In 2018, the Foam Insulation Market was estimated to meet the market value at USD 22.3 billion. Further, the market has predicted to generate nearly 5% of CAGR for the forecast period of 2021-2030.
Nowadays, foam insulation is a widely used type of insulation, and it has gained more popularity. It is well known as it offers a highly effective solution with resistance to heat transfer. It is helpful in reducing undesired air infiltration, which is a perfect solution.
The foam insulation is considered the best to reduce greenhouse gas emissions and lower utility bills. It can reduce energy consumption by minimizing the air leakage that occurs on door frames, external walls, window frames, roof underlays, crawlspaces, and crawlspaces attics, floorings, and others. Moreover, it is also helpful in improving the indoor air quality through small crevices and cavities by blocking the infiltration of allergens and dust. Also, it reduces mold and condensation growth by growing the building’s strength and preventing moisture accumulation in the walls.
The global Foam Insulation Market report has mentioned that the growing demands of the various intended audiences support the growth of the global market and generate the higher Foam Insulation Market Size for the assessment period. These intended key players are research and development institutes, potential investors, raw material suppliers, foam insulation manufacturers, nationalized laboratories, and traders and distributors of foam insulation. Moreover, the continuous efforts of the global key players in the various region are driving the growth of the global market for the forecast period.
COVID-19 Impact Analysis
The ongoing global pandemic has badly affected the global Foam Insulation Market due to the implementation of various guidelines by different countries' governments. The impose of lockdown and shut down has restricted the transportations, sales, productions, and workforce of the global market. Therefore, the global Foam Insulation Market has experienced a halt for the first half of the year 2020. Even the global market has lost its investors, which has created a huge loss to the global Foam Insulation Market.
According to the present global market report, the adoption of advanced methods and strategies by the major market players has got successful in generating the Foam Insulation Market Value for the forecast period.
Nowadays, the building & construction industry of the US and European regions are following the building codes and green building certification such as LEED for commercial buildings, the US Green Building Council for Homes (LEED-H), and the US Environmental Protection Agency’s ENERGY STAR rating, which is driving the growth of the global Foam Insulation Market in the forecast period.
Moreover, the North American government has taken initiatives like the Weatherization Assistance Program (WAP) for the promotion of thermal insulation in low-income households, and it has aimed to provide services to nearly 35,000 homes every year. These kinds of the initiative have driven the growth to the global Foam Insulation Market.
The global Foam Insulation Market has brought more opportunities due to the increasing automotive and transportation industry demand. The demand is increasing because it is maintaining the inside temperature in the vehicles of storage transit like reefer trailers and trucks. Also, it is offering thermal comfort to passengers in buses, cars, railways, and aircraft.
Therefore, the global market is taking care of the audience demands and increasing the Foam Insulation Market Size for the forecast period.
The global Foam Insulation Market might get hampered due to the increasing cost of foam insulations as compared to the cost of loose-fill insulations. These major restraints might bring huge losses to the global market for the forecast period.
The Foam Insulation Market Outlook report has highlighted that the global market is innovating new ideas to combat these major market restraints in the upcoming years.
The global Foam Insulation Market might face challenges due to the lack of awareness about the foam insulation benefits among consumers. This can also do not uplift the global market product. Here, the global market needs to employ various key players to promote the benefits of foam insulation.
According to the Foam Insulation Market Outlook report, the global market is developing more research to combat these challenges and bring more opportunities for the global market.
The North American market is generating the largest Foam Insulation Market Share due to the technological advancement of the product and meeting the stringent regulations by regulatory bodies for the construction of new commercial and residential buildings in the region. Also, this region is driving the Foam Insulation Market Growth because of the growing automotive and transportation industry in the US region. This industry is growing in this region due to the increasing foam insulations demands to overcome the energy losses during transportation.
Along with that, the Foam Insulation Market Forecast report has highlighted that the previous years have shown great performance in terms of value, and further, it has an expectation to generate the higher Foam Insulation Market Growth for the forecast period.
Market Segmental Overview
On the basis of form segment, the global Foam Insulation Market has been classified into rigid, spray, and flexible.
Out of all, the spray foam form segment is predicted to show the fastest growth of the global Foam Insulation Market during the research period.
On the basis of product type segment, the global Foam Insulation Market has been segmented into polyolefin foam, polyurethane foam, polystyrene foam, elastomeric foam, phenolic foam, and others.
The Foam Insulation Market Forecast report mentioned that the polystyrene segment was leading the global market for 2015. Further, the polyolefin segment is predicted to increase the global market in terms of value for the forecast period.
The global Foam Insulation Market has been classified into automotive & transportation, building & construction, packaging, electricals & electronics, and others based on the end-user industry segment.
Among these, the building & construction industry segment of various developed regions has been predicted to increase the foam insulation demands. This is because of the foam insulation’s performance characteristics. Also, the US Department of Energy mentioned in 2018 that the building accounts for the total energy consumed is nearly 40% across the United States.
On the basis of regional classification, the global Foam Insulation Market has been segmented into different regional locations such as Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Among these, the North American market was holding the largest Foam Insulation Market Share in 2018. Further, it has been predicted to generate higher growth for the research period. Here, the building & construction industry is projected to increase the Foam Insulation Market growth for the research period because of the increasing reconstruction and renovation activities in the North American region.
Competitive Landscape Analysis
The global key players of the Foam Insulation Market Trends are:
The above key players are mostly from the American regions, and they are contributing higher to the Foam Insulation Market Trends in the upcoming years.
The Foam Insulation Market Analysis report has explained that the brief analysis of qualitative and qualitative is showing the good performance of the global market. This report has involved primary research methods to get the exact viewpoint of the top key players of the market. And, the report has gathered advanced data from various secondary sources that have strengthened and supported the present research.
Along with that, the Foam Insulation Market Analysis report has highlighted the market dynamics, market segment, market overviews, competitive landscape analysis, recent developments, and regional analysis to understand the present competitions and developments in various regions of the globe.
By Product Types:
By End-use Industry:
|Market Size||USD 22.3 billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||form, product type, end-use industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Covestro AG (Germany), Lapolla Industries, Inc. (the US), Huntsman International LLC (US), DowDuPont (US), Safco Foam Insulation (US), Cajun Foam Insulation (US), Saint-Gobain (France), EnergyGuard Foam Insulators, LP (US), Insulation Northwest (US), Puff Inc. (US), Pittsburgh Foam Insulation (US), Owens Corning Commercial Insulation (US), Recticel (Belgium), and Armacell International SA (Luxembourg)|
|Key Market Opportunities||
|Key Market Drivers||New product launches and R&D Amongst major key Players|
The global foam insulation market was valued at USD 22.3 billion in 2030.
The Foam Insulation Market has aimed to meet nearly 5% of CAGR for the forecast 2030.
Government regulations, especially in developed regions such as Europe and North America, to make the use of insulation compulsory in buildings are likely to be the major driver for the foam insulation market over the forecast period.
The lack of awareness among consumers and the high preference for loose fill insulation, due to its lower cost, are the major restraints on the global foam insulation market.
Polystyrene foam, elastomeric foam, polyolefin foam, polyurethane foam, phenolic foam, and others are the major product types of the Foam Insulation Market.