The global foam insulation market is projected to grow at a CAGR of 4.95% from 2016 to 2021, in terms of value. The market is rapidly evolving with the major players contributing to its development. Kingspan Group Plc. (Republic of Ireland), BASF SE (Germany), and Armacell International S.A. (Luxembourg) are some of the major players that led the market in 2015. Expansion, acquisition, and new product launch were the key strategies adopted by major foam insulation manufacturers in the recent past. These strategies were adopted by the top players to strengthen their position in the market and to enhance their product portfolios.
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Kingspan Group Plc., BASF SE, and Armacell International S.A. accounted for the major share of the foam insulation market. These companies focused on acquisition and expansion strategies to strengthen their position in the foam insulation market. For instance, Kingspan Group Plc. acquired the Building Insulation Division of Pactiv LLC (U.S.) in August 2014. This acquisition helped the company strengthen its insulation business in North America to meet the growing demand for foam insulation products in the region.
BASF SE, a key player in the foam insulation market, focuses on new product launches to cater to the demand from end-use industries. In 2015, the company launched Styrodur 3000CS and Neopor. These products offer 15% and 20% better insulation, respectively, than the conventional insulation panels used in the building & construction end-use industry. The company is also focusing on expansion and acquisition strategies to meet the growing demand for foam insulation products from various end-use industries.
Armacell International S.A., another major market player, focuses on acquisitions and expansions to cater to the growing demand in the market. In October 2016, the company acquired PoliPex Ltda (Brazil), which helped strengthen its product portfolio in Latin America. The company also opened a production facility in Lobnya (Russia) in January 2016. This expansion has helped the company enhance its market position in the European region.
Leading market players have adopted different growth strategies to gain a competitive advantage in the market. The Asia-Pacific region leads the global foam insulation market due to the increasing demand for consumer appliances in the region, accompanied by the growing building & construction industry. Increasing population, urbanization, and the growing middle class with higher income are also factors driving the demand for foam insulation in the region.
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