Foam Insulation Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCPG2662 | Last Updated On: Jun 14 2022 | Available Formats

> Global Foam Insulation Market Expected to reach a high CAGR during the forecast period 2022-2029: DataM Intelligence

Global Foam Insulation Market is segmented By Type (Rigid, Flexible, Spray), By Raw Material (Polyurethane Foam, Polyisocyanurate Foam, Polyolefin Foam, Polystyrene, and Expanded Polystyrene foam, Elastomeric Foam, Phenolic Foam, Stone Wool (Mineral Wool), Bio-Sourced, Others), By Distribution Channel (Direct Sales/B2B, Distributor/Third Party Distributor, Others), By End-User (Building & Construction (Flat Roof, Pitched Roof, Wall, Floor), Transportation (Buses & Trucks, Railways, Automotive (Seat, Car Body, Others), Others), Packaging (Food packaging, Electronics packaging, Consumers Goods Packaging, Others), Consumers Appliances (Refrigerator, Washing machine, Microwave, Others), Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029


Market Overview

The Global Foam Insulation Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Foam is the material that expands intentionally when combined with a foaming agent and produces a reduced-density material with open or closed cells distributed throughout the body for acoustic as well as for thermal insulating purposes. Foam insulations are designed to provide safety, reliability, and performance standards of various applications like fire safety bodies, HVAC technology systems, etc. The foam insulations provide long-term protection against corrosion under insulation (CUI) due to their properties like low thermal conductivity which minimizes energy losses, are highly flexible, and can be installed quickly on irregular shapes with installations in tight spaces. Hence foam insulations are preferred in a wide variety of applications including building & construction, automotive, HVAC systems, electronics, packaging, and many others.

Market Dynamics

The market is driven by the rising demand for foam insulation in end-user industries like building & construction, automotive, packaging, etc. The insulation foams are used in the walls, prevent wetting and drying during floodwater. This hence increases the strength and resilience of the building. According to the report of Global Alliance for Buildings and Construction (GlobalABC) the buildings and construction sector, governments, companies and private investments have been increased to US$ 139 billion in 2018. This has been increased the demand for the insulation foam used in the building & construction sector. There is a rise in awareness about the eco-friendly foams insulations hence many leading players are launching new plant-based foam insulation to combat climate change and pollution problems have created a huge opportunity for the foam insulation market. For instance, on 13th May 2019, the researchers from the Washington State University in the United States developed an environmentally friendly and simple manufacturing process for making the foam, with the help of water as a solvent instead of other harmful solvents. The researchers have also created plant-based foam insulation which is an environmentally friendly replacement for polystyrene foam, or Styrofoam.

Segment Analysis

The global foam insulation market is segmented based on type, raw materials, distribution channel, end-user, and region. In terms of type, the global foam insulation market is bifurcated into rigid, flexible, and spray. Among these, the rigid segment has the highest market share in 2019 owing to increasing demand for the building & construction sites for thermal insulation using the rigid foams as well as growing investment for the expanding the plant manufacturing capacities by the leading players have created a huge opportunity for this market. For instance on 26th Dec 2019, Penoplex leading manufacturer of foam insulations from Russia started a production facility of rigid type extruded polystyrene thermal insulation plant at Angren in Tashkent, Uzbekistan. The plant has operated a modern line of European production with a capacity of 500 kg per hour. Similarly, flexible and spray segments are also growing at a faster pace owing to raising the global demand for these insulation foams in the automotive, aerospace, packaging, and many other related sectors all over the world. In automotive the spray foam insulations are filled in the seating, body panels, etc of the vehicle for ensuring comfortable seating for the people.

Depending on the raw materials, the global foam insulation market is divided into Polyurethane Foam, Polyisocyanurate Foam, Polyolefin Foam, Polystyrene, and Expanded Polystyrene foam, Elastomeric Foam, Phenolic Foam, Stone Wool (Mineral Wool), Bio-Sourced and others. Among these, the Polyurethane foam segment has the highest market share in 2019.

This is primarily due to the rising global demand for polyurethane foams for the building construction of residential, commercial, and industrial purposes. According to the United Nations Industrial Development Organization (UNIDO), the global residential application segment is expected to reach the highest sales reaching a value of over US$ 36.3 billion by 2024 for the thermal insulation market required in the residential sector alone. This will propel the demand for the polystyrene foam segment for the residential as well as commercial sector in the building and construction sites.

Similarly, Polyisocyanurate Foam, Polyolefin Foam, Polystyrene, and Expanded Polystyrene foam, Elastomeric Foam, Phenolic Foam, Stone Wool (Mineral Wool), Bio-Sourced segments are also growing at a faster pace owing to rising demand for the various applications from the home appliances to the automobile, building & constructions, as well as for food packaging industries with the surge in these plastics production around the globe. Based on distribution channels, the global foam insulation market is divided into direct sales/b2b, distributor/third party Distributor, and others. Among this direct sale/ B2B segment has the highest share in 2019, this is due to rising the utilization of the foam insulating materials by the end-user industries like automotive, consumer electronics, packaging, etc. Similarly, the distributor/third party distributor segment is also growing at a faster pace owing to rising the demand for foam insulation products with the growing population and urbanization around the globe. Depending upon the end-user, the global foam insulation market is divided into building and construction (flat roof, pitched roof, wall, and floor), transportation (buses & trucks, railways, automotive (seat, car body and others) and others), packaging (food packaging, electronics packaging, consumers goods packaging, and others), consumers appliances (refrigerator, washing machine, microwave, and others) and others.

Among this building & construction segment has the highest share for the foam insulation market owing to raising the urbanization and surge in the global infrastructure developments projects investments around the globe. For instance as per Global Alliance for Buildings and Construction (GlobalABC) report, in the United States, the residential and non-residential construction sector investments are growing at the rate of 3.8% from 2015 to 2018 and have been reached US$ 1.4 trillion in 2018. It propelled the demand for foam insulation in the building & construction sectors for thermal insulations.

Similarly, Transport (Trucks, Railway, etc), Packaging (Food packaging, Electronics consumers, etc), Automotive (Seating, Car Bodies, etc), Consumer Appliance (Shoe soles, refrigeration, etc) segments are also growing at faster pace owing to growing urbanization and industrialization around the globe. According to our World Data, urbanization is pertaining to occur at a rapid pace with a growing population around the globe with more than 4 billion people living in urban areas globally in 2017. Thus the demand for automotive, transport, and consumers appliances has been increased to provide such facilities to this urban population.

Geographical Presentation

By region, the global foam insulation market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia-Pacific is the dominant region for the global foam insulation market and is expected to grow at the highest CAGR during the forecasted period due to growing manufacturing facilities with growing population demand for the foam insulation-based products followed by North America region.

Further Asia-Pacific region has increased the demand for commercial and public infrastructure due to urbanization and population growth. According to the United Nations, Industrial Development Organization (UNIDO) report the Asia/Pacific region has the highest presence of leading manufacturers and the insulation market has accounted for over 40% of global revenue in this market.

High industrialization rates and increased construction spending in emerging economies like China, India, Indonesia, Thailand, Malaysia, and the Philippines have driven the need for a better foam insulation market

North America is also growing at the fastest pace for the insulation foam market owing to the growing demand for thermal insulation in commercial and residential buildings followed by the European region. Further, the market is driven by rising consumption awareness regarding energy conservation and regulatory policies to reduce greenhouse gas emissions with the help of better foam insulating materials in the building & construction sector. North America's growth for the foam insulation market is also influenced by government initiatives such as the Weatherization Assistance Program, which promotes thermal insulation, especially in low-income households.

Competitive Analysis

The global foam insulation market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. BASF SE, Covestro AG, Pittsburgh foam insulation, Recticel, Armacell International S.A., Johns Manville, Lapolla industries, inc., Huntsman International LLC, Safco foam insulation LLC, Saint-Gobain, Puff inc and Owens Corning are the leading market players with significant market share.

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 31st Jan 2020, the Company Saint-Gobain had completed the acquisition of Continental Building Products for the US$ 1.4 billion deal. The acquisition has widened the product portfolio related to the plasterboard and construction solutions which have created the opportunity of at least US$ 50 Million across the North American region.

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