In 2018, the global rigid foam market was valued at approximately US$ 73,786.7 million and is projected to experience a compound annual growth rate (CAGR) of 6.7% from 2019 to 2027, reaching an estimated US$ 131,558.9 million by 2027.
Rigid foams possess a range of advantageous characteristics, including waterproofing, anti-static properties, vibration dampening, and skid resistance. These attributes have made rigid foams a preferred choice for coatings in various industrial and construction applications. They serve to protect concrete surfaces, significantly prolonging the lifespan of the underlying concrete floors. Additionally, rigid foams are resistant to oils, detergents, cleaning agents, transmission fluids, water, hail, snow, and corrosive substances. Beyond their protective qualities, rigid foams also enhance the visual appeal of floors.
The global rigid foam market is segmented by end-use industries, which include building and construction, appliances, packaging, automotive, and others. Among these, the building and construction sector holds the largest market share. The escalating energy costs in numerous countries have prompted builders to opt for thermally efficient insulation solutions like rigid foams. These materials effectively minimize heat transfer between the interior of buildings and the external environment, leading to increased adoption of rigid foams in construction. The market is anticipated to grow at an accelerated pace due to the anticipated rise of eco-friendly rigid foams in the coming years.
The rising utilization of rigid foams in consumer appliances is further propelling the market's expansion. Polyurethane-based rigid foams are commonly employed as insulation in electrical appliances, including refrigerators and freezers. By serving as insulation, they play a crucial role in energy conservation, significantly lowering the energy required to maintain cold temperatures in these appliances. The demand for rigid foams in the production of household refrigerators is expected to increase during the forecast period, as leading appliance manufacturers aim to enhance the energy efficiency ratings of their products. This growing consumer preference for energy-efficient refrigerators and freezers is likely to bolster the rigid foam market's growth in the upcoming years.
In the Asia Pacific region, the rigid foam market is primarily led by China, with India following closely. The rapid pace of industrialization and urbanization in these economies is positively influencing the growth of the rigid foam market in the APAC area. Furthermore, the market is anticipated to expand alongside the growth of various end-use industries. Emerging economies within this region are also contributing significantly to the overall development of the rigid foam market, presenting substantial growth opportunities for industry stakeholders.
Key players in the global rigid foam market include prominent companies such as Saint-Gobain, Dow Chemical Corporation, BASF SE, Borealis AG, Sekisui Chemical Co., Ltd, Covestro AG, Armacell International S.A., Huntsman International LLC, JSP, and Zotefoams Plc, among others.
The overall size of the global rigid foam market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the rigid foam market. Additionally, numerous primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the rigid foam sector.