Explore the growing rigid foam market across sectors like construction, automotive, and furniture with our comprehensive FMI report. Uncover valuable opportunities for stakeholders in this thriving sector.
NEWARK, Del., Feb. 29, 2024 /PRNewswire/ -- The rigid foam market is expected to grow from US$ 78.5 billion in 2024 to US$ 184.0 billion in 2034, at a CAGR of 8.9%. This report covers the key aspects of the industry, such as the market share analysis, the global and regional trends, the types and applications of rigid foams, and the factors driving and restraining the market growth. The report also provides an overview of the major rigid foam manufacturers and their competitive strategies.
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The rigid foam market's upward trajectory is being nurtured by its use in the construction sector. The insulation, as well as the safety provided by the materials for buildings, is endearing the product to builders. The material is also reinforcing the builders' commitment to sustainability.
Rigid foam is being used in the interior of cars, for headrests and seat cushions. With car manufacturers looking to enhance customer comfort, rigid foam is being used in increased measures in the automobile industry. As home décor and other trends related to home and office furnishings crop up in spades, the rigid foam market is benefitting. Rigid foam is being used in furniture for its lightweight and sturdy nature. However, the benefit of rigid foam is not limited to its sturdy qualities in furniture as the material also has aesthetic value.
"With the packaging industry rapidly inclining towards green trends, the production of eco-friendly packaging materials is growing. The rigid foam market is no exception, as eco-friendly materials are being used in the manufacture of the product. Thus, bio-based rigid foam production represents a singular opportunity for market players," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience.
Key Takeaways from the Rigid Foam Market
- The rigid foam market is expected to be valued at US$ 78.5 billion in 2024.
- Polyurethane (PUR/PIR) foam is the top type of foam in the market. The segment is expected to progress at a CAGR of 8.5% over the forecast period.
- Rigid foam is most commonly used in the building and construction industry, and it is predicted to progress at a CAGR of 8.4% through 2034.
- South Korea is expected to be a promising country in terms of market progress. The country is forecasted to have a CAGR of 11.3% over the forecast period.
- Japan is another Asian country with the potential for market growth. Over the forecast period, the CAGR for the market in Japan is predicted to rise at a 10.2% until 2034.
- The market in the United Kingdom is expected to expand at a CAGR of 10.1% over the forecast period.
Competition Analysis of the Rigid Foam Market
Even with a few players having a stronghold, the rigid foam market also offers opportunities to medium and small-scale players. The development of new raw materials, especially eco-friendly ones, is concentrated upon by market players. Some of the prominent companies in the market include BASF SE, DOW Chemical Company, Covestro AG, and JSP Corporation.
Recent Developments in the Rigid Foam Market
- In August 2023, researchers from various countries showcased a way to convert pineapple waste into rigid foam.
- In July 2023, the process of Kurlon Enterprise Limited being taken over by Sheela Foam began.
Purchase now and gain full access to the Rigid Foam Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Key Segments Covers in Rigid Foam Market Outlook: 2024-2034
By Foam Type:
- Polyurethane (PUR/PIR) Foam
- Polystyrene Foam
- Polypropylene Foams
- Polyethylene Foam
- Polyvinyl Chloride Foam
- Others
By End-use Industry:
- Building & Construction
- Appliances
- Packaging
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About the Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. Another feather to her cap manifests in the form of process automation. She is vocal about bringing automation to the fore to bring a 360-degrees-round revolution in manufacturing sector.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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