and plan strategies to expand the global market reach. The novel manufacturing techniques have assisted in meeting the escalating demand for industrial foams. Some well-entrenched players in the industrial foam market are Huntsman Corporation, BASF SE, Eurofoam Group, Tosoh Corporation, JSP Corporation, Sealed Air Corporation, and Covestro AG. Hence, the presence of global leaders and their innovative initiatives further propels the industrial foam market.
The rising adoption of bio-based industrial foams is one of the major factors accelerating the market growth.
The Companies are extensively interested in developing and commercializing soy-based polyols, and natural oil-based polyols. Hence, the industrial foam industry is proliferating. The increase in the prices of conventional polyols resulted in the growing use of bio-based products. Also, the end-use industries are opting for bio-based solutions to cater to the consumers’ demand.
Recent strategic developments in the industrial foams market
The industrial foams market has undergone several significant developments, and a few of these have been mentioned below:
- In June 2020, BASF SE Ltd. partnered with China-based Shanghai Zhengming Modern Logistics Co., Ltd. or Zhengming to develop insulating industrial (PU) sandwich panels.
- In June 2020, Huntsman Corporation acquired Icynene-Lapolla (US), a manufacturer and distributor of industrial spray foam (SPF) insulation systems for residential and commercial applications.
- In May 2020, Dow agreed with Univar Solutions Inc. Under the agreement.
The industrial foam market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Covestro AG, BASF SE, Dow Inc., Huntsman Corporation, and Saint-Gobain are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Industrial foam providers
- Resin providers
- Industrial foam-related service providers
- Industrial foam-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Raw material suppliers
- Industrial foam distributors and sales firms
- End users of industrial foam
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Flexible Foam
- Rigid Foam
- Resin Type
- PET Foam
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Covestro AG
- BASF SE
- Huntsman Corporation
The List of Companies
- Covestro AG
- BASF SE
- Huntsman Corporation