Overview and Scope
Technical foam refers to the foam that includes the use of various rubber and polymer blends developed to achieve application-oriented properties such as filtering, packaging, sound insulation, cleaning, and sealing.
Sizing and Forecast
The technical foam market size has grown strongly in recent years. It will grow from $34.14 billion in 2023 to $36.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to construction sector growth, electronics and gadgets, aerospace industry utilization, consumer goods, manufacturing advancements..
The technical foam market size is expected to see strong growth in the next few years. It will grow to $48.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to customization and personalization, supply chain optimization, adoption of recyclable materials, r&d investments, urbanization and infrastructure needs.. Major trends in the forecast period include innovation in material science, technological advancements, collaborations..
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Segmentation & Regional Insights
The technical foam market covered in this report is segmented –
1) By Product Form: Flexible, Rigid, Spray
2) By Material Type: Expanded Foam, Polyethylene, Elastomeric, Polyurethane, Melamine, Phenolic, Ethyl Vinyl Acetate, Other Material Types
3) By End Users: Automotive and Transportation, Electrical and Electronics, Building and Contruction, Medical, Sporting equipment, Packing, Other End Users
Asia-Pacific was the largest region in the technical foam market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the technical foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in demand for automobiles is expected to propel the growth of the technical foam market going forward. An automobile is a passenger vehicle built for use on roadways with four-wheel drive and a gasoline or diesel internal-combustion engine. Automotive foams provide cushioning and sound management and are used in windscreens, instrument panels, door panels, and headliners. As a result, the increasing demand for automobiles increases the demand for the technical foam market. For instance, according to the May 2022 publication of the ‘Global EV Outlook 2022’ report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increase in demand for automobiles is driving the growth of the technical foam market.
Key Industry Players
Major companies operating in the technical foam market report are Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams plc, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., Foam Products Corporation
The technical foam market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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