Foam Insulation Market is forecast to reach $25.48 billion by 2025, after growing at a CAGR of 5.56%during 2020-2025. Strict government regulation for reducing greenhouse gas emissions and improving energy efficiency in homes and buildings have been key drivers of growth for this market over forecast period.
- Several vendors and research institutes are developing new polyurethane foam forms such as photo cross-linkable polyurethane for different applications.
- The increasing application of foam insulation in the construction industries are the most important factor in driving global market growth.
- Increasing demand in the automotive industry for foam insulation types such as polyisocyanurate foam and phenolic foam in auto components for insulation.
Product Type – Segment Analysis
Polyolefin Foam segment held the largest share in the Foam Insulation Market
in 2018. Polyolefin foam demand is due to its lightweight and flexible design that is needed for HVAC applications (heating, ventilation and air conditioning). Many nations and international bodies, including the United States, China, South Korea and the EU, have different construction codes for new commercial and residential buildings.
End-Use Industry – Segment Analysis
Building & Construction sector has been the primary market for Foam Insulation by growing at a CAGR of 4%, due to its performance characteristics. According to US department and energy, building almost 40% energy consumed in 2018. A major building energy is spent on space cooling and heating and major heat is lost through the building envelope due to air leakages. By using, Foam insulation it can reduce air leakages by present on walls, window frames, door frames, floorings, among others which results in low utility bills and can reduce greenhouse gas emissions.
Geography- Segment Analysis
APAC dominated the Foam Insulation Market with a share of more than 36%, followed by North America and Europe. Due to fast economic growth in India and China, a change in sector trends is noted. With many Asia-Pacific nations still mainly rural, economic growth is set to promote continuing urbanization. In addition, population growth in these nations is anticipated to increase demand for end-use industry, which in turn is projected to drive the Foam Insulation Market during the forecast period. All these factors attribute to the market growth of the market.
Drivers –Foam Insulation Market
- Increasing Government Regulations
In order to support energy efficiency and the growing demand for going green, the increasing numbers of government regulators in different countries are using foam isolation in buildings. The foam insulation market over the forecast period is anticipated to be propelled by increasing modifications in buildings in developed and developing regions.
Challenges – Foam Insulation Market
- Lack of awareness about the benefits of foam insulation.
Lack of awareness about the benefits of foam insulation and less government initiations and low manufactures can restrain the growth of the market. It is estimated that 25% of home heat loss is via the roof, 35% is through the walls and 25% is through air leakages, so the walls and roof insulation are two of the most efficient energy efficiency.
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Foam Insulation Market. In 2018, the market of Foam Insulation has been consolidated by the top five players accounting for xx% of the share. Major players in the Foam Insulation Marketare BASF SE, Covestro AG, Huntsman International LLC, Kingspan Group PLC, Lapolla Industries, Inc., Owens Corning, Recticel Group, Saint-Gobain, the Dow Chemical Company, Armacell International S.A., and Johns Manville, among others.
- In May 2019, BASF and Harvest combinedly develops a more efficient polyurethane insulation solutions for use in cryogenic and shipbuilding industries.
- In September 2019, Huntsman opens a new polyurethanes systems house In Dubai. This manufacturing unit manufactures a polyurethanes foams for use in construction.
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