The global rigid foam market is accounted to US$ 73,786.7 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 – 2027, to account to US$ 131,558.9 Mn by 2027.
Rigid foam exhibit desirable properties such as waterproof, anti-static, anti-vibration, and anti-skid. These desirable properties have made them the favored coating material in many industrial as well as construction industries. Rigid foam protect the concrete surfaces onto which they are applied and are responsible for extending the life of the underlying concrete floors. They are inert to oils, detergents and cleaners, transmission fluids, water, hail, snow, and corrosive chemicals. Rigid foam are also used to improve the aesthetic appeal of the floor.
The global rigid foam market is bifurcated based on end use industry into building & construction, appliances, packaging, automotive, and others. The building & construction segment accounted for the largest share in the global rigid foam market. The rapidly rising cost of energy in many countries has swayed home builders towards the use of thermally efficient insulators such as rigid foams. Rigid foams are used to reduce the heat transfer between the house interior and the external environment and have led to an upsurge in the application of rigid foam in the building & construction sector. The rigid foam market is known to grow at a higher rate owing to the development of eco-rigid eco foam in the coming years.
Increase in use of rigid foam in consumer appliances is driving the growth of the rigid foam market. Rigid foam made from polyurethane are used as insulation materials in electrical appliances such as refrigerators and freezers. As insulation material they contribute significantly towards energy saving by reducing the amount of energy required to keep freezers and refrigerators cold. The demand for rigid foam in manufacturing of appliances such as domestic refrigerators is expected to surge in the forecast period as major appliance manufacturers strive to better the energy ratings of their appliances. The growing demand for energy saving refrigerators and freezers is expected to support the growth of the rigid foam market in the forecast period.
The Asia Pacific rigid foam market is dominated by China, followed by the India. The rapid growth in industrialization and urbanization in the economy is positively impacting the growth of the rigid foam market in the APAC region. Moreover, the market is expected to rise with the growth of end use industries. Also, emerging economies in this region are contributing to the overall growth of the rigid foam market and provide remarkable growth opportunity to the industry players in this market.
Some of the players present in global rigid foam market are 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 global rigid foam market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the rigid foam market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the rigid foam market.