Engineered Foam Market size is forecast to reach $120.5 Billion by 2025, after growing at a CAGR of 8.2% during 2020-2025. Asia-Pacific countries are witnessing the migration from urban areas of people to rural areas. In the near future, this is expected to improve construction activities in urban areas. Since the demand for isolating materials and therefore for engineered foam in urban areas is typically more intense than in countryside, the market is probably on the rise in next few years. Due to its high insulation value, engineered foam is often used in construction applications.
Engineered Foam Market Segment Analysis – By Material Type
For many years, the polyurethane – material type segment has been a major segment. The large-scale adoption of engineered foam is evident as a result of growing demand in the building and car industries for polyurethane foams. However, the market of engineered foam has been encouraged by rising energy efficiency and better insulating properties. The construction and automotive industry serve the leading end users on the market for engineered foam. Due to the rising demand of natural spray blowing products, the applications of engineered foam are expected to develop in the coming years. New technology for engineered foam to enhance the properties and function of polyurethane foams, are expected to be seen in decent growth in the following years.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16448
Report Price: $ 4500 (Single User License)
Engineered Foam Market Segment Analysis – By Foam
Spray foam is the largest form segment of the global engineered foam market. In addition to easy repairs in exiting insulations and cushioning, spray foams have increasingly been used in the coating applications. A major benefit of spray foam compared to other forms of foam is that it is ready to use and does not require any extra molding costs that might be needed for rigid and flexible foams. Due to its growing applications in isolation, such as light-density open-cell spray foam insulation and medium-density closed-cell spray foam insulation, this strong demand for spray foam is attributed to its high growth.
Engineered Foam Market Segment Analysis – End Use Industry
Building and Construction segments holds the largest share in Engineered Foam Market in 2019, is growing at a CAGR of 7.6% during forecast period 2020-2025. Engineered foam is commonly used in the building and construction industry as an insulator, and is projected to be the fastest growing market during the forecast era. Rigid foam insulation is revolutionary in the design and construction industry, a material that greatly decreases the energy consumption of a building and helps regulate the temperature in the interior. Gaps and air leakage result in high energy bills and a lack of scarce resources. High-performance foam insulation can effectively plug holes and air leaks and help maintain the optimal degree of interior air temperature. Heating and cooling accounts for about 50% of overall energy consumption in a typical household, according to the U.S. Department of Energy. Foam insulation decreases energy bills by reducing air leaks and therefore reducing the transfer of heat between indoor and outdoor environments.
In addition, the engineered foam provides moisture insulation by restricting the moisture to move through the walls that contributes to the building’s mold production. New environmental policies aimed at rising fossil fuel consumption and conversation about energy allow producers to use foam as insulation in the building and construction industries.
Engineered Foam Market Segment Analysis – Geography
APAC dominated the Engineered Foam Market share with more than 45.7% in 2019, followed by North America and Europe. In terms of both value and volume, Asia Pacific is a popular producer of engineered foam. The rising market of the polyurethane foam manufacturing sector in China is projected to be a major user of in the near future engineered foam. Large population, rapid urbanization in key countries like China, India and Japan and increased demand for sustainable consumer goods have resulted in increased demand for isolation applications and, subsequently, the market for engineered foam in these regions. Upcoming manufacturing facilities of polyurethane foams to be set up by major players, such as Covestro AG (Germany), BASF SE (Germany), Saint-Gobain (France), and Huntsman Corporation (U.S.), are likely to fuel the demand for engineered foam in Asia Pacific during the forecast period.
Engineered Foam Market Drivers
Growing demand for polyurethane foam due to growth in the construction industry
Increasing the use of engineered foam is a driving force of the demand for engineered foam. In addition, there is an increasing market for engineered foam in the construction industry. The growth of the engineered foam market has also been driving the growing demand for high quality engineered foam for the manufacture of polyurethane foams.
Download Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16448
Engineered Foam Market Challenges
Health Concerns and Environmental Challenges to Restrict Market Growth
Spray polyurethane foam causes a variety of health issues, in particular for people with lung diseases, asthma and skin conditions. Many manufacturers strongly recommend stringent medical tests to people who work around these officers. People who have a history of these medical conditions may be prohibited from operating in such circumstances that could, in effect, impede the market development of engineered foam. It is difficult to neglect the environmental consequences of the use of HFCs as foam blowing. With the high GWP, regulations have been developed to progressively reduce use of HFCs and other less environmentally safe molding agents.
From 1 January 2019, following ratification by 60 nations, Kigali’s amendment to the Protocol of Montreal from ozone depleting substances came into effect. The Kigali Amendment mandates that the production and use of HFCs on the engineered foam market in developed and developing countries be lagged in subsequent years. In particular, this freeze will start in developing countries as early as 2019. Their implementation could discourage and restrict the growth of the market for engineered foam through strict regulations.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Engineered Foam Market. In 2019, the market of Engineered Foam has been consolidated by the top ten seven players accounting for XX% of the share. Major players in the Engineered Foam Market are The DOW Chemical Company, Form partner Group, Inoac Corporation, UFP Technologies, Inc., Fxi-Foamex Innovations, Huntsman Corporation, Trelleborg AB, and Rogers Corporation. Other major players in the global market include The Woodbridge Group, Armacell GmbH, Vita (Lux Iii) S.A.R.L, Bayer AG, Sekisui Chemical Co., Ltd., Future Foam, Inc., BASF SE, Recticel NV/Sa, and Foamcraft, Inc., and among other.
Short product life cycles and high evolution in end-use industries may drive the global engineered foam market in future. Additionally, growth in the development of the sports & leisure, automotive industries, and construction is anticipated to enhance the global market growth.
An increase in the demand from the building and construction industry and the packaging industry is driving the market. On the flip side, stringent environmental regulations and volatile raw material prices are hindering the growth of the market.
However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is the market growth in current situation.
Related Reports :
A. Polymer Foam Market
B. Polystyrene Market
For more Chemicals and Materials Market reports – Please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.