A key factor driving the growth of the market is the increasing demand for foam insulation in the automotive and construction industries. The global automotive industry is witnessing an annual growth rate of 3.5%, leading to an increase in the demand for foam insulation in the automotive industry. Foam insulation is extensively used to manufacture different automotive parts such as side skirts, wiper cowls, roll pans, and bumpers. Increasing demand for polyisocyanurate foam and phenolic foams insulation of automotive industry. The development of foams in the form of polystyrene and polyurethane has driven the growth of the foam insulation in the global market as these foams are extensively used for inferior components in cars.
This market research report on the global foam insulation market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the innovation in polyurethane foams as one of the key emerging trends in the global foam insulation market:
Global foam insulation market: Innovation in polyurethane foams
Polyurethanes are formed by reacting a polyol, i.e., alcohol, possessing more than two reactive hydroxyl groups, with a diisocyanate or a polymeric isocyanate in the presence of suitable catalysts or additives. Several companies and research institutes are focusing on developing new forms of polyurethane foams, such as photo-cross-linkable polyurethane, which can be used in various applications.
“This photo-cross-linkable polyurethane can be produced by incorporating photo-responsive groups like coumarin into the polyurethane foam backbone. The coumarin groups will dimerize on irradiation with ultraviolet light of about 340 nm and can be cleaved again with the light of wavelength 250 nm,” says a senior analyst at Technavio for research on specialty chemicals.
Global foam insulation market: Segmentation analysis
This market research report segments the global foam insulation market by product type (polystyrene foam, polyurethane and polyisocyanurate foam, elastomeric foam, phenolic foam, and polyolefin foam) and geographical regions (APAC, EMEA, and the Americas).
The polystyrene foam segment held the largest market share in 2017, accounting for nearly 55% of the market. This product type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 38% of the market share. The market share occupied by this region is anticipated to increase by nearly 2% during 2018-2022.
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Five Forces Analysis
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- Vendors covered
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