APAC is the largest foam plastics market, globally

Foam plastics are resins used in manufacturing polymer foams, which are used in various end-use industries such as building & construction, furniture & bedding, packaging, and automotive among others. The market size for Foam plastics is projected to grow from USD 51.6 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 4.8%. Foam plastics are largely used in building & construction, packaging, and furniture & bedding. The polyurethane segment is estimated to account for the largest share of the overall market due to its properties such as low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties.

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APAC is the leading market for foam plastics. The growth in the region is fueled by the booming economies of China, India, Indonesia, and Vietnam. PU resin based foams are preferred choice in the building & construction industry in APAC. It is in high demand, as it is a low-cost material that provides low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties. APAC is a rapidly developing region with growth opportunities for companies willing to invest in high-growth markets.

Foam plastics are used to make foams used in the building & construction industry for forging, doors, roof board, and slabs. PU is the dominant resin used in the building & construction industry for insulation. It has low heat conduction coefficient, low density, low water absorption, and relatively good mechanical strength and insulating properties, which are helpful in the building & construction sector. The COVID-19 pandemic has affected various end-use industries, and almost all divisions of the supply chain continue to be affected, which also includes the construction industry. According to the National Association of Home Builders (NAHB), US, the GDP growth rate during the first two quarters is expected to be negative. This decline can be compared to the aftermath of the global performance of the 2008 Great Recession. However, the fourth quarter of 2020 is expected to be a rebound period.

The key players profiled in the foam plastics market report are BASF SE (Germany), Covestro (Germany), Huntsman International LLC (US), The Dow Chemical Company (US), and Wanhua Chemical Group Co., Ltd. (China).

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Building & construction segment accounted for the largest share of the foam plastics market

Foam plastics are resins used in manufacturing polymer foams, which are used in various end-use industries such as building & construction, furniture & bedding, packaging, and automotive among others. The Foam plastics market size for is projected to grow from USD 51.6 billion in 2020 to USD 65.4 billion by 2025, at a CAGR of 4.8%. Foam plastics are largely used in building & construction, packaging, and furniture & bedding. The polyurethane segment is estimated to account for the largest share of the overall market due to its properties such as low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties.

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Foam plastics are used to make foams used in the building & construction industry for forging, doors, roof board, and slabs. PU is the dominant resin used in the building & construction industry for insulation. It has low heat conduction coefficient, low density, low water absorption, and relatively good mechanical strength and insulating properties, which are helpful in the building & construction sector. The COVID-19 pandemic has affected various end-use industries, and almost all divisions of the supply chain continue to be affected, which also includes the construction industry. According to the National Association of Home Builders (NAHB), US, the GDP growth rate during the first two quarters is expected to be negative. This decline can be compared to the aftermath of the global performance of the 2008 Great Recession. However, the fourth quarter of 2020 is expected to be a rebound period.

Recent Developments

In February 2020, Huntsman Corporation announced that it completed the acquisition of Icynene-Lapolla, a leading North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business from an affiliate of FFL Partners, LLC, for USD 350 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.

APAC is the largest foam plastics market, globally.

APAC is the leading market for foam plastics. The growth in the region is fueled by the booming economies of China, India, Indonesia, and Vietnam. PU resin based foams are preferred choice in the building & construction industry in APAC. It is in high demand, as it is a low-cost material that provides low heat conduction coefficient, low density, low water absorption, relatively good mechanical strength, and good insulating properties. APAC is a rapidly developing region with growth opportunities for companies willing to invest in high-growth markets.

The key players profiled in the foam plastics market report are BASF SE (Germany), Covestro (Germany), Huntsman International LLC (US), The Dow Chemical Company (US), and Wanhua Chemical Group Co., Ltd. (China).

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Plastics gaining preference over conventional materials

 

Antioxidants are used in a wide range of polymers such as PE, PP, and PVC. These plastics are used in industries such as packaging, building & construction, and automotive. Plastics have superior mechanical and electrical properties, enhanced abrasion resistance, and superior chemical resistance than conventional materials such as metals, glass, paper, and ceramic. Continuous innovation and the need for more lightweight materials in several industries have led to the replacement of metals, glass, paper, and ceramic with plastics in packaging, building & construction, and automotive industries. This is expected to drive the market for plastic antioxidants.

In the automotive industry, particularly in automobile designing, plastics have contributed to several innovations in safety, fuel efficiency, and performance. For instance, airbags made from high-strength polymer fabric can reduce the risk of fatal injury in a direct, frontal car crash. Other advancements include child safety seats, roof linings, steering wheel, dashboard, fenders, as well as fuel system, headlamp covers, and other exterior parts that are directly exposed to heat and light.

The plastic antioxidants market size is estimated to be USD 2.0 billion in 2020 and is expected to reach USD 2.6 billion by 2025, at a CAGR of 5.3% during the forecast period. Factors such as plastics replacing conventional materials, increasing demand in medical industry, and rapid urbanization in developing countries will drive the plastic antioxidants market. The major restraint for the market will be adverse effect on health from synthetic plastics antioxidants. However, the untapped demand in the agricultural sector of developing countries will act as an opportunity for the market.

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Phenolic antioxidant is estimated to be the largest type in 2019.

Antioxidants are classified on the basis of their ability to interrupt the overall oxidation process. Chain breaking and preventive mechanisms are the two major antioxidant mechanisms that interfere with polymer oxidation cycles. The two classes of antioxidants identified are chain-breaking or primary antioxidants and preventive or secondary antioxidants. Primary antioxidants react rapidly and are, therefore, referred to as radical scavengers. Phenolic antioxidants are primary antioxidants, which interfere with chain propagation by terminating the free radical. They are used for plastics or polymer systems that are sensitive to thermal and oxidative degradation due to the formation of peroxides and free radicals. Phenolic antioxidants protect plastics or other polymers against degradation and oxidation at high processing temperatures.

The region is characterized by a growing population and economic developments. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and Indonesia, is projected to make this region an ideal destination for the plastic industry. This, in turn, is expected to drive the plastic antioxidants industry in the near future. The increase in employment rate, the rise in disposable income of the people, and an increase in foreign investments in various industries of the economy are some of the other factors that make APAC an attractive market for plastic antioxidants manufacturers.

The key market players profiled in the report include BASF SE (Germany), Songwon (South Korea), Adeka Corporation (Japan), Solvay (Belgium), SK Capital (US), Clariant (Switzerland), Sumitomo Chemical (Japan), 3V Sigma S.p.A (Italy), and Dover Chemical Corporation (US).

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Foam Insulation Market by End-use Industry (Building & Construction, Transportation, and Consumer Appliances)- Global Forecast to 2021

The foam insulation market size was USD 17.58 Billion in 2016 and is projected to reach USD 22.39 Billion by 2021, at a CAGR of 4.95% from 2016 to 2021. The increasing demand for foam insulation from end-use industries, such as building & construction, transportation, and consumer appliances, is driving the foam insulation market.

Focus on the reduction of greenhouse gas emissions and strict government regulations on the construction of energy-efficient buildings are expected to drive the demand for foam insulation. The major restraining factor for the market is the lack of awareness about the benefits of foam insulation.

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Building & construction is the largest end-use industry for foam insulation

By end-use industry, the building & construction segment is estimated to account for the largest share of the global foam insulation market in 2016, in terms of both value and volume. This end-use industry is projected to drive the foam insulation market from 2016 to 2021 due to the rising concern related to greenhouse gas emissions and the growing demand for net-zero energy buildings in countries like Germany, U.K., France, and U.S. The various building codes for new residential and commercial construction in countries such as U.S., U.K., Germany, China, Japan, and South Korea are also expected to drive the demand for foam insulation.

Population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for consumer appliances have contributed to the growth of the foam insulation market in this region. Increasing investments in the region’s building & construction industry also help drive the demand for foam insulation. Besides, major market players, such as Covestro AG (Germany), BASF SE (Germany), Saint-Gobain (France), and Huntsman Corporation (U.S.), are setting up manufacturing plants in the Asia-Pacific region due to the availability of cheap labor and low production cost.

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Modernization of Infrastructure for Better Performance and Long Service Life Across Various Industries is a Key Factor Expected to Fuel the Growth of the FRP Gratings Market

FRP gratings are used in various applications, due to their versatile properties. FRP gratings in stair treads, walkways, and other applications are a cost-effective means of substituting engineering metals. These gratings are corrosion-resistant and lightweight, which leads to low maintenance and installation costs. The gratings have excellent mechanical properties and stiffness-to-weight ratio, which makes them suitable for use in the construction industry. The global FRP gratings market is projected to reach USD 574.2 Million by 2021, at a CAGR of 4.24% from 2016 to 2021.

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Key companies offering FRP gratings have established offices, manufacturing plants, and distribution centers globally to cater to the increasing demand for these gratings from various end-use industries. Companies such as Kemrock Industries & Exports Ltd. (India), Locker Group (Australia), Webforge (Australia), and Ferro Tech International (UAE) are manufacturing FRP gratings in emerging economies in the Middle East & Africa and Asia-Pacific.

Major manufacturers profiled in this report are Strongwell Corporation (U.S.), Techno Composites Domine GmbH (U.K.), McNichols Company (U.S.), Meiser GmbH (Germany), Bedford Reinforced Plastics (U.S.), AGC Matex Co. Ltd. (Japan), Kemrock Industries & Exports Ltd. (India), Eurograte Fiberglass Grating (Italy), Fibergrate Composite Structure (U.S.), Ferrotech International FZE (UAE), and Exel Composites (Finland). These companies offer a wide range of FRP grating products and received approvals for new FRP gratings. For instance, Fibergrate Composite Structure has been certified for FRP installations in federally registered food establishments. The products manufactured by the company include molded grating, Rigidex mGrating, Safe-T-Span pultruded industrial, and pedestrian grating.

Strongwell Corporation (U.S.) is one of the key manufacturers of FRP gratings and offers a wide range of GRP, FRP, and heavy duty FRP gratings. The company has successfully completed projects to install FRP gratings in various industries with the required specifications. Strongwell Corporation (U.S.) focuses on differentiated business models, proprietary technologies, and competitive cost structures to gain a competitive edge. In December 2015, the company installed DURAGRID HD-4000 2.5 grating panels as trench covers in the Utah State University (USU) Electric Vehicle and Roadway (EVR) research facility in Logan, Utah.

Fibrolux GmbH (Germany) is also a major manufacturer of FRP gratings. The company completed the modernization of its Kaliningrad wastewater treatment plant in 2014. Fibrolux replaced the existing dilapidated steel components with FRP during the restorations. The project comprised of manufacturing, supply, and installation of approximately 400 meters of FRP grating walkways, railings, and platforms.

Related Reports:

FRP Grating Market by Resin Type (Polyester, Vinyl Ester, Phenolic), Process (Molded, Pultruded), Application (Stair Treads, Walkways, Platforms), End-use Industry (Industrial, Water Management, Cooling Towers, Marine), and Region – Global Forecast to 2021

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Leading Market Leader - Foam Insulation Market | Global Forecast to 2021

The global foam insulation market is projected to grow at a CAGR of 4.95% from 2016 to 2021, in terms of value. The market is rapidly evolving with the major players contributing towards its development. Kingspan Group Plc. (Republic of Ireland), BASF SE (Germany), and Armacell International S.A. (Luxembourg) are some of the major players that led the market in 2015.

Expansion, acquisition, and new product launch were the key strategies adopted by major foam insulation manufacturers in the recent past. These strategies were adopted by the top players to strengthen their position in the market and to enhance their product portfolios.

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Kingspan Group Plc., BASF SE, and Armacell International S.A. accounted for the major share of the foam insulation market. These companies focused on acquisition and expansion strategies to strengthen their position in the foam insulation market. For instance, Kingspan Group Plc. acquired the Building Insulation Division of Pactiv LLC (U.S.) in August 2014. This acquisition helped the company strengthen its insulation business in North America to meet the growing demand for foam insulation products in the region.

BASF SE, a key player in the foam insulation market, focuses on new product launches to cater to the demand from end-use industries. In 2015, the company launched Styrodur 3000CS and Neopor. These products offer 15% and 20% better insulation, respectively, than the conventional insulation panels used in the building & construction end-use industry. The company is also focusing on expansion and acquisition strategies to meet the growing demand for foam insulation products from various end-use industries.

Armacell International S.A., another major market player, focuses on acquisitions and expansions to cater to the growing demand in the market. In October 2016, the company acquired PoliPex Ltda (Brazil), which helped strengthen its product portfolio in Latin America. The company also opened a production facility in Lobnya (Russia) in January 2016. This expansion has helped the company enhance its market position in the European region.

Leading market players have adopted different growth strategies to gain a competitive advantage in the market. The Asia-Pacific region leads the global foam insulation market due to the increasing demand for consumer appliances in the region, accompanied by the growing building & construction industry. Increasing population, urbanization, and the growing middle class with higher income are also factors driving the demand for foam insulation in the region.

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