The report "Engineered Foam Market by Material Type (Polyurethane, Polystyrene, Polyolefin), Form (Flexible, Rigid, Spray), End User (Aerospace & Defense, Medical & Healthcare, Transportation, Manufacturing & Construction), Region - Global Forecast to 2026", The engineered foam market is estimated at USD 57.30 Billion in 2016, and is expected to reach USD 122.30 Billion by 2026, at a CAGR of 7.9% from 2016 to 2026.
Major growth drivers for the market include increased expenditure in space research activities and growth in the airline industry of emerging regions, such Asia-Pacific, Latin America, and the Middle East & Africa. High transition along with shorter product life cycles in end-use industries is another factor expected to drive the engineered foam market. Increase in the number of developments in the construction, sports & leisure, and automotive industries is also expected to further boost this market.
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Flexible foam is the largest form segment of the engineered foam market
Flexible foam is the largest form segment of the global engineered foam market. However, the spray foam segment is expected to grow at the highest CAGR during the forecast period. Spray foams have been increasingly used in coating applications along with quick repairs in exiting insulations and cushioning. One major advantage of spray foam over the other types of foams is, it is ready to use and does not require any additional molding cost that may be required in case of rigid and flexible foams. This high growth in demand for spray foam is due to its increasing applications in insulation, such as light-density open-cell spray foam insulation and medium-density closed-cell spray foam insulation.
Polyurethane is the largest material type segment of the engineered foam market
The polyurethane segment contributed the largest share to the global engineered foam market among various types of engineered foam. Polyurethanes are among the most versatile construction materials that can be used for number of applications by end users. They can be strong elastomers or rigid plastics, and they can be processed using extrusion, injection molding, film blowing, solution dipping, and two-part liquid molding. Owing to its unique physical characteristics, this foam is steadily replacing traditional plastic components and metals.
Asia-Pacific is the largest market for engineered foam, globally
Asia-Pacific was the largest market for engineered foam in 2015, and is projected to remain the same in the coming years. The continuous rise in manufacturing & construction materials for domestic use as well as exports drive the demand for engineered foam in the region.
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Key players operational in the engineered foam market include The DoW Chemical Company (U.S.), BASF SE (Germany), Bayer AG (Germany), Sekisui Chemical Ltd. (Japan), Huntsman Corporation (U.S.), Trelleborg AB (Sweden), Inoac Corporation (Japan), Recticel NV/SA (Belgium), Vita (Lux III) S.à r.l. (U.K.), Armacell GmbH (Luxembourg), Foamcraft Inc. (U.S.), FoamPartner Group (Switzerland), Future Foam Inc. (U.S.), UFP Technologies Inc. (U.S.), and Rogers Corporation (U.S.).
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