LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rigid foams market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Hitesh Bhatia, a lead analyst from Technavio, specializing in research on plastics, polymers, and elastomers sector says, “The global rigid foams market is expected to witness significant growth during the forecast period owing to increasing demand from various end-use industries such as the building and construction, appliances, and packaging industries. Rigid foams possess beneficial properties such as low density, flexibility, and low heat transfer ability, due to which they are used in packaging applications.”
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The top three emerging market trends driving the global rigid foams market according to Technavio research analysts are:
- Rising investment in construction industry
- Increase in R&D activities
- Development of environment-friendly rigid foams
Rising investment in construction industry
Due to the rise in urbanization and population, there has been an increase in the construction industry. In 2015, the US spent more than USD 1 trillion in the construction industry, which was 10.5% greater than the previous year's investment. The governments of developing regions are investing significantly in residential homes owing to the population shift toward metropolitan cities in search of jobs, better lifestyle, and other amenities. For instance, in September 2015, the State Council of China announced a plan to construct over 16 million apartments and renovate over 8 million houses between 2015 and 2017, which will increase the consumption of rigid foams during that period.
Increase in R&D activities
Growing R&D spending is a major trend in the global rigid foams market. The major rigid foam players have increased their R&D spending to reduce the manufacturing cost and to provide products with enhanced properties. For instance, Dow Chemical has come up with RENUVA renewable resource technology, which breaks down natural oil and functionalizes to provide better quality and more consistency. The RENUVA technology has giving birth to an enhanced generation of greener performance-based polyols. The other leading vendors in the market such as BASF, Huntsman International, and Recticel have also increased their investment in R&D with an aim to improve the efficiency and performance of rigid foams.
Development of environment-friendly rigid foams
There is a strong preference in the developed economies such as Canada, the US, and Germany to develop PET which is environment-friendly. Energy-saving rigid foams are increasingly becoming popular in the developing regions as well such as India, Japan, and Indonesia.
“The usage of environment-friendly rigid foams helps in reducing VOCs and toxicity of gases from nearby industries, thereby maintaining the environmental balance of the atmosphere in the vicinity. This trend to opt for environment-friendly polyurethane rigid foams is expected to boost the growth of the market,” says Hitesh.
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