The market for engineered foam is expected to register a CAGR of over 4% , globally, during the forecast period. An increase in the demand from the building and construction industry and the packaging industry is driving the market. On the flip side, stringent environmental regulations and volatile raw material prices are hindering the growth of the market.
– The engineered foam market is expected to grow during the forecast period, owing to the increasing demand for insulation in the building and construction segment.
– The Asia-Pacific region is expected to dominate the global market, with the largest consumption rates being registered in countries, such as China and India.
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Key Market Trends
Increasing Demand for Insulation in the Building and Construction Industry
– Engineered foam is widely used as an insulator in the building and construction industry and is expected to be the fastest-growing market during the forecast period.
– Rigid foam insulation is innovative in the building and construction industry, a material that significantly reduces a building’s energy usage and helps control interior temperature.
– Gaps and air leaks lead to high energy bills and let valuable resources go to waste. High-performing foam insulation can effectively seal gaps and air leaks and help to maintain interior air temperature at desired levels.
– According to the United States Department of Energy, heating and cooling account for about 50% of total energy consumption in a typical home. Foam insulation provides lowering energy bills by reducing air leaks and thereby decreasing the heat transfer between indoor and outdoor environments
– Additionally, the engineered foam provides moisture insulation by restricting the moisture to pass through the walls which leads to the growth of mold in the building.
– New environmental policies that are aiming at reducing fossil fuel consumption and energy conversation are encouraging the manufacturers in the direction of using foam as insulation in the building and construction industry.
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