Global Foamed Plastic Insulation Products Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The Global Foamed Plastics Insulation Market Size was valued at USD 103.1 billion in 2021 and is expected to reach USD 105 billion in 2022 and is estimated to reach USD 125 billion by the end of 2030 at CAGR of approximately 3.5% during the forecast period 2022-2030.

The foam plastic is a polymer or expanded plastic filled with air bubbles. The sponge like-structure of the plastic makes it ideal for the functions like the packaging. The foamed plastics can be made of different types of polymers. These plastics have more diverse features and properties than standard plastics. They are comparatively more flexible, reliable, and convenient. The closed-cell foams are produced by the blowing agent that breaks down at the specific melting point of plastic, and the gas bubbles are released in the gelling process. 

The open-cell foams are created by exerting the pressure in which the inert gas is inserted into the resin, and then the mixture is released into the atmosphere. Foam plastics are widely used in various applications, including roof boards, slabs, forging doors, etc. The foam plastics are converted into a sponge-like mass which can be either rigid or flexible. Therefore, foam plastics are in high demand across different industries, including building & construction, automobile industries, etc. The foam plastics offer extensive features like lower water absorption, good mechanical strength, excellent insulating properties, heat conduction, etc.

Growth Factors

Demand for foam plastics for industrial and non-industrial goods drives market growth.

Foam plastics are efficient materials widely used for packaging and storing products. These types of plastics provide shockproof and safe packaging of the product, due to which they are used for both industrial as well as non-industrial goods. 

An increase in manufacturing and construction activities has led to a massive demand for foam plastics.

The retail shopkeepers and manufacturers are responsible for the product transit across places with safe and secure options. Such factors have led to manufacturers’ massive demand for foam plastics, driving market growth.

The rapid increment in the e-commerce business and the increased preference for online shopping propel the market growth for foam plastics.

 The significant rise in e-commerce and online shopping sites has led to an increase in the consumption of foam plastics worldwide. The foam plastics conveniently pack the materials that protect the products during the lengthy transportation procedure.

The massive demand for foam plastics across automotive industries propels market growth.

The automotive industries use expandable polystyrene, a foam plastic product used in the exterior and interior of vehicles and seating arrangements. As per the increase in concern over passenger safety, the foam plastics market will likely expand over the coming years.

Foamed Plastics Insulation Products Market Segmentation

The market is segmented based on type, end-user or Application, and region.

Market segmentation based on Type

Based on type, the foam plastics insulation market is bifurcated into polyurethane, polystyrene, polyolefin, phenolic, and others. The polyurethane segment held the most significant market share in 2021, which accounted for 50%, and is projected to grow at a CAGR of 3.1% during the forecast period. Urethane materials have a wide range of features and are used in different types of industries on a global scale. 

They can range in different types: tight, heavy, thermosetting, thermoplastic, flexible, and soft. With the beneficiaries of a wide range of features, they are widely preferred among industries, including furniture, insulation, bedding, automotive, etc. Various lightweight materials, like cushioning foam, car bumpers, dashboards, budding, etc., are polyurethane. They are widely preferred for insulation and construction purposes. The material has characteristic features, including low water absorption, low density, low heat conduction coefficient, good mechanical strength, and insulating properties that drive the market growth for such a segment. Polyurethane materials can be customized according to a large number of applications.

• Market segmentation based on Application

Based on Application, the foam plastics insulation market segmentation includes building & construction, packaging, automotive, furniture & bedding, footwear, sports & recreational, and others. The building and construction segment has dominated the foam plastics market in 2021 and is projected to grow at a significant CAGR of 3.4% during the forecast period. The foam is widely used in the construction industry for thermal insulation and sealing due to its flexible, durable, and lightweight qualities. It is a prominent insulator with a relaxed nature and lacks fibrous characteristics. Hence, it is ideal to be used on the walls and roofs of homes. The foam also helps to mitigate the noise level and is mainly used in cold regions.

Report Scope

Regional Insights

Based on geography, the foam plastics insulation market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region has dominated the market in 2021, with a market share of 47%, and is expected to reach significant growth during the forecast period.

This can be attributed to the increase in demand for foam plastic insulation products associated with the rise in e-commerce platforms for protective packaging, which drives the market growth across such regions. Various industries, including food & beverages, transportation, construction & building, automotive, and electronics, use foam plastics to protect their products from damage. Across Asian-Pacific regions, China had a significant contribution to the foam plastics market, with a regional market share of 58%.

 The increase in the automotive and construction industries across China has led to a massive demand for foam plastics per desired characteristics. Apart from China, significant market growth can also be witnessed in regions like India and South-East Asia due to the surge in demand for luxury goods and home-based items, including mattresses, furniture, etc., that require foam plastics.

Key Insights

· The global foam plastics insulation market has witnessed significant growth with a CAGR rate of 3.5% over the forecast period. 

· The Asia-Pacific has dominated the foam plastics market with a revenue share of 47% in 2021 and is expected to maintain the dominant position during the forecast period.

· By type, the polyurethane segment held the largest market share in 2021 and is expected to grow at a CAGR of 3.1% during the forecast period.

· By Application, the building and construction segment has dominated the foam plastics market and is projected to grow at a significant CAGR of 3.4% during the assessment period.

Key Players 

Various vital players have led to rapid investments to enhance their product portfolio and increase the production rate, which has led to the development of foamed plastics market.

• Trelleborg
• Dow
• Avery Dennison Corporation
• Owens Corning
• 3M Company
• Dupont
• Sika
• BASF
• Johns Manville
• Dunmore
• Knuaf Insulation
• Saint-Gobain
• ACH Foam Technologies
• American Excelsior
• INOAC Corporation

Covid-19 impact on foamed plastics insulation products market

The rapid emergence of the covid-19 has led to a temporary decline in the foam plastics insulation market to a certain level. The foamed plastics market heavily depends on the expansion of construction and logistics and other manufacturing industries. The imposed lockdown and restriction on the movement have disrupted the supply chain and import and export activities. This kind of disturbance in transportation activities resulted in a halt in production, leading to the temporary downfall of the foam plastic products market. However, the market started to regain its position after September 2021.

Recent Developments in foamed plastics insulation products market

• In June 2020, Dolce Packaging, a subsidiary of Teni-Plex Inc., announced a collaboration with Agilyx Corporation to expand the recycling of polystyrene packaging. The exhibiting increased the production rate of the company as well as the plastic recovery rate by up to 90%.
• In February 2020, Huntsman Corporation announced the completed acquisition of the leading North American company named Icyene-Lapolla for residential and commercial applications.
• In March 2019, BASF announced the enhancement of the regional innovation capabilities at the Shanghai Innovation Campus to their collaboration with the automotive industry.
• In 2022, BASF SE and Confoil announced their collaboration to make a certified compostable paper-based food trey. The product is named DualPakECOâ. The company also launched Ultramida A3EM8 OP for automobile parts.
• In January 2022, Tekni-Plex introduced a processor tray made of foam polypropylene for storing fresh food.

Market segments covered in the report

By Type

• Polyurethane Foam
• Polystyrene
• Polyisocyanurate
• Phenolic Foam
• Others

By Application

• Building & Construction
• Industrial
• Residential
• Other

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America