The industrial foam market size is estimated at USD 55.6 billion in 2021 and is projected to reach USD 72.2 billion by 2026, at a CAGR of 5.4% between 2021 and 2026. The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new housing projects, and renovation of non-residential buildings in China, India, and Brazil have also boosted the market growth.
Covestro AG (Germany), BASF SE (Germany), Dow Inc. (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan), Saint-Gobain (France), Chemtura Corporation (Lanxess) (US), Recticel NV/SA (Belgium), Rogers Corporation (US), Trelleborg AB (Sweden), Eurofoam Group (Austria), Woodbridge Foam Corporation (Canada), Tosoh Corporation (Japan), Foamcraft, Inc. (US), Loyal Group(China), JSP Corporation(Japan), and Sealed Air Corporation (US) are among the key players leading the market through their innovative offerings, enhanced production capacities, and efficient distribution channels.
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The key players operational in the industrial foam market are focusing on new product launches, agreements, expansions, acquisitions, and joint ventures to cater to the increasing demands across various industries. These companies are also investing in R&D activities to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the industrial foam market.
BASF SE, Ltd., in June 2020, established partnered with China-based Shanghai Zhengming Modern Logistics Co., Ltd. or Zhengming to develop insulating polyurethane (PU) sandwich panels. These panels are used in refrigerated storage of the cold chain industry in China. Under this partnership, BASF SE aims at supplying polyurethanes for all joint cold storage units of Zhengming. This partnership is expected to strengthen the position of BASF SE in the polyurethane foam market of China.
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Dow Inc., in May 2020, entered into an agreement with Univar Solutions Inc., a global chemical and ingredient distributor and provider of value-added services. Under the agreement, Univar Solutions Inc. will exclusively distribute VORASURF silicone polyurethane additives of Dow Inc. across North America. These silicone additives and surfactants enable improved foam properties by bringing flexibility and rigidness to industrial foams.
Huntsman Corporation, in June 2020, acquired Icynene-Lapolla (US), a manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications for USD 350 million. This acquisition aims at helping Huntsman Corporation in enhancing its downstream polyurethanes business, as well as in strengthening its polyurethane product portfolio.
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