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Technical Foam Market size was over USD 39.58 billion in 2023 and is poised to exceed USD 87.58 billion by 2036, witnessing over 6.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of technical foam is evaluated at USD 41.57 billion.
Growth Drivers
Challenges
Some government and federal organizations are gradually raising concerns concerning the detrimental health effects of isocyanates used in polyurethane production which is however anticipated to pose a challenge for the growth of the market during the forecast period.
The current outbreak of COVID 19 has forced many industries to shut down their factories halting the production process coupled with the halt in global supply chain management that could impact negatively on the overall market growth of technical foams.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.3% |
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Base Year Market Size (2023) |
USD 39.58 billion |
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Forecast Year Market Size (2036) |
USD 87.58 billion |
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Regional Scope |
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The market is segmented by product type, end-use industry, and region. Among end-users, the automotive & transportation segment is anticipated to be the largest end-user in the technical foam market during the forecast period. This dominant position is attributed to its low weight and durability for high-temperature insulation results. These foams also provide resistance to heat & fire, comfort, acoustic, fire insulation, and noise reduction for boats & ships. Henceforth, growing demand for improved vehicle’s operational & environmental efficiency, temperature control, greater dielectric insulation qualities, and thermal conductivity of several materials make technical foam suited for an extensive range of high-quality automotive applications.
Our in-depth analysis of the global market includes the following segments
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By Form |
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By Material |
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By End-Use |
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Geographically, the technical foam market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
Asia Pacific industry is expected to account for largest revenue share by 2036, as emerging markets across the region are gearing up their technical foam producing facilities to meet the ever-growing demand from the burgeoning populace.
North America, driven by the U.S. and Canada is foreseen to witness significant growth opportunities. The U.S. market is driven by increasing demand for polyurethane and polystyrene foams in building and construction as well as marine industry and PVC foam in wind energy applications.
The technical foam market in Europe is led by the UK, Germany, and France which is predicted to observe stable growth. Growing household expenditure on the automobile sector and rising medical expenses may propel the regional growth.
Asia Pacific is expected to hold the largest regional market for technical foam. Emerging markets across the Asia Pacific are gearing up their technical foam producing facilities to meet the ever-growing demand from the burgeoning populace. Nations with high GDP growth rates, such as China and India, are projected to eyewitness rapid expansion in the automotive, construction, pharmaceuticals, and manufacturing segments. These factors are expected to foster demand for technical foam in several associated applications. Further, the rising elderly inhabitants, growing health care spending, rising direct foreign investments, contributing to investments in these sectors, and growing economic standards in evolving economies of China, Japan, and India may drive regional growth in the forecast period.
June 08, 2020: BASF collaborated with NIO, a leading novel energy vehicle company to provide NIO’S new ES6 model with improved seat covers which are made of BASF’s Haptex® material, being the first polyurethane (PU) solution made devoid of the organic solvents. It benefits in reducing volatile organic compounds (VOC) and hence odors, by this means improved interior air quality in cars. Haptex also helps in enhancing the look and texture of seatings for NIO’s premium ES6 model.
June 02, 2020: DOW, having a leading portfolio of polyurethane additives and surfactants in the market, addresses the vital energy proficiency and sustainability tendencies in the cold chain appliances, by announcing their new generation low cyclics and low volatile silicone surfactants to support the advanced rigid polyurethane foam formulations.
Author Credits: Rajrani Baghel
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