Technical Foam Market: Overview
Technical Foam is extensively used for automotive applications such as car seats and interiors. Properties such as excellent cushioning and minor impact absorbance has created an immense space for the manufacturers to leverage technical foam for automotive manufacturing. Increase in demand for automotive has exponentially increased the demand for technical foams. Moreover, its utilization is industries is rapidly growing owing to its low water absorption, low density, high mechanical strength and insulating properties. Furthermore, its utilization in electrical & electronics and construction industries is set to assist the market growth till 2030. Rapid industrialization has paved the way for the increased demand of technical foams over the period of 2015-2019. Pertaining to the increasing demand of technical foam, Huntsman Corporation acquired Icynene-Lapolla for forward integration and to reduce the production cost which shall in turn boost the revenue of the company in long-run. Global technical foam market is forecast to witness absolute growth at a higher single digit CAGR between 2020 and 2030.
Demand Surge from Automotive Industry is set to propel the Market
Of the two major Technical Foam end-use industry, Automotive and industrial Technical Foam market. Automotive Technical Foam market captures majority of the market owing to its utilization in significant amounts in shaping the interiors and to manufacture car seats which has provided impetus in the historical period is set to remain in the same pace over the forecast period
COVID-19 to Squeeze the Technical Foam Market
COVID-19 has not only shattered the movement of the people but also the production and trade of the major products in the market. In the perspective of the Technical Foam market, automotive industry has totally ceased its production activities across the globe for more than one and half months. Owing to demand declination of automotive across the globe has cascaded the effect to the technical foam market. Lower output rate has squeezed the demand of technical foam insulation from chemical and other industries. Market is set to expand after the COVID-19 after math for one quarter and is set to remain in the same pace till 3rd quarter of FY2021. COVID-19 has accelerated the demand declination, followed by automotive recession in 3rd quarter of FY2019. All in all supply chain of Technical Foam has been disrupted and is set to remain till the end of 3rd Quarter FY 2020.
Segmentation analysis of Technical Foam Market:
The global Technical Foam market is bifurcated into four major segments: product type, By Material Type, end-use industry and region.
On the basis of Product Type, Technical Foam market has been segmented as follows:
- Hydrophilic Foams
- Filter Foams
- High Density Foam
On the basis of Material Type, Technical Foam market has been segmented as follows:
- Expanded Foam
- Ethyl Vinyl Acetate
On the basis of End-Use industry, Technical Foam market has been segmented as follows:
- Automotive Industry
- Electrical & Electronics
On the basis of geographic regions, Technical Foam market is segmented as
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Technical Foam Market: Regional Outlook
From regional perspective, East Asia holds for largest market share in global technical foam market. Automotive production and the growth in industrial operation uptake in the historical period. This has provided impetus to the technical foam market to grow in East Asia region. Positive net trade flow across the globe from East Asia is set to bolster the technical foam stance in the region. North America accounts for less than 20% of the global technical foam demand. Market is gaining its pace in this region owing to the rise in automobile production, which provides enough push for the demand requisite in the region. South Asia & Oceania is growing at a faster pace as the region owing to the rise in automobile production in the period of 2018-2020. Middle East and Africa and Latin America are growing at a nominal pace owing to the rising construction and industrial activities in the regions
Technical Foam Market: Key Players
Global Technical Foam market is highly fragmented in nature with presence of numerous international players. Key players in market are focused towards expansions through acquisitions and partnerships. These players aim to provide a scattering range of technical foam suited for different automotive, construction and industrial purposes. Key players in global Technical Foam market are BASF SE, Dow Inc, Huntsman Corporation, Trelleborg AB, Recticel NV, UFP technologies Inc., Lanxess AG, Wanhua Chemical Group Co., Ltd, Woodbridge Group, Sheela Foam, Eurofoam and other firms manufacturing technical foams globally.
The research report presents a comprehensive assessment of the Technical Foam market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The Technical Foam Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The Technical Foam Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic & Russia)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, Malaysia, Indonesia, Thailand, Australia & New Zealand and Rest)
- Middle East & Africa (GCC Countries, South Africa, Turkey)
The Technical Foam report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The Technical Foam report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The Technical Foam report also maps the qualitative impact of various market factors on market segments and geographies.
The Technical Foam Market Report Highlights:
- A Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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