Growing demand for rigid foam in the building and construction industry is projected to escalate the rigid foam market at a CAGR of 6.7%
Latest market study on "Global Rigid Foam Market to 2027 - Analysis and Forecasts by Type (Polyurethane Foam, Polystyrene Foam, Polypropylene Foam, Polyethylene Foam, Polyvinyl Chloride Foam, and Others), End Use Industry (Building & Construction, Appliances, Packaging, Automotive, and Others), and Geography", The global rigid foam market is accounted to US$ 73,786.7 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 - 2027, to account to US$ 131,558.9 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Rigid foam is widely used in various end-use industries such as building & construction, appliances, packaging, automotive, and others. The building & construction segment was known to dominate the market in 2018 and is estimated to continue its dominance in the coming years. The rapidly rising cost of energy in many countries has swayed home builders towards the use of thermally efficient insulators such as rigid foams. Rigid foams are used to reduce the heat transfer between the house interior and the external environment and have led to an upsurge in the application of rigid foam in the building & construction sector. The rigid foam market is known to grow at a higher rate owing to the development of eco-rigid eco foam in the coming years.
Rigid foam sheaths are used as insulation materials to control indoor temperature and thereby reduce the building’s energy consumption. Rigid foams made from expanded polystyrene (EPS), extruded polystyrene (XPS), and polyisocyanurate are valued for their thermal insulation properties and offer durability and moisture control. Rigid foams are used in the exterior and interior walls, underfloor, and roof assemblies to reduce the effect of thermal bridges. They also reduce or eliminate the quantity of air leaks. Rigid foams are used in walls to increase the overall R-value or thermal resistance of the wall. The use of thermally resistant rigid foams in the construction of houses significantly contributes to energy saving while reducing greenhouse gas (GHG) emissions. Rigid foams possess excellent structural and insulation characteristics and are seen as a cost-effective construction material. The use of rigid foams as insulation materials in the building and construction sector has started to gather pace. The rise in the importance of energy-efficient buildings is likely to spur the demand for thermal insulation materials such as rigid foams in the construction sector.
The market for global rigid foam is concentrated with some very well-established players. Some of the key players in the global rigid foam market are Saint-Gobain, Dow Chemical Corporation, BASF SE, Borealis AG, Sekisui Chemical Co., Ltd, Covestro AG, Armacell International S.A., Huntsman International LLC, JSP, and Zotefoams Plc among others.
Global Rigid Foam Market - By Region Breakdown, 2018