pune, Maharashtra -- (SBWIRE) -- 12/06/2023 -- The report "Technical Foam Market by Form (Flexible, Rigid, Spray), Material (Elastomeric, PU, PE, Expanded Foam), End Use (Electricals & Electronics, Automotive & Transportation, Commercial Buildings, Office Equipment, Medical), and Region - Global Forecast to 2025" The global technical foam market size is projected to grow from USD 9.1 billion in 2020 and reach USD 15.7 billion by 2025, at a CAGR of 11.6% from 2020 to 2025. The growth of this market can be attributed to the increase in demand from automotive & transportation end uses and the rising demand for acoustic solutions in commercial buildings.

Browse in-depth TOC on "Technical Foam Market"
- 122 market data tables
- 53 figures
- 164 pages

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Flexible foam segment to lead the technical foam market during 2020-2025
Flexible foam is the most widely consumed since it is soft, flexible, and resilient. The growth of this segment can be attributed to its lower cost compared to rigid and spray foam. It can also be attributed to the consumption of these foams for manufacturing automotive, commercial building insulation, office equipment, and others due to their softness, moisture resistance, and high impact & mechanical properties. Moreover, flexible foams regain their original shape even after being deformed. Hence, the consumption of flexible foam is higher in such end uses.

Automotive & transport segment is expected to register the fastest growth during the forecast period
Automotive & transport segment is expected to register the fastest growth in the global technical foam market during the forecast period. The growth rate can be attributed to the increasing application areas of technical foam and its ability to perform in adverse environments, which has led to an increase in its consumption in the automotive & transportation sector. Increasing demand for better vehicle operational & environmental efficiency, temperature control, superior dielectric insulation qualities, and thermal conductivity of various materials make technical foam suited for a broad range of specialist automotive applications.

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Asia Pacific to lead the global technical foam market during the forecast period
Asia Pacific is estimated to account for the largest share of the global technical foam market in 2020. The market here is anticipated to grow at the highest CAGR between 2020 and 2025. The Asia Pacific region is an emerging and lucrative market for technical foam, owing to the demographic changes, increasing industrial development, and improving economic conditions. This region constitutes approximately 60% of the world's population, resulting in the wide-scale adoption of technical foam in electricals & electronics, automotive & transportation, commercial buildings, and medical end uses.

Some of the leading manufacturers of technical foam profiled in this report are BASF SE (Germany), Dow Inc. (US), SEKISUI CHEMICAL CO., LTD (Japan), Huntsman Corporation (US), Armacell International S.A. (Germany), LANXESS AG (Germany), Trelleborg AB (Sweden), Recticel NV/SA (Belgium), INOAC Corporation (Japan), UFP Technologies, Inc. (US), Wanhua Chemical Group Co., Ltd. (China), and The Woodbridge Group (US).

Recent Developments in Technical Foam Market:

- In February 2020, Huntsman Corporation acquired Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC, for USD 350 million. The acquisition of Icynene-Lapolla is aligned with Huntsman’s strategy of growing its downstream polyurethanes business.

- In December 2019, BASF SE expanded its range of melamine resin foam, Basotect, by developing and improving emission properties in the new grade Basotect UF+. It is suitable for the insulation of rail vehicles and for heating, ventilation, and air conditioning (HVAC) in buildings.

- In October 2018, Recticel NV/SA set up its first foam converting plant in Tangier, Morocco, with an investment of USD 1.2 million. The new Tangier plant specializes in manufacturing specific technical foams for the automotive market, which strengthens the company’s position in the automotive sector in the Middle East & Africa region.

- In April 2019, Armacell International S.A. and Thermaflex (Netherlands), a manufacturer of high-end PE and pre-insulated piping solutions, entered into a commercial co-operation agreement wherein Thermaflex will operate as the exclusive distributor for Armacell in the Russian Federation and some CIS countries.

- In February 2018, UFP Technologies, Inc. acquired Dielectrics, Inc. (US), a leader in the design, development, and manufacturing of medical devices using thermoplastic materials. With this acquisition, the company has increased its customer base and been able to manufacture foam material for the packaging of medical devices manufactured by Dielectrics

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