Technical Foam Global Market Report 2024

The global technical foam market has grown strongly in recent years. It will grow from $34.14 billion in 2023 to $36.70 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed during the historical period can be attributed to several factors, including the expansion of the construction sector, increased demand within the electronics and gadgets industry, utilization of technical foam in the aerospace sector, its application in various consumer goods, and advancements in manufacturing processes driving its usage.

The global technical foam market is expected to see strong growth in the next few years. It will grow to $48.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. Anticipated growth in the forecast period can be linked to several key factors, including a focus on customization and personalization of technical foam products, efforts towards supply chain optimization, increased adoption of recyclable materials in manufacturing, higher investments in research and development (R&D), and the demands of urbanization and infrastructure development. Key trends expected in the forecast period encompass innovations in material science aimed at enhancing technical foam properties, technological advancements to improve manufacturing processes and product performance, and increased collaborations within the industry to drive innovation and meet evolving market demands.

The anticipated increase in demand for automobiles is poised to drive the growth of the technical foam market. Technical foam, widely used in the automotive industry, serves various functions such as cushioning and sound management in components like windscreens, instrument panels, door panels, and headliners. The surge in automobile demand directly contributes to an increased need for technical foams. According to the 'Global EV Outlook 2022' report published in May 2022, electric vehicle (EV) sales reached a new high of 6.6 million in 2021, doubling from the previous year. Global electric car sales in 2021 reached 6,600,000 units, up from 2,980,000 units. This substantial growth in the automotive sector is a key driver for the technical foam market.

The growth of construction and infrastructure projects is expected to propel the technical foam market forward. Technical foams play a crucial role in construction and infrastructure projects, where they are utilized for thermal insulation, soundproofing, and structural components. These foams conform to irregular surfaces and offer excellent sealing properties. In September 2023, the Census Bureau reported that total construction spending was estimated at a seasonally adjusted annual rate of $1,996.5 billion, surpassing the revised August estimate of $1,988.3 billion. This growth in construction and infrastructure projects contributes significantly to the increasing demand for technical foams.

Technological advancements stand out as a prominent trend in the technical foam market, with major companies focusing on developing innovative solutions to strengthen their market positions. For instance, in January 2021, SABIC, a Saudi Arabia-based company in the technical foam sector, introduced the LNP COLORCOMP WQ117945 compound. This breakthrough material, based on advanced nanotechnology, facilitates the efficient production of polyethylene terephthalate (PET) foams used as core materials in sandwich structures. The foams exhibit improved control over nucleation and cell growth, shear strength, and strain properties for enhanced fatigue performance. These technological advancements address the evolving needs of various industries, including building and construction, wind energy, marine, and packaging, reinforcing the significance of innovation in the technical foam market.

Leading companies in the technical foam market are actively pursuing strategic collaborations with major manufacturing partners to fortify their market positions. Strategic collaborations empower companies to join forces with other firms possessing complementary expertise, facilitating the realization of envisioned concepts and enhancing overall market presence. For instance, in September 2023, Selena FM S.A., a Poland-based construction chemicals company, entered into a strategic collaboration with Covestro AG, a Germany-based manufacturer of polyurethane and polycarbonate raw materials. The collaboration aims to develop a line of environmentally friendly polyurethane foams designed to enhance building thermal insulation. This strategic alliance exemplifies a co-creative approach, reflecting the shared commitment of both companies to drive transformative change in the construction sector. By combining their expertise, Selena FM S.A. and Covestro AG seek to promote sustainable practices and advancements in the construction industry.

In June 2022, Wm. T. Burnett & Co., a US-based manufacturer of technical foam and nonwoven products, strategically expanded its capabilities through the acquisition of Flex Foam. This acquisition, carried out for an undisclosed amount, aligns with Wm. T. Burnett & Co.'s commitment to innovation in the polyurethane industry, particularly in the Western United States. Flex Foam, a US-based polyurethane foam manufacturing company specializing in engineered and technical foams for the healthcare industry, complements Wm. T. Burnett & Co.'s existing strengths, contributing to the company's broader product offerings and market reach.

Major companies operating in the technical foam market report are 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

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. The countries covered in the technical foam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product forms of technical foam include flexible, rigid, and spray variants. Flexible foam possesses the ability to bend or be flexed easily without fracturing. The materials employed in technical foam production encompass expanded foam, polyethylene, elastomeric compounds, polyurethane, melamine, phenolic resins, ethyl vinyl acetate, and various others. These foams find applications across a spectrum of industries such as automotive and transportation, electrical and electronics, building and construction, medical, sporting equipment, packaging, and other sectors.

This report provides technical foam market statistics, including technical foam industry global market size, regional shares, competitors with a technical foam market share, detailed technical foam market segments, market trends and opportunities, and any further data you may need to thrive in the technical foam industry. This technical foam market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The technical foam market consists of sales of hydrophilic foams, filter foams, and high-density foams. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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