Foam Insulation Market Growth Analysis, Segmentation, Size, Share, Trend, Future Demand and Leading Players Updates by Forecast to 2029
The global foam insulation market size is slated to grow at a considerable rate, owing to rapid expansion of the global construction industry, shares Fortune Business Insights™ in its report, titled “Foam Insulation Market Size, Share & Industry Analysis, By Material (Polystyrene, Polyisocyanurate, Polyurethane, Phenolic, Others), By Type (Rigid/Board, Flexible, Spray), By End-use Industry (Building & construction, Transportation, Consumer Appliances) Others and Regional Forecast, 2019-2026”. According to a collaborative report published by Oxford Economics and Global Construction Perspectives, the construction sector worldwide is set to surge, in terms of output volume, by 85% in the coming decade, reaching a value of approximately USD 15.5 trillion by 2030. Majority of this rise will be witnessed in the US, China, and India, with the three countries accounting for 57% of the growth in output. Foam insulation plays a critical role in ensuring the thermal stability of a building and structures within it by insulating them from external weather changes. With the effects of global warming and climate change becoming more and more adverse, the demand for energy-efficient buildings and effective protection from excessive heat and cold is growing. This trend is expected to feed the growth of this market in the foreseeable future.
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Highlights of the Report:
- Comprehensive examination of the market trends, drivers, and restraints;
- In-depth analysis of the market segments;
- Close study of the regional developments impacting market dynamics; and
- Careful profiling and detailed assessment of the industry key players and their dominant strategies.
Environmental Disadvantages of Foam Insulation May Hinder Adoption
The foam insulation market growth is likely to face a major roadblock in the form of the serious environmental effects these materials can entail. For example, Polyisocyanurate insulation, which is extensively deployed in the construction industry, is produced using CFC-11, an ozone depleting substance, to expand the foam quickly. Over time, the effectiveness of the foam starts dropping and the CFC-11 leaks out into the atmosphere. Similarly, other types of rigid foam insulation materials utilize a variety of chlorofluorocarbons to maintain their structure, eventually releasing CFCs in the air as their structures start deteriorating. CFCs are detrimental for the Ozone Layer, which protects the Earth from the harmful ultraviolet (UV) rays of the sun. Non-degradable and non-recyclable nature of foam insulation materials, especially of rigid foams, makes them an unattractive option in today’s age when there is a crying need for sustainable building materials.
Stunning Economy Growth in Asia Pacific to Augment the Market
Geographically, Asia Pacific is expected to dominate the foam insulation market share in the forthcoming years on account of the spectacular economic growth seen in India, China, and Vietnam in the past few decades. This growth is reflected in the rapid development of the manufacturing sector, construction industry, and speedy expansion of urban areas. All these factors are favoring the growth of this market in the region. Similar trends can be observed in Latin America, especially in Brazil, Mexico, and Chile, where the construction industry is undergoing a period of dynamic growth. In North America, robust manufacturing and construction businesses, coupled with the presence of major market players, will augur well for the regional market growth.
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Acquisitions and Innovation to be the Top Position-strengthening Strategies among Players
Key companies in this market are taking decisive steps to strengthen their market position and presence. Chief among these strategies is the tactical acquisition of other market players, aimed at deepening one’s foothold in the market. The other most prominent strategy is the increasing investment in innovation to diversify the company’s product portfolio.
- February 2020: US-based Huntsman Corporation successfully acquired another US-based foam insulation specialist, Icynene-Lapolla, for an estimated value of USD 350 million. The acquisition allows Huntsman to access Icyene’s rich expertise in polyurethane foam insulation manufacturing and distribution.
- September 2018: BASF released the prototype of its particle foam based on polyethersulfone, the first of its kind in the world. The foam features unique properties, including inherent flame retardation and high-temperature resistance, along with it being extremely lightweight, yet being stiff and strong.
List of Players Covered in the Foam Insulation Market Report:
- Tosoh Corporation
- Rogers Corporation
- Mitsui Chemicals & SKC Polyurethanes Co Ltd (MCNS)
- Armacell International SA
- Covestro AG
- Huntsman Corporation
- DUNA-USA Inc.
- Eurofoam Group
- Asahi Kasei
- BASF SE
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