Global Industrial Foam Market - 2023-2030

Global Industrial Foam Market - 2023-2030

Market Overview

The global industrial foam market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 5.50% during the forecast period (2023-2030).

A foam is a substance formed by encasing air or gas bubbles within a solid or liquid. Gases have a far greater volume than liquids or solids and thin sheets separate gas pockets. Foam can obstruct liquid flow and prevent gas exchange with air. To help prevent bubbles from developing, anti-foaming chemicals can be added to a liquid. Foaming affects practically every industry, from medicines to brewing, paint manufacturing to wastewater treatment, oil & gas to food processing and textiles to pulp & paper manufacturing.

Foam can be either a necessary element of a procedure or an unwanted consequence. Foaming has the impression of simple material, largely because it is familiar, whether in the shape of bath foam, milkshake bubbles or the head on a glass of beer. In practice, however, foam is a complex, dynamic material created by physical, chemical and biological processes.

Market Dynamics

The rise of numerous end-use industries is driving the market forward. Increased infrastructure investments, new housing projects and non-residential building renovations in China, India and Brazil have further helped market expansion.

The growing demand for bio-based polyols

Foam makers are always trying for sustainability in their business methods in light of growing concerns about fossil fuels and the impact of plastics on the environment. Oil price volatility has substantially impacted the foam industry's profitability. As a result, bio-based polyols that can be utilized to make foam were developed. Bio-based materials, such as soy-based polyols, outperform conventional polyols in cost and sustainability. They're also less susceptible to hydrolysis and more thermally stable. Urethane Soy Systems, Bio-Based Technologies, The Dow Chemical Company, Cargill, Inc. and MCPU Polymer Engineering, are among the leading makers of soy-based polyols.

However, the fast-rising biodiesel market is a big worry for companies interested in creating and commercializing soy-based polyols, natural oil-based polyols and similar materials. The use of bio-based polyols has increased as the price of conventional polyols has risen. Still, the rising demand for biodiesel has resulted in a fall in natural oil prices and, as a result, in the price of bio-based polyols. In this circumstance, producers who are backward integrated with the natural oil industry will have an advantage over makers of alternative polyols.

Growing demand for industrial foams in various industries

Industrial foam industries are building and construction, HVAC, marine, aerospace and pipe insulation. Forging, pipe-in-pipe, doors, roof boards and slabs are examples of industrial foam employed in the construction industry. Industrial foam is frequently used for interior wall & roof insulation in residential and commercial buildings.

Crafts and architectural model construction also employ extruded polystyrene (XPS) material. Expanded polystyrene (EPS) is an ideal building and construction material because it is lightweight but robust, with outstanding thermal insulation and impact resistance.

Stringent regulations on the use of chemicals

MDI (Methylene diphenyl diisocyanate) overexposure harms one's health and can irritate the skin, eyes, nose, throat and lungs. Polystyrene contains hazardous chemicals such as benzene, ethylene and styrene, which are carcinogenic. The use of chlorofluorocarbons (CFCs) as blowing agents in the production of industrial foam is a major contributor to the ozone layer's depletion.

When polyurethanes are formed, diisocyanates interact with polyols and polyols (both are generated from crude oil). As per U.S. Environmental Protection Agency (USEPA), exposure to diisocyanates can result in asthma, lung damage, respiratory issues and skin and eye irritation.

As a result, in Europe and North America, regulators like the Control of Substances Hazardous to Health (COSHH), European Union (EU), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Globally Harmonized System (GHS) and the Environmental Protection Agency (EPA) regulate foam to use in a variety of applications. As a result, developing cost-effective, environmentally friendly foam products while adhering to stringent environmental standards is a problem for market players.

COVID-19 Impact Analysis

The global implementation of COVID-19 lockdowns resulted in a considerable drop in MDI demand from March to June 2020. The key customers in Asia-Pacific either canceled or postponed their advance orders. The outbreak and spread of COVID-19 have resulted in a TDI scarcity in important places worldwide. Most industrial enterprises have ceased operations and several countries have closed their ports, preventing product transit. As a result, numerous TDI orders have been canceled.

Because of the COVID-19 outbreak, many industrial foam production companies in Europe have closed or are operating at reduced capacity. COVID-19 is expected to significantly impact the building industry in different parts of the world. Europe's building and construction industry is expected to shrink by 60–70% by 2020. However, China's economy is improving in Asia-Pacific, as the construction industry in most parts of the country has resumed normal operations.

Segment Analysis

By end-user, the industrial foam market is segmented into building & construction, HVAC, industrial pipe insulation, marine and others.

Rising usage of industrial foams in building & construction

Industrial foam is utilized in various building and construction end-use applications. The foam is used as a thermal insulator in flooring, waterproofing and air sealing. Spray and stiff industrial foams are also employed in buildings as structural and insulation foams.

Even though COVID-19 is expected to influence the building and construction industry significantly, it remains one of the largest consumers of industrial foams because the amount of these used in this industry is higher than in other end-use industries.

Geographical Analysis

The rapidly developing countries in Asia-Pacific

The market for industrial foams is predicted to be dominated by Asia-Pacific. Asia-Pacific is a fast-expanding market with numerous business potential. Most of North America's and Europe's biggest corporations want to shift their production bases to the region due to the accessibility of low-cost raw materials, low production costs and a desire to serve the local market better.

With the rising middle-class income in the region, there is a greater demand for premium and higher-quality goods. The government of India's ""Housing for All by 2025,"" ""Make in India,"" and other infrastructure development initiatives aid the country's building, construction and marine sectors. The elements will have a significant impact on driving market growth.

Competitive Landscape

With many worldwide and regional players, the industrial foam sector is competitive. Vendors are placing a greater emphasis on product differentiation and innovation. Huntsman purchased Icynene-Lapolla in February 2020 to increase its bottom foothold in spray polyurethane foam insulation. Due to the acquisition, Huntsman is now the top supplier of spray foam materials used to insulate residential and business structures.

BASF and Liyang Shanhu Industry Auto Trim Material Co., Ltd. announced a strategic partnership agreement in May 2019 to manufacture lightweight and low-emission polyurethane (PU) system products to meet market demand in China's automobile industry.

Major global industrial foam market companies include Armacell, BASF SE, Covestro AG, Continental AG, Dow Chemical, Huntsman Corporation, JSP Corporation, Saint-Gobain, Sealed Air Corporation and Trelleborg AB.

Armacell

Overview: Armacell is a prominent provider of tailored foams and a leader in flexible insulation foams for the equipment-insulation sector. Advanced Insulation and Engineered Foams are the two primary operations of the company. In markets requiring energy distribution, such as plumbing, HVAC and cooling systems in residential & non-residential building projects and process lines in various industries and the international oil & gas business, the advanced insulation company develops flexible insulation foam of mechanical equipment. The company's headquarters are in Luxembourg. It employs about 3,135 people and operates 25 manufacturing facilities in 17 countries.

Product Portfolio: Armacell manufactures high-performance foams for sophisticated, lightweight applications and 100% recycled PET products & next-generation aerogel-based insulation technologies.

Key Development: Armacell has announced the launch of the ArmaPET family of brands. Armacell's revolutionary and environmentally friendly PET-based foam products will be sold under the ArmaPET family name. Wind turbine blades, road & rail vehicles and sustainable building components use ArmaPET foam materials.

Why Purchase the Report?
• Visualize the composition of the industrial foam market segmentation by type, resin type, end-user and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the industrial foam market by analyzing trends and co-development deals.
• Excel data sheet with thousands of industrial foam market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global industrial foam market report would provide access to an approx. 61 market data table, 56 figures and 209 pages.

Target Audience 2022
• Industrial Foam Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Industrial Foam Manufacturers