Engineered foams are projected grow owing to the expanding demand for polyurethane foams in the construction and automotive industries. The high insulating capabilities and energy efficiency for construction and automotive industry is also boosting the market over the forecast period. Furthermore, the government provides funding for the creation of innovative engineered foam products, which is projected to propel the market.
The demand for the product has increased significantly due to developments in the building sector. Due to increasing demand for green buildings and expanding energy conservation policies across the globe, it is projected that this trend will continue during the projection period. By lowering the energy use in buildings, engineered foam helps to lower the cost of the entire infrastructure.
It is widely used owing to their physical properties for high combustion capacity such as high calorific value. The increasing usage in the construction, automotive, and other industries from emerging economies is expected to boost the market growth. Additionally, the development in technology advancements such as laser and 3D printing for the manufacturing of the batteries is expected to boost the market.
The market is broadly segmented into type, foam, and, end-use. The type segment is further categorized into polyolefin, polyurethane, polystyrene, and others. The foam segment is further sub-divided into rigid, flexible, and spray. The end-use segment includes automotive, aerospace & defense, medical & healthcare, packaging, building & construction, furniture & bedding, and others.
Some of the key players operating include Trelleborg AB (publ), UFP Technologies, Inc., FXI, Armacell, Sekisui Chemical Co., Ltd., Foamcraft, BASF SE, The Woodbridge, Rogers Corporation, Sekisui Alveo , Bayer Material Science, Dow, Huntsman International L.L.C, Plc, Indoac Corporation, Covestro AG, Ube corporation, Recticel, and others. Prominent players involved in the marketplace are continuously focusing on business expansion activities through collaborations and partnerships across the value chain. For instance, in November 2021, Stora Enso broadened their offering of packaging with the introduction of engineered foams, such as Fibrease and Papira. The modified products are recyclable and lightweight which are ideal for thermal and protective packaging.
The continuous research and development efforts by leading market participants in partnership with governmental agencies along with the technological advancements is anticipated to propel the market in the coming years.
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