Feb 16, 2021: The global structural foam market size is expected to value at USD 42.2 billion by 2025. The market is subject to witness a substantial growth due to the rising infrastructure activities, growing residential & commercial construction industry and substantial growth of retail sector. Additionally, the growing need for structural foam in material handling, automotive, and electrical & electronics industry from BRICS (Brazil, Russia, India, China and South Africa) countries are expected to drive the growth of the market over the forecast period.
Globally,
the structural foam market is predicted to grow at CAGR of 5.8% in forecast
period, providing numerous opportunities for market players to invest in
research and development in the market. Structural foams offer advantages such
as lightweight and superior weight to strength ratio, mainly in comparison with
the solid plastics. Such factors are largely influencing demand of the
structural foams. Other advantages of structural foams include stability,
conductivity, heat resistance, and toughness, which are vital in applications
such as wind turbines, automobile equipment, and insulation purposes.
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Increasing
adoption of structural foams in material handling equipment that is commonly
used for small distance travel for industrial goods within the production
plant, thus expanding overall market reach of the structural foam industry over
the forecast period. Other applications of the structural foam include
packaging services, shipbuilding, wind power, and consumer goods, such factors
are playing critical role in the growth of structural foam market in the last
couple of years.
However,
variation in the cost of the raw materials and shifting preference towards
biodegradable plastics as a reliable substitute replacing non-biodegradable
foam are expected to limit market growth over the forecast period. Yet, large
corporations are increasingly setting up supply partnerships and implementing
forward and backward integration in the supply chain network, thus driving
market growth in the last couple of years. Although, changing fuel prices,
increasing demand for premium quality products at cheap rates and growing
competition in the market are further restraining market progress to a certain
extent.
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Polyethylene
is considered as one fastest growing segment in the structural foam industry
with substantial revenue generation in the last couple of years. Growing
popularity of the polyethylene foam market segment is credited to the factors
such as lightweight, durability, heat resistance and a closed-cell material composition.
Polyethylene is widely used in the packaging of delicate products and
automobile parts, thus fostering market value in the recent years.
Rigid
polyurethanes has also witnessed substantial growth in the last couple of years
owing to increase in adoption as a structural material. Rigid polyurethanes has
also displayed important properties such as toughness, lightweight, and
resilience. Rigid polyurethanes also provide protection against chemical
reactions and moisture effects thus making it an ideal choice for various
application such as building & product insulation.
Growing
demand for structural foams in the automobile sector are expected to fuel
market growth over the forecast period. Additionally, introduction of
lightweight composites and its advantages are expected to boost market demand
for structural foam in upcoming years as well. Recently, integration of the
structural foam into various parts of a vehicle like body-side joints, chains,
ledges, under body cross-vehicle frame, longitudinal frames or frame bars,
machine cradles, body-side rails, door panels and hydro-formed reinforcements.
The
structural foam market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the adoption of latest technologies in
construction & building industry and existence of well-established
industrial infrastructure.
Asia-Pacific
region is predicted to hold major market share in the structural foam industry
with massive growth in forecast period. Countries such as India, China and
Indonesia are leading the Asia-Pacific’s market with high economic growth,
ever-growing population, increasing standard of living, and significant
investment by leading industry players considering potential growth
opportunities in the region. The key players in the structural foam industry
are Armacell International S.A., Diab International AB, Evonik Industries AG,
Covestro AG, and Gurit Holding AG.
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