Research analysis on the global engineered foams market identifies that the increasing demand from developing economies will be one of the major factors that will have a positive impact on the growth of the market. Technavio's market research analysts predict that this market will grow at a CAGR of nearly 8% by 2021. It is observed that the global engineered foam market is witnessing increased growth rates in emerging economies, such as Brazil, China, Russia, Turkey, Indonesia, South Korea, Mexico, and India. China was the major consumer of polystyrene foam and the engineered foam market in India is also expanding significantly due to the rising use as insulating material in refrigerators and in the construction industry. In addition, the engineered foams offer improved moisture resistance and provide long-term, accurate, and high-performance insulation which makes them an ideal choice. The rise in the building and construction, transportation, electronics, and packaging industries in these developing countries will fuel the growth of the engineered foams market globally.
In terms of geographic regions, APAC will be the major revenue contributor of the engineered foams market throughout the forecast period. The increasing demand from military and defense sector and the rapidly growing automotive industry will drive the consumption rates of packaging foams in the region. China, Japan, India, and South Korea are among the top consumers of engineered foam in the automotive segment.
Competitive landscape and key vendors
The engineered foams market is highly competitive consisting of both regional and global players. The vendor competition in the custom foam packaging market is based on price, innovation, quality, performance, and customer-centrism. Numerous foam suppliers provide customized solutions that enable consumers to choose from various product offerings.
The leading vendors in the market are -
The other prominent vendors in the market are The Dow Chemical Company, SEKISUI CHEMICAL, Trelleborg, INOAC CORPORATION, Foamcraft, FoamPartner, and Woodbridge Foam Corporation.
Segmentation by type and analysis of the engineered foams market
During 2016, the polyurethane segment accounted for the major shares of the engineered foams market. Factors such as the low cost and ease of handling will contribute to the growth of this industry segment in the coming years. Also, polyurethane has a huge scope for product development for applications in which repeated flexing occurs due to its tensile strength.
Segmentation by application and analysis of the engineered foams market
Aerospace and defense
As per this market research report, the aerospace and defense segment will hold the maximum share of the custom foam packaging market until 2021. Engineered foams are used as shock absorbers and thermal protectors for applications in the defense and aerospace sector. In addition, these foams are also used for underwater missile applications by leading defense contractors. These benefits will drive the growth of the engineered foams market in this segment.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors drivingthe global engineered foams market?
What are the key market trends impacting the growth of the global engineered foams market?
What are the challenges to market growth?
Who are the key vendors in the global engineered foams market?
What are the market opportunities and threats faced by the vendors in the global engineered foams market?
Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
What are the key outcomes of the five forces analysis of the global engineered foams market?
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Our market research methodology for the engineered foams market
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