The rigid foam market is projected to reach USD 99.78 Billion by 2022, at a CAGR of 8.2% from 2017 to 2022. The growth of the rigid foam market is driven by the increasing use of rigid foam in the building & construction industry and appliances industry for insulation and energy saving, and in the automobile industry for weight reduction. These foams are also being increasingly used in the packaging end-use industry, owing to their light weight and durability.
Polyurethane rigid foam is closed cell structure, has high crosslinking density with good heat stability, high compressive strength and excellent insulation properties. It is used in the building & construction, appliances, automotive, packaging, and various other end-use industries. Polyurethane rigid foam is used in the building & construction end-use industry for thermal insulation and energy savings. In the automobile industry, it is used for energy absorption, structural strength, and weight reduction. Increased demand for automobiles and infrastructure developments across the globe are expected to lead to an increase in their production and is thus expected to fuel the growth of the polyurethane foam market during the forecast period.
On the basis of end-use industry, the rigid foam market has been classified into building & construction, appliances, automobile, packaging, and others. In terms of value and volume, the building & construction end-use industry segment is projected to lead the rigid foam market during the forecast period, 2017 to 2022. Increasing concerns across the globe regarding insulation and energy savings have led to the development of use of rigid foam in the building and construction end-use industry.
In 2016, the Asia-Pacific rigid foam market witnessed the highest growth, in terms of both, volume as well as value. This trend is projected to continue during the forecast period as well. Emerging markets, such as China, India, and various Southeast Asian countries are attracting a number of global players to establish their manufacturing bases in the Asia-Pacific region. Manufacturers are competing to reach the wide customer base in countries, such as China and India to cater to the increasing demand for technologically advanced and high-quality products. Increased investments in the infrastructure and automobile sectors are driving the growth of the Asia-Pacific rigid foam market.
Though the rigid foam market is witnessing growth across the globe, factors such as volatility in the prices of raw materials are expected to restrain the growth of the rigid foam market, globally.
BASF SE (Germany), The Dow Chemical Company (U.S), Huntsman Corporation (U.S.), Covestro AG (Germany), JSP Corporation (Japan), Borealis AG (Austria), Sealed Air Corporation (U.S.), Armacell International S.A (Luxembourg), Woodbridge Foam Corporation (U.S.), and Zotefoams Plc (U.K.), are the key market players in the rigid foam market. Diverse product portfolios, strategically positioned R&D centers, adoption of various growth strategies, and advancements in technologies for the development of new types of rigid foam are the factors responsible for the strong positions of these companies in the rigid foam market.
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