Engineered Foam Market is Projected to Witness a Staggering Growth Forecast to 2025
Engineered Foam is a revolutionary product which enhanced safety and storage of equipment and various other products. Engineered foam has recyclable and reusable features which strengthened its market against the traditional foam. Engineered Foam advanced in foam business because it provides better insulation and protection as compared to traditional foam. Engineered foam produces from polyethylene, polyurethane, Polystyrene, Polyvinyl Chloride, Polyolefin and other materials used in various applications. Commonly Engineered Foam is used as a packaging material in many industries as it provides a shock resistant and damage resistant feature. Engineered Foam made transportation of products more accessible due to its features.
Engineered Foam has found applications in many industries and used as a part of a machine or an instrument. Industries such as energy, automotive, sports and leisure, construction, manufacturing, furniture and bedding, packaging and transportation have found applications of this product. Many new applications of Engineered Foam such as mats, Sleeping pads, Athletic pads and filters have increased its presence and helped in the growth of Engineered Foam market. Properties such as UV and temperature resistance, moisture sealing or protection, shock absorption, NVH control, light weight and outstanding cushioning has placed this product on the shelf of every industry looking for a universal product which can have numerous applications. Due to its versatile benefits and vast usage, Engineered Foam market is expected to witness an escalating demand among the industries.
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Engineered Foam market is mainly driven by the increasing demand in the industrial process due to damages, wear and tear of products and machines during manufacturing or transportation. Many new applications are springing in the market every day which requires Engineered Foam because of its properties such as shape resistant, heat & cold resistant, moisture resistant, provide high tensile strength and many more.
Currently, Engineered Foam has found application in road construction as a raw material for constructing roads or floor when mixed with cement. Also, used as a filling material in holes and mines, also used sometimes against cement for filling purposes. Engineered Foam will witness a rise in the demand because of its numerous use, especially in transportation and storage. Factor that fuels up the growth of the Engineered Foam market is that the affordable price of Engineered Foam because of cheap production cost. Engineered Foam market is expected to grow during the forecast period due to its versatile benefits.
However, Engineered Foam comes along with some restraints. Engineered Foam is purely dependent on the type of polymer used for production which can increase product cost. The commercial scale use of Engineered Foam needs to be reviewed carefully because a slight change in the quality of Polymer can alter the quality of product or might destroy the whole batch. Engineered foam is facing low-cost issues. Rising prices of raw materials and stagnant price of Engineered Foam is squeezing the profits of manufacturers who are now looking to raise the price of the product.
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Engineered Foam market have an opportunity in the production of Engineered Foam from bio-based Polyols which is the upcoming trend in the market. This product can further increase applications and help further growth of the market.
Engineered Foam market can be segmented on the type of raw material in Engineered Foam which includes polyethylene, polyurethane, polystyrene, polyvinyl chloride, polyolefin and others (polylam, etc.). Polyethylene Engineered Foam is commonly used, and production of polyethylene Engineered Foam has grown in past 20 years which is still a lucrative market globally. Engineered Foam market can also be segmented on the types of End-user which include packaging, automotive, sports and leisure, construction, manufacturing, furniture and bedding, packaging, transportation, energy and others.
Regional coverage for Engineered Foam market includes North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East and Africa (MEA) and Japan. Engineered Foam market witnesses a high demand and production in APEJ because of the significant investments in the region. A large number of manufacturing units has located in South Asian countries like China and India and many new players are entering the market in these countries. Engineered Foam market is expected to grow significantly in APEJ region as investors are still opening new production facilities in the region.
The market players in Engineered Foam market are DOW Chemical Company, Pregis, Engineered Foam Products (Canada), Fostek Corporation, Delta packing Inc., GWP Group, Heubach Corporation, Trojan Craters Limited, PSI Group, Armacell and many more.