The global engineered foam market is projected to reach USD 122.30 billion by 2026, at a CAGR of 7.9% from 2016 to 2026. Growing demand of engineered foam in aerospace & defense, transportation, medical & healthcare, and others with high degree of customization to meet their application demand are some of the end-use industries driving the global engineered foam market.
Based on end-use industry, aerospace & defense led the market for engineered foam. However, the transportation segment is expected to grow at the highest CAGR during the forecast period. Transportation is one of the key end-use industries for engineered foam. Engineered foams are used in the manufacturing of several vehicle parts, such as seat foam, door panels, and energy absorbs in the automotive industry. The automotive industry is expected to grow at a 5.4% annually, which is expected to drive the demand for engineered foams. The market players of the engineered foam market can expand its products offering for the transportation and automotive industries, which will help the players increase its market share in the engineered foam market.
Polyolefin is the fastest-growing material type segment of the engineered foam market. Polyolefin is majorly used in the packaging and automotive industries. Growing automotive industry and packaging industry, will drive the market of polyolefin engineered foam market.
Asia-Pacific accounted for the largest share of the global engineered foam market in 2015, owing to the increasing investments in the transportation, and medical & healthcare sector in various countries in the region. It is, also expected to be the fastest-growing market in the coming years, in terms of value. Presently, the engineered foam market in Asia-Pacific is at a growth stage. The growth of the Asia-Pacific engineered foam market is also fueled by the increasing demand from countries, such as Japan, China, India, Indonesia, and others in the region.
The global engineered foam market is fragmented and is highly competitive with the presence of large number of prominent players. The DOW Chemical Company (U.S.), BASF SE (Germany), Bayer AG (Germany), Sekisui Chemical Ltd. (Japan), Huntsman Corporation (U.S.), Trelleborg AB (Sweden), Inoac Corporation (Japan), Recticel NV/SA (Belgium), Vita (Lux III) S.à r.l. (U.K.), Armacell GmbH (Luxembourg), Foamcraft Inc. (U.S.), FoamPartner Group (Switzerland), Future Foam Inc. (U.S.), UFP Technologies Inc. (U.S.), and Rogers Corporation (U.S.), are some of the key players operational in the engineered foam market. These companies adopted various strategies such as expansions, joint ventures, and mergers & acquisitions to strengthen their foothold and increase their share in this market.
The report “Engineered Foam Market by Material Type (Polyurethane, Polystyrene, Polyolefin), Form (Flexible, Rigid, Spray), End User (Aerospace & Defense, Medical & Healthcare, Transportation, Manufacturing & Construction), Region – Global Forecast to 2026”, The engineered foam market is estimated at USD 57.30 Billion in 2016, and is expected to reach USD 122.30 Billion by 2026, at a CAGR of 7.9% from 2016 to 2026.
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