Technical Foams Market Outlook and Opportunities in Grooming Regions 2020-2030

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Technical Foam: Introduction

• Technical foams are available as open or closed cell foams in all common densities and colors. Technical foams are anti-static, flame resistant, and ultralight.
• Technical foams are valued for their shock absorption properties, good resistance to aging, and high compression load deflection. Technical foams are known for their extraordinary thermal insulation properties, good resistance to hydrolysis, and very high durability. These foams withstand high levels of mechanical stress. They are extremely durable, due to their outstanding friction, tensility, and tear resistance.

Rise in Building Construction Activity to Drive Technical Foams Market

• Increase in building and construction activities is expected to drive the demand for technical foams
• Building insulation is any object in a building used as insulation for any purpose. Most of the insulation in buildings is for thermal purposes. Growth of the population is boosting the construction industry. Construction can be residential as well as nonresidential. Rise in demand for new construction has augmented the demand for technical foam products. The technical foams market is expected to be driven by increase in residential maintenance activities. Homeowners are interested in investing more in the upkeep of their floors, walls, and roofing. This trend is anticipated to promote the technical foams market.
• Expansion in the construction industry is anticipated to boost the technical foams market, as the people are more inclined toward the energy saving processes. Growth in population and increase in numbers of nuclear families in Asia Pacific are driving the construction industry in the region.

Lucrative Opportunities for Technical Foams Market

• Greenhouse gases such as carbon dioxide, methane, and nitrous oxide exist naturally in the atmosphere, but also are released in large quantities as a result of human activities. Considering the current trend of increasing emission of most greenhouse gases, atmospheric concentration of these gases is expected to increase through the next century and beyond.
• One of the easiest and most effective energy efficient technologies available today is insulation. Thermal insulating properties of technical foams provide important energy and environmental benefits. Technical foams are primarily designed to reduce the transfer of heat through building structures in residential, commercial, and industrial applications. This helps reduce the global warming effect.

Impact of Covid-19 on Technical Foams Market

• The COVID-19 pandemic and the subsequent halt in manufacturing activities is expected to adversely affect the supply of various raw materials. Furthermore, current disruption in trade is anticipated to hamper the availability of various products, including technical foams, in import-dependent countries.

Increase in Prices of Technical Foams to Hamper Market

• The cost of technical foam materials is high. This hampers the demand for technical foams in residential buildings. However, promotional schemes of governments raise awareness among the people about energy saving process and the zero energy building concept. The initial installation cost of technical foam materials is high; however, the amount invested can be recovered through energy saved over years.
• Technical foams in buildings enable saving of a significant amount of energy in the form of electricity that would be otherwise utilized for cooling or heating of buildings. Insulation in buildings is assuming significant importance and has the potential to reduce energy consumption to an extent of 5% to 8%.

North America to Hold Major Share of Global Technical Foams Market

• In terms of region, the global technical foams market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East Africa
• Various countries have taken measures regarding energy efficiency that need to be followed in buildings. Governments are actively promoting construction of zero energy buildings. This is boosting the demand for technical foams across the globe.
• According to the Institute for Energy Diversification and Saving, improvements in thermal insulation in a building can lead to energy and money savings as well as reductions in CO2 emissions up to 30% in heating and air conditioning consumption
• In terms of value, Asia Pacific dominated the global technical foams market in 2019. This can be ascribed to growth in the building construction sector in developing countries such China and India in the region.
• Europe is anticipated to create opportunities for the technical foams market due to the usage of technical foams in various automotives
• The technical foams market in Latin America and Middle East Africa is projected to expand at a sluggish pace during the forecast period