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(Health-NewsWire.Net, November 01, 2021 ) The increasing demand for rigid foam from various end-use industries, such as building & construction, automotive, and packaging is expected to fuel the growth of the rigid foam market during the forecast period, 2017 to 2022. Excellent properties offered by this foam include low thermal conductivity, excellent chemical resistance, light weight, low-density structure, and high insulation value have led to the increased demand for rigid foam from various end-use industries. Recyclability is a growing concern across the globe, and the recyclability of rigid foam is further expected to lead to increased use of this foam in various end-use industries. Due to the variety of physical, chemical, thermal and mechanical properties, rigid foam is used as an insulation board in the building & construction, automotive, packaging end-use industries.
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On the basis of type, the rigid foam market has been classified into polyurethane, polystyrene, polyethylene, polypropylene, polyvinyl chloride, and others. The demand for rigid polyurethane foam is expected to grow during the forecast period due to the increased adoption in various end-use industries.
The Asia-Pacific rigid foam market is projected to grow at the highest CAGR during the forecast period, in terms of both, value as well as volume. The growth in the automobile and building & construction industries is expected to involve higher usage of rigid foam in the Asia-Pacific region. Countries such as China, South Korea, India, Indonesia, and Thailand, among others are witnessing a gradual increase in the use of rigid foam in various end-use industries. China led the Asia-Pacific rigid foam market, accounting for a market share of 59.6% in 2016. It is projected to remain the largest market during the forecast period for rigid foam in the Asia-Pacific region due to high economic growth rate of the countries, increasing purchasing power of consumers, developing infrastructure, and automobile advancements, leading to an increase in the demand for rigid foam from various end-use industries, and a global shift in the production capacities of various companies from the developed countries to China.
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Companies operating in the rigid foam market are strengthening their R&D capabilities to develop new products which would increase energy efficiency and insulation. These products are manufactured by adhering to regulations formulated by various governments. BASF SE (Germany), The Dow Chemical Company (U.S), Huntsman Corporation (U.S.), Covestro AG (Germany), JSP Corporation (Japan), Borealis AG (Austria), Sealed Air Corporation (U.S.), Armacell International S.A (Luxembourg), Nitto Denko Corporation (Japan), Woodbridge Foam Corporation (Canada), DS Smith Plc (U.K.), and Kaneka Corporation (Japan) are some of the active players in rigid foam market.
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