The global structural foam market size is expected to value at USD 42.2 billion by 2025. The market is subject to witness substantial growth due to the rising infrastructure activities, growing residential & commercial construction industry, and substantial growth of the retail sector. Additionally, the growing need for structural foam in material handling, automotive, and electrical & electronics industry from BRICS (Brazil, Russia, India, China, and South Africa) countries are expected to drive the growth of the market over the forecast period.
Globally, the structural foam market is predicted to grow at a CAGR of 5.8% in the forecast period, providing numerous opportunities for market players to invest in research and development in the market. Structural foams offer advantages such as lightweight and superior weight to strength ratio, mainly in comparison with solid plastics. Such factors are largely influencing the demand for structural foams. Other advantages of structural foams include stability, conductivity, heat resistance, and toughness, which are vital in applications such as wind turbines, automobile equipment, and insulation purposes.
Increasing adoption of structural foams in material handling equipment that is commonly used for small distance travel for industrial goods within the production plant, thus expanding the overall market reach of the structural foam industry over the forecast period. Other applications of structural foam include packaging services, shipbuilding, wind power, and consumer goods, such factors are playing a critical role in the growth of the structural foam market in the last couple of years.
However, variation in the cost of the raw materials and shifting preference towards biodegradable plastics as a reliable substitute replacing non-biodegradable foam is expected to limit market growth over the forecast period. Yet, large corporations are increasingly setting up supply partnerships and implementing forward and backward integration in the supply chain network, thus driving market growth in the last couple of years. Although changing fuel prices, increasing demand for premium quality products at cheap rates and growing competition in the market are further restraining market progress to a certain extent.
Polyethylene is considered one fastest-growing segments in the structural foam industry with substantial revenue generation in the last couple of years. The growing popularity of the polyethylene foam market segment is credited to the factors such as lightweight, durability, heat resistance, and closed-cell material composition. Polyethylene is widely used in the packaging of delicate products and automobile parts, thus fostering market value in recent years.
Rigid polyurethanes have also witnessed substantial growth in the last couple of years owing to an increase in adoption as a structural material. Rigid polyurethanes have also displayed important properties such as toughness, lightweight, and resilience. Rigid polyurethanes also protect against chemical reactions and moisture effects thus making it an ideal choice for various applications such as building & product insulation.
Growing demand for structural foams in the automobile sector is expected to fuel market growth over the forecast period. Additionally, the introduction of lightweight composites and their advantages are expected to boost market demand for structural foam in upcoming years as well. Recently, integration of the structural foam into various parts of a vehicle like body-side joints, chains, ledges, underbody cross-vehicle frame, longitudinal frames or frame bars, machine cradles, body-side rails, door panels, and hydro-formed reinforcements.
The structural foam market is divided by region as North America, Europe, Asia-Pacific, Latin America, and Africa. North America has shown major growth in recent years owing to the rise in the adoption of the latest technologies in the construction & building industry and the existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold a major market share in the structural foam industry with massive growth in the forecast period. Countries such as India, China, and Indonesia are leading the Asia-Pacific’s market with high economic growth, ever-growing population, increasing standard of living, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the structural foam industry are Armacell International S.A., Diab International AB, Evonik Industries AG, Covestro AG, and Gurit Holding AG.
Structural Foam Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Structural Foam Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Material Handling
• Building & Construction
• Electrical & Electronics
Structural Foam Regional Outlook (Volume, Kio Tons; Revenue, USD Million, 2014 - 2025)
• North America
• the U.S.
• the UK
• the Asia Pacific
• Central & South America
• Middle East & Africa
Research Support Specialist, USA
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