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The global engineered foam market growth is accredited to the application of high-power engines with high calorific value fuels for better combustion. High transition coupled with shorter product life cycles in end-use industries is expected to drive the global engineered foam market toward intensified growth. Additionally, increase in the number of developments in construction, sports and leisure and automotive industries is expected to enhance the global market growth. Factors restricting the growth of the global engineered foam market include stringent norms and regulations levied on the usage of medical grade products, which require high R&D expenditure.
The global engineered foam market has been segmented on the basis of foam, end user, material type and region. Based on material type, the global engineered foam market has been segmented into polyvinylchloride, polyolefin, polyurethane, and polystyrene. The polyolefin segment is likely to showcase the highest growth during the forecast period (2016-2022). Olefins or alkenes are defined as unsaturated aliphatic hydrocarbons. Polyolefin foam is another type of polymer foam, which is majorly used in the packaging and automotive industries. These are macromolecules formed by the polymerization of olefin monomer units.
On the basis of foam, the global market has been segmented into flexible foam, rigid foam and spray foam. Based on end user, the market has been segmented into aerospace and defense, medical and healthcare, transportation, and manufacturing and construction. The growth in the medical and healthcare segment is expected to strengthen the demand for engineered foam in the global market. Such growth is expected to be attributed to the emerging healthcare sector and the requirement for precision medical equipment.
On the basis of region, the engineered foam market has been segmented into North America, Europe, Asia-Pacific, and Rest of the world. Asia-Pacific is expected to witness the highest growth in the global engineered foam market, during the forecast period, owing to increasing demand from countries such as Japan, China, India, and Indonesia, and increasing manufacturing and infrastructural activities in the region.
The key players operating in the global engineered foam market include Armacell GmbH, BASF SE, Bayer AG, Foamcraft, Inc., Foampartner Group, Future Foam, Inc., Huntsman Corporation, Inoac Corporation and Recticel NV/Sa.
BASF SE (Germany) is one among the major players in the global engineered foam market, which expanded its business in different regions to increase its global presence and cater to the requirements of its customers. Additionally, the company entered into joint ventures to strengthen its market position in various regions.