High Heat Foam Market Size Will Grow To $14 Billion By 2024 | Hexa Research
The emerging high heat foam global market (2016-2024) is anticipated to witness significant growth from USD 7.55 billion in 2016 to USD 14 Billion By 2024.
Global high heat foam market was worth USD 7.5 billion in 2016. It is expected to grow to USD 14 billion by 2024. This can be attributed to escalating demand from aerospace and automotive sectors. Developing countries like Brazil and India are lucrative markets for automotive and industrial applications of high heat foam.
Usage of foam insulation lowers energy wastage. This coupled with stringent environmental regulations is boosting its consumption across industrial sectors. High heat foam is also used in sports and leisure, particularly in Asia Pacific.
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The worldwide high heat foam market is categorized on the basis of products, applications, and regions. Products are divided into melamine, silicone, polyimide, polyethylene, and others. Silicone dominated the market in 2015. It accounted for 35% of the total revenues that year, and is likely to grow at a CAGR of 5.4% from 2016 to 2024 (forecast period). Industrial applications generate most of the demand for silicone products.
Polyimide fetched revenues worth USD 1.3 billion in 2015. Its benefits include strong fire resistance, low weight, and eco-friendliness. Melamine occupied 12% of the market in 2015. It could grow at a CAGR of 7.5% in the forecast period. Its ability to offer excellent thermal insulation is driving its adoption in the aerospace industry.
Applications comprise industrial, automotive, locomotive, aerospace, and others. Automotive, with 33% of the market volumes, was the largest consumer in 2015. It should grow at a CAGR of 5.4% over the next eight years. High heat foams are extensively used in the interiors of high performance cars to improve their engines’ capabilities. Aerospace applications accounted for USD 1.2 billion in 2015.
North America, Asia Pacific, Europe, Central & South America, and MEA (the Middle East & Africa) constitute the regional segments. Asia Pacific reigned in 2015, with over 39% volumes. Demand in North America exceeded 250 kilo tons in 2015. However, this region’s growth would be stagnant till 2024.
Key competitors in the global high heat foam market include Armacell International S.A., Wacker Chemie AG, UBE Industries Ltd., Evonik Industries, and Rogers Corporation. They focus on development of new products to gain market share.
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