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″, The global 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.
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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.
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.
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The global technical foam market size is estimated at USD 9.1 billion in 2020 and is projected to reach USD 15.7 billion by 2025, at a CAGR of 11.6% from 2020 to 2025. The increase in demand for technical foam from the automotive & transportation sector and the rising demand for acoustic solutions to tackle noise pollution are the major factors responsible for the market growth of technical foam. The increase in industrialization has also helped trigger the growth of the technical foam market.
Major companies such as 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) are key players in the global technical foam market. These players have been focusing on developmental strategies, such as new product development/launches, expansions, acquisitions, agreements, joint ventures, collaborations, and partnerships, which have helped them expand their businesses in untapped and potential markets.
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SEKISUI CHEMICAL CO., LTD. operates and distributes products in North America, Europe, Central/South America, China, Japan, and Asia & Oceania. SEKISUI CHEMICAL CO., LTD. is expanding its business through inorganic growth strategies such as expansion to meet the growing demand for technical-grade foam.
Huntsman Corporation is a global leader in MDI-based polyurethanes, serving over 3,000 customers in more than 90 countries. The company has world-scale production facilities in the US, the Netherlands, and China, and 30 highly capable downstream formulation facilities, worldwide. Innovation is the core value of the company, and continuous efforts are being made to develop technologically upgraded products. The company is also involved in the manufacturing of flexible and rigid foam for furniture and medical applications. Huntsman adopts organic and inorganic strategies to sustain itself in the market. For instance, in February 2020, the company acquired Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC, for USD 350 million. The acquisition of Icynene-Lapolla is aligned with Huntsman’s strategy of growing its downstream polyurethanes business.
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