The Technical Foam Global Market Report 2023 by The Business Research Company, provides technical foam market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Technical Foam Global Market Report 2023, the market size is expected to grow from $31.98 billion in 2022 to $34.47 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The technical foam market share is expected to grow to $44.53 billion in 2027 at a CAGR of 6.6%.
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.
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The technical foam market is segmented:
1) By Product Form: Flexible, Rigid, Spray
2) By Material Type: Expanded Foam, Polyethylene, Elastomeric, Polyurethane, Melamine, Phenolic, Ethyl Vinyl Acetate, and Other Material Types
3) By End Users: Automotive and Transportation, Electrical and Electronics, Building and Construction, Medical, Sporting equipment, Packing, Other End Users
Technological advancements are a key trend gaining popularity in the technical foam market. Major companies operating in the technical foam market are focused on developing new technological solutions to strengthen their position in the market. For instance, in January 2021, SABIC, a Saudi Arabia-based company operating in technical foam, launched the LNP™ COLORCOMP™ WQ117945 compound, a breakthrough material based on advanced nanotechnology. This compound facilitates the efficient production of polyethylene terephthalate (PET) foams for core materials in sandwich structures that improve control over nucleation and cell growth and shear strength or strain properties for better fatigue performance. These foams address the evolving needs of various industries, such as building and construction, wind energy, marine, and packaging.
The technical foam market report table of contents includes:
1. Executive Summary
2. Technical Foam Market Characteristics
3. Technical Foam Market Trends And Strategies
4. Technical Foam Market – Macro Economic Scenario
5. Technical Foam Market Size And Growth
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26. Africa Technical Foam Market
27. Technical Foam Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Technical Foam Market
29. Technical Foam Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Armacell
- BASF SE
- Woodbridge Group
- Dow Inc
- Sekisui Chemical Co. Ltd
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