High Performance Foam Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021

The global high performance foam market is estimated to witness a healthy growth, at an estimated CAGR of over 8%, over the forecast period. The major factors driving the growth of the market studied are increasing usage in the automotive industry and increasing demand from healthcare sector for dressing wounds.

High initial investment is likely to hinder the markets growth.
Increasing usage in emerging economies are likely to create opportunities for the market in the coming years.
Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends

Increasing Usage in the Automotive Industry

The insulating and energy efficient properties of foam coupled with environmental regulations is expected to increase the usage of foam in the automotive industry.
Foam insulation can help to reduce the overall weight and also aid in minimizing the amount of heat entering and exiting the interior of the car.
High temperature foams prevent heat from escaping and also prevent heat entering the vehicle and thus eliminates the need for further consumption of energy. In addition, high performance foams also minimize moisture penetration to ensure long-term corrosion protection.
In 2019, the automotive production witnessed a decline owing to trade war pf US-China and other political reasons. This is expected to continue in the first half of 2020, owing to the weak sales in second half of 2019. However, the automotive industry is likely to recover by the end of 2020.
In addition, the development of electric vehicles may continue to gain momentum in the upcoming years especially in Europe, China. and United States, where many government programs are promoting a move away from fossil fuels owing to the various environmental concerns.
Owing to the above-mentioned factors, the market for high performance foams is likely to grow during the forecast period.

Asia-Pacific Region to Dominate the Market

Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
Due to all such factors, the market for high performance foam in the region is expected to have a steady growth during the forecast period.

Competitive Landscape

The high performance foam market is partially consolidated in nature. Some of the major players in the market include Evonik Industries AG, BASF SE, DuPont, SABIC, and Saint-Gobain, among others.

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1 INTRODUCTION

1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers
4.1.1 Increasing Usage in the Automotive Industry
4.1.2 Increasing Demand from Healthcare Sector for Dressing Wounds
4.2 Restraints
4.2.1 High Initial Investment
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION

5.1 Type
5.1.1 Silicone
5.1.2 Polyurethane
5.1.3 Polyamide
5.1.4 Polyethylene
5.1.5 Other Types
5.2 End-user Industry
5.2.1 Construction
5.2.2 Transportation
5.2.3 Electrical and Electronics
5.2.4 Packaging
5.2.5 Healthcare
5.2.6 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Spain
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 Evonik Industries AG
6.4.3 Rogers Corporation
6.4.4 BASF SE
6.4.5 DuPont
6.4.6 Sekisui Alveo
6.4.7 Armacell
6.4.8 SABIC
6.4.9 Saint-Gobain
6.4.10 Zotefoams Plc
6.4.11 Solvay

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Increasing Usage in Emerging Economies