Foam Insulation Market Overview to 2023:
The global foam insulation market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
North America held the major market share of the global foam insulation market in 2017 and is expected to show high growth during the forecast period. The building & construction industry is expected to drive the regional foam insulations market over the forecast period due to growing renovation & reconstruction activities. High consumption of thermal insulations to meet the building codes for construction of new residential & commercial buildings and a strong emphasis on technologically advanced products are expected to be the major contributor to the growth of the regional foam insulation market over the forecast period. Furthermore, the transportation industry is also expected to drive a strong demand for foam insulation to combat energy losses during transportation and storage of food & beverages products.
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Europe was the second largest market for foam insulation in 2017 and is expected to show steady growth during the forecast period. The strong automotive industry is expected to drive a considerable demand for foam insulation owing to its good thermal insulating properties, low moisture-vapor permeability, high resistance to water absorption, relatively high mechanical strength, and low density over other types of insulations. The building & construction industry is also expected to drive a significant demand for foam insulation due to a major emphasis on technologically advanced products over the forecast period.
Asia Pacific is expected to be the fastest growing market for foam insulation over the forecast period. Rapid industrialization & urbanization due to expanding population in key countries, such as China and India, is expected to drive bolstering demand for foam insulation from building & construction industry over the forecast period. Additionally, the rising demand for consumer appliances due to rising disposable income is expected to contribute to the market growth during the forecast period. The transportation industry is likely to drive rising demand for foam insulations further due to growing supply chain logistics of food & beverages industry as well as for insulation of vehicles such as bus, cars, aircraft, and others.
The Middle East & Africa is expected to witness rising demand for foam insulation due to their growing building & construction industry on account of government initiatives to flourish tourism industry. Countries such as the U.A.E, Qatar, and Oman are likely to be the major contributors to the growth of the foam insulation market over the forecast period.
Latin America is projected to witness a considerable growth due to growing construction industry in countries such as Mexico, Brazil, Venezuela, and Chile over the forecast period.
Market Segmentation
The global foam insulation market is segmented by product type, end-use industry, and region.
On the basis of the product type, the global foam insulation market is segmented into the polyurethane (PU) foam, polystyrene foam, polyolefin foam, phenolic foam, elastomeric foam, and others. Polyurethane foam insulation is further segmented into spray polyurethane foam (SPF), flexible PU foam, and rigid PU foam. Polystyrene foam insulation is further segmented into expanded polystyrene foam and extruded polystyrene foam.
On the basis of the end-user industry, the global foam insulation market is segmented into building & construction, transportation, consumer electronics, and others.
Competitive Analysis
Some of the prominent players in the global foam insulation market are BASF SE (Germany), Covestro AG (Germany), Lapolla Industries, Inc. (U.S.), Huntsman International LLC (U.S.), DowDuPont Inc. (U.S.), SAFCO Foam Insulation (U.S.), CAJUN FOAM INSULATION. (U.S.), SAINT-GOBAIN (France), EnergyGuard Foam Insulators, LP (U.S.), Insulation Northwest (U.S.), PUFF INC (U.S.),Pittsburgh Foam Insulation (U.S.), Owens Corning Commercial Insulation. (U.S.), Recticel NV/SA (Belgium), Armacell International S.A. (Luxembourg), and Johns Manville. (U.S.).
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