Global Technical Foam market share 2024, Forecast To 2033
4 Mar, 2024
The technical foam market size has demonstrated robust growth, escalating from$34.14 billion in 2023 to$36.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The expansion in the historic period is attributed to the growth in the construction sector, increased utilization in electronics and gadgets, aerospace industry demand, and advancements in manufacturing. Forecasts indicate continued growth, with the market expected to reach$48.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. This growth is fueled by customization and personalization trends, supply chain optimization, adoption of recyclable materials, research and development investments, and urbanization and infrastructure demands. Major trends in the forecast period include innovation in material science, technological advancements, and collaborations.
Global Technical Foam Market Key Driver
An increase in demand for automobiles is expected to propel the growth of the technical foam market going forward. An automobile is a passenger vehicle built for use on roadways with four-wheel drive and a gasoline or diesel internal-combustion engine. Automotive foams provide cushioning and sound management and are used in windscreens, instrument panels, door panels, and headliners. As a result, the increasing demand for automobiles increases the demand for the technical foam market. For instance, according to the May 2022 publication of the ‘Global EV Outlook 2022’ report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increase in demand for automobiles is driving the growth of the technical foam market. The 2023, 2024, and 2028 market size values highlight the significant role of automotive industry trends in shaping market dynamics within the technical foam segment, reflecting a growing consumer preference for lightweight and energy-efficient vehicle components.
Get A Free Sample Of The Global Technical Foam Market ReportGlobal Technical Foam Market Segments
The global technical foam market covered in this report is segmented –
1) By Product Form: Flexible, Rigid, Spray
2) By Material Type: Expanded Foam, Polyethylene, Elastomeric, Polyurethane, Melamine, Phenolic, Ethyl Vinyl Acetate, Other Material Types
3) By End Users: Automotive and Transportation, Electrical and Electronics, Building and Contruction, Medical, Sporting equipment, Packing, Other End Users
By Geography: The regions covered in the technical foam market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the technical foam market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the technical foam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Technical Foam Industry Players
Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams PLC, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., Foam Products Corporation
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Technical Foam Market Overview
Technical foam refers to the foam that includes the use of various rubber and polymer blends developed to achieve application-oriented properties such as filtering, packaging, sound insulation, cleaning, and sealing.
Technical Foam Global Market Report 2023 provides data on the global technical foam market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The technical foam market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.