Flexible Foam Insulation Market : Asia Pacific to Lead Present and Future Market Growth
Insulation refers to a process in which a material isolates something from its surrounding. Starting from houses and buildings, the redevelopment of industries has increased the scope of insulation. Automotive, electrical and electronics, industrial manufacturing, and healthcare are some of the prominent industries utilizing various materials for insulation purposes. It is done using many different materials from natural fibers to rigid foam boards to sleek foils among others. Every material used for insulation has its own properties that differentiate it from others. One such material is known as flexible foam insulation, which is a type of foam insulation where open-cell structure foams are used. They are light weight, thus reducing the overall weight of the structure and are easy to install, which makes them suitable for utilization in this dynamic product environment and enabling them to grow in their respective markets. Flexible foam insulation is largely used by building and construction sector for the roofs and walls to insulate them from the heat and noise.
Flexible foam insulation is increasing its market owing to the low-weight and eco-friendly properties. The implementation of government regulations across the countries and the increasing per capita income are contributing toward the growth of flexible foam insulation. Asia Pacific dominates the flexible foam insulation market due to the high consumption of these products in the Chinese and Indian markets. Europe is another major region that has a high demand for flexible foam insulation due to their usage in the construction and transportation sectors. The flexible foam insulation market is facing competition from other premium substitutes, such as fiberglass and mineral wool, which are more popular in developed countries of North America and Europe. The increasing penetration of flexible foam insulation in the developing countries due to its efficiency along with the increasing consumer affordability are driving the flexible foam insulation market.
The high manufacturing production and the relatively harsh climatic conditions are key drivers for the high demand of the flexible foam insulation market in Asia Pacific, which is expected to continue to dominate the global market. The global flexible foam insulation market is expected to grow at a CAGR of 5.0% during the forecast period 2016–2022. The improving infrastructure sector and the automotive industry are driving the market demand for flexible foam insulation.
The flexible foam insulation market is a highly competitive market with multinational companies, such as Dow Chemicals, Owens Corning, and PolyOne Corporation, competing with each other for additional market shares. Companies which produce more flexible foam have their presence across the globe. However, there are many smaller key players entering the market that can affect the market share of bigger companies. These new entrants are expected to expand their business and increase the competition with their expertise in their own niche.
The study produced by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. The market has been analyzed based on application segments as acoustic insulation, thermal insulation, and hybrid insulation, and based on end-user segments as building and construction, transportation, and consumer appliances.
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