Technical Foam: Introduction
- Technical foams are available as open or closed cell foams in all common densities and colors. Technical foams are anti-static, flame resistant, and ultralight.
- Technical foams are valued for their shock absorption properties, good resistance to aging, and high compression load deflection. Technical foams are known for their extraordinary thermal insulation properties, good resistance to hydrolysis, and very high durability. These foams withstand high levels of mechanical stress. They are extremely durable, due to their outstanding friction, tensility, and tear resistance.
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Rise in Building & Construction Activity to Drive Technical Foams Market
- Increase in building and construction activities is expected to drive the demand for technical foams
- Building insulation is any object in a building used as insulation for any purpose. Most of the insulation in buildings is for thermal purposes. Growth of the population is boosting the construction industry. Construction can be residential as well as nonresidential. Rise in demand for new construction has augmented the demand for technical foam products. The technical foams market is expected to be driven by increase in residential maintenance activities. Homeowners are interested in investing more in the upkeep of their floors, walls, and roofing. This trend is anticipated to promote the technical foams market.
- Expansion in the construction industry is anticipated to boost the technical foams market, as the people are more inclined toward the energy saving processes. Growth in population and increase in numbers of nuclear families in Asia Pacific are driving the construction industry in the region.
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Lucrative Opportunities for Technical Foams Market
- Greenhouse gases such as carbon dioxide, methane, and nitrous oxide exist naturally in the atmosphere, but also are released in large quantities as a result of human activities. Considering the current trend of increasing emission of most greenhouse gases, atmospheric concentration of these gases is expected to increase through the next century and beyond.
- One of the easiest and most effective energy efficient technologies available today is insulation. Thermal insulating properties of technical foams provide important energy and environmental benefits. Technical foams are primarily designed to reduce the transfer of heat through building structures in residential, commercial, and industrial applications. This helps reduce the global warming effect.
Impact of Covid-19 on Technical Foams Market
- The COVID-19 pandemic and the subsequent halt in manufacturing activities is expected to adversely affect the supply of various raw materials. Furthermore, current disruption in trade is anticipated to hamper the availability of various products, including technical foams, in import-dependent countries.
Increase in Prices of Technical Foams to Hamper Market
- The cost of technical foam materials is high. This hampers the demand for technical foams in residential buildings. However, promotional schemes of governments raise awareness among the people about energy saving process and the zero energy building concept. The initial installation cost of technical foam materials is high; however, the amount invested can be recovered through energy saved over years.
- Technical foams in buildings enable saving of a significant amount of energy in the form of electricity that would be otherwise utilized for cooling or heating of buildings. Insulation in buildings is assuming significant importance and has the potential to reduce energy consumption to an extent of 5% to 8%.
North America to Hold Major Share of Global Technical Foams Market
- In terms of region, the global technical foams market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Various countries have taken measures regarding energy efficiency that need to be followed in buildings. Governments are actively promoting construction of zero energy buildings. This is boosting the demand for technical foams across the globe.
- According to the Institute for Energy Diversification and Saving, improvements in thermal insulation in a building can lead to energy and money savings as well as reductions in CO2 emissions up to 30% in heating and air conditioning consumption
- In terms of value, Asia Pacific dominated the global technical foams market in 2019. This can be ascribed to growth in the building & construction sector in developing countries such China and India in the region.
- Europe is anticipated to create opportunities for the technical foams market due to the usage of technical foams in various automotives
- The technical foams market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period
Key Players Operating in Global Market
The global technical foams market is fragmented, with market players focusing on incorporating advanced technologies to gain higher share. These players offer a complete portfolio of products and focus on different business strategies to strengthen their position in the market.
Key players operating in the global technical foams market include:
- BASF SE
- Dow Inc.
- SEKISUI CHEMICAL CO., LTD
- Huntsman Corporation
- Armacell International S.A.
- LANXESS AG
Global Technical Foams Market: Research Scope
Global Technical Foams Market, by Material
- Expanded Foam
Global Technical Foams Market, by Application
- Building & Construction
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.