Future Scope of Foam Insulation Market: Global Effectively Grow by 6.2% CAGR by 2024
Global Foam Insulation Market Research Report is expected to reach USD 27,561.17 million by 2024 from USD 17,230.00 million in 2016, at a CAGR of 6.2% in the forecast period 2017 to 2024.
Segmentation:
Global Foam Insulation Market By Product Type (Polystyrene Foam, Polyurethane Foam, Polyisocyanurate Foam, Polyolefin Foam, Elastomeric Foam, Phenolic Foam), By End-user (Building & Construction, Transportation, Consumer Appliances, Others), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)
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Drivers:
The major factors contributing to the growth of the market includes factors such as increasing research and development, greenhouse gas emissions, growth in end-use industry, increasing demand for energy-efficient equipment.
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INCREASING RESEARCH AND DEVELOPMENT
Key players are investing in research and development to innovate foam products which are more effective and can be utilized effectively for almost every application and are manufactured sustainably. The innovative products have various propreties such as waterproof, fire resistance, hail damage and wind uplift resistance. For instance, wood foam which is being derived entirely from wood and can be utilized as conventional plastic foams, can be cut at every dimension, humidity as well as pressure resistant and humidity and can also be recycled after use. Wood foam has its applications in home insulation with an aim of maintaining the heat inside the building’s occupants and can generate a cozy environment. The increased R&D to innovate new products for foam insulation market is driving the growth of market by providing a wide range of products with enhanced technology for various applications.
REDUCTION IN GREENHOUSE GAS EMISSIONS
Foam insulation provides the excellent insulating and structural characteristics along with the cost effectiveness and thus saves energy as well as helps in the reduction in greenhouse gas (GHG) emissions. Not only utilization of foam insulation in the refrigerator and freezer aves energy but Foam-Control EPS has made construction projects environmentally friendly by lower energy consumption minimizes the CO2 emissions, dose not contained CFC (Chlorofluorocarbons), HFC (Hydrofluorocarbons) or HCFC (Hydrochlorofluorocarbons) which are harmful to earth’s ozone layer. EPS foam insulation being applied to exterior walls of single family residential house. The increasing need of environmental safe products has resulted in increased use of foam insulation products due to its environmental safety properties.
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INCREASING DEMAND FOR ENERGY-EFFICIENT EQUIPMENT
Now a days, energy saving has become major concern for the industries while manufacturing products. As, 30.0% of the household energy is consumed by freezers and with the introduction of polyurethane rigid foam in the refrigerators and freezers, they are considered to be the excellent insulators and cost-effective manufacturing solution. As a result the refrigerators with polyurethane foam are saving 60.0% of energy. Approximately 35.0%- 45.0% of energy is used for air infiltration application of the foam insulation such as polyisocyanurate foam, rigid polyurethane foam, spray polyurethane foam and others insulation act as an air barrier by filling the leakage and holes, reduction in heating and cooling cost. Thus, in result helps in improving the efficiency and reduction in energy bills. For instance, According to the U.S. Environmental Protection Agency’s (EPA) energy star program has stated that addition of the sealing air leaks and insulation would save upto 20.0% of monthly energy bills. Foam insulation products offer energy efficient properties and the need of environmental safe and energy efficient products globally have led to increased demand of foam insulating products.
Major Players:
Some of the major players operating in this market are BASF SE, Covestro AG, Huntsman Corporation, Kingspan Group Plc, Lapolla Industries, Inc., Owens Corning, Saint-Gobain, The Dow Chemical Company, Recticel Group, Armacell International SA, Johns Manville, Demilec USA, Inc., Icynene and among others.
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Report Access: http://databridgemarketresearch.com/reports/global-thermoplastic-elastomers-market/
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