SEKISUI CHEMICAL CO., LTD (Japan) and Huntsman Corporation (US) are the Key Players in the Technical Foam Market
The global technical foam market size is estimated at USD 9.1 billion in 2020 and is projected to reach USD 15.7 billion by 2025, at a CAGR of 11.6% from 2020 to 2025. The increase in demand for technical foam from the automotive & transportation sector and the rising demand for acoustic solutions to tackle noise pollution are the major factors responsible for the market growth of technical foam. The increase in industrialization has also helped trigger the growth of the technical foam market.
Major companies such as BASF SE (Germany), Dow Inc. (US), SEKISUI CHEMICAL CO., LTD (Japan), Huntsman Corporation (US), Armacell International S.A. (Germany), LANXESS AG (Germany), Trelleborg AB (Sweden), Recticel NV/SA (Belgium), INOAC Corporation (Japan), UFP Technologies, Inc. (US), Wanhua Chemical Group Co., Ltd. (China), and The Woodbridge Group (US) are key players in the global technical foam market. These players have been focusing on developmental strategies, such as new product development/launches, expansions, acquisitions, agreements, joint ventures, collaborations, and partnerships, which have helped them expand their businesses in untapped and potential markets.
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SEKISUI CHEMICAL CO., LTD. operates and distributes products in North America, Europe, Central/South America, China, Japan, and Asia & Oceania. SEKISUI CHEMICAL CO., LTD. is expanding its business through inorganic growth strategies such as expansion to meet the growing demand for technical-grade foam.
In 2017, the company established a polyolefin foam plant in Thailand through the THAI SEKISUI FOAM CO., LTD. division of the company. It expanded its foam production line to meet the increasing demand for foam from the construction, technical, automotive, and other sectors. With this increase in production, the company was able to produce 5-million-meters square of polyolefin foam per year.
Huntsman Corporation is a global leader in MDI-based polyurethanes, serving over 3,000 customers in more than 90 countries. The company has world-scale production facilities in the US, the Netherlands, and China, and 30 highly capable downstream formulation facilities, worldwide. Innovation is the core value of the company, and continuous efforts are being made to develop technologically upgraded products. The company is also involved in the manufacturing of flexible and rigid foam for furniture and medical applications. Huntsman adopts organic and inorganic strategies to sustain itself in the market. For instance, in February 2020, the company acquired 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. The acquisition of Icynene-Lapolla is aligned with Huntsman’s strategy of growing its downstream polyurethanes business.
Related Reports:
Technical Foam Market by Form (Flexible, Rigid, Spray), Material (Elastomeric, PU, PE, Expanded Foam), End Use (Electricals & Electronics, Automotive & Transportation, Commercial Buildings, Office Equipment, Medical), and Region - Global Forecast to 2025
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