The global structural foam market revenue is expected to expand at a lucrative CAGR over the forecast period. Rising demand for structural foam in end-use industries such as automotive, building & construction, and electronics and electronics owing to its properties such as high strength and lightweight is expected to be a major factor driving revenue growth of the market.
The global structural foam market report has been segmented on the basis of material, application, and region.
On the basis of the product, the global structural foam market has been segmented into polypropylene, polyethylene, polystyrene, polyurethane, and others (polycarbonate, polyvinyl chloride, acrylonitrile butadiene styrene, polyethersulfone, and polyphenylsulfone). The polyurethane segment is expected to grow at high CAGR over the forecast period owing to properties such as lightweight, toughness, resistance to chemical and moisture.
On the basis of application, the global target market has been segmented into automotive, building & construction, electrical & electronics, material handling, and others (furniture, HVAC, marine, and medical). The automotive segment is expected to witness higher growth rate over the forecast period. Growing demand for lightweight materials in automobiles to reduce the total weight of the vehicle is expected to augment revenue growth of segment over the forecast period.
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On the basis of region, the global structural foam market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific market is expected to grow at a steady rate over the forecast period. Growing automotive industry in the region owing to increasing living standards, and rapid urbanization are expected to support revenue growth of Asia Pacific structural foam market. Moreover, growing construction industry in China and India is expected to drive revenue growth of Asia Pacific structural foam market.
Key players operating in the global structural foam market include BASF SE, Evonik Industries AG, Saudi Basic Industries Corporation, PSI Molded Plastics, Armacell International S.A., The Dow Chemical Company, OnePlastics Group, Covestro AG, Gurit Holding AG, and Changzhou Tiansheng New Materials Co., Ltd.