Rigid foams are known to possess various properties such as waterproofing, anti-static, anti-vibration, and anti-skid, which makes them ideal material to be used across many industrial, as well as construction industries. Rigid foam protects the concrete surfaces onto which they are applied and are responsible for extending the life of the underlying concrete floors. They are inert to oils, detergents and cleaners, transmission fluids, water, hail, snow, and corrosive chemicals. Rigid foam is also used to improve the aesthetic appeal of the floor. They are available in a number of colors, shades, and textures. Metallic pigments, and vinyl color flakes are added to the rigid foam systems to produce surfaces with iridescent colors. The aesthetic appeal of colorful rigid foam is expected to drive the market for rigid foam and is increasingly being used in new housing projects and renovation of old houses.
In 2018, APAC held the largest share of the global rigid foams market. This growth of the market in APAC is primarily attributable to the presence of major rigid foam manufacturers in the region. Also, the rising production activities of rigid foam is expected to fuel market growth during 2019–2027. In Asia Pacific, China accounted for the largest share of rigid foams in terms of revenue generated.
Rapid advancements in the field of polymer have been witnessed with increase in production of plastics and polymers in recent years. An upward trend in the polymer industry is expected to generate high proportion of polymer waste. Further, new rules and regulations have been formed in the wake of environmental protection, which are driving the scientists and entrepreneurs to look for alternative solutions to manage and treat plastic waste or adoption of biodegradable plastics which could decompose in the natural environment. Amongst, several types of biodegradable plastics produced across world, Polylactide (PLA) is perceived to be one of the preferred form of bioplastics. The waste generated from these plastics can easily be processed into a full-value product such as rigid polyurethane-polyisocyanurate (RPU/PIR) foams. Such foams produced from biodegradable polylactide are treated as sustainable solutions. According to a study presented by Europe PMC, polylactide can partially replace petrochemical polyol in formulation of polyisocyanurate. Also,the obtained PIR foams possess several characteristics such as minimal apparent density, brittleness, and water absorption capability. Therefore, the use of PLA polyol composed of plastic waste can be a great alternative to petrochemical polyols. Such developments help to manage the scarce resources and helps in effective utilization of wastes. Moreover, the products produced from such biomaterial are considered to be environment-friendly solutions.
Based on type, the rigid foam market is bifurcated based on polyurethane foam, polystyrene foam, polypropylene foam, polyethylene foam, polyvinyl chloride foam, and others. The polyurethane foam segment dominated the global rigid foam market. Rigid polyurethane foam is widely used in refrigeration, construction, and packaging industry owing to its superior insulation properties and good dimensional stability.
The rigid foam market is bifurcated based on end-use industry into building & construction, appliances, packaging, automotive and others. The building & construction segment accounted for the largest share in the global rigid foam market. Their use in the construction of houses and buildings reduces the energy needed for heating and cooling the interior spaces of buildings, shops, and offices. The growing consumption of rigid foams by the construction & building sector is expected to support the growth of the global rigid foam market during the forecast period.
Several strategies are commonly adopted by companies to expand their footprint worldwide. Huntsman Corporation., Covestro, BASF SE. are among the key players in the global Rigid Foam market implementing these strategies to enlarge the customer base and gain significant share, which, in turn, allows them to maintain their brand name globally.
The regional trends and factors influencing the Rigid Foam Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Rigid Foam Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 73.79 Billion |
| Market Size by 2027 | US$ 131.56 Billion |
| Global CAGR (2018 - 2027) | 6.7% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Rigid Foam Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Rigid Foam Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies
Growing demand for rigid foam in the building and construction industry is one of the factors that has contributed to favor the rigid foam market all over the globe. Rigid foam sheaths are used as insulation materials to control indoor temperature and thereby reduce the building’s energy consumption. Rigid foams made from expanded polystyrene (EPS), extruded polystyrene (XPS), and polyisocyanurate are valued for their thermal insulation properties and offer durability and moisture control.
The Asia Pacific region led the rigid foam market with a market share of 44.4% in 2018. The continuous economic growth in developed and developing countries like India and China, coupled with the presence of huge disposable incomes with individuals in countries like Japan and Australia, has facilitated the rapid growth of the automotive industry in this region. The Asia Pacific is one of the world’s rapidly growing automotive markets, with China accounting for maximum car production. The rapid growth in industrialization and urbanization in the economy is positively impacting the growth of the rigid market in the APAC region. Moreover, the market for rigid foam is expected to rise with the growth of end-use industries.
The leading type of rigid foam was the polyurethane foam that was noted to account for a CAGR of 6.6%. Rigid polyurethane foam (PUF) is regarded as an efficient insulation material that is used to save energy. They have one of the highest thermal resistance value per inch of all commercially available insulating materials. The growing demand for polyurethane foam can be attributed to the rise in the consumption of insulation materials used in the building and construction sector and the HVAC and refrigeration industries.