MARKET OVERVIEW- ASIA PACIFIC FOAM INSULATION MARKET
Foam insulators are used to fill in the gaps or cracks to reduce the rate of heat transfer and air filtration in buildings or structures. It is basically a barrier material that is used to seal the areas around electrical outlets, switchboards, and the walls where doors and windows meet, as well as the cavities in the floor and walls. They have varying degrees of fire resistance/retardant, chemical resistance, electrical insulation or a conductor of electricity and expand in the case of spray foams. The level of thermal insulation, the amount of outside sound they block, and whether or not they effectively block moisture all affect the type of foam insulation. In addition to being lighter in weight, foam offers these characteristics more effectively than traditional insulation products. For the same thickness, some installations can produce insulation with a higher R-value than conventional batt insulation and can effectively seal even the smallest cavities. The most common type of insulation is foam, which is made of polystyrene, polyurethane, polyisocyanurate, polyolefin, elastomeric, phenolic, and other materials. Growing construction industries particularly in Asia Pacific are anticipated to drive the growth of the market during the forecast period.
Growing demand from the construction industry for various purposes and energy efficacy regulations is primarily driven by a rise in demand for foam insulation in the Asia Pacific region. Closed-cell spray foam is an excellent air barrier and an extremely energy-efficient material because it effectively covers nooks and crannies. It has been demonstrated that closed-cell spray foam results in energy savings of up to 50% or more. In addition, rising modernization, urbanization and infrastructural improvement are expected to witness high demand over the forecast period. Infrastructures with industrial insulation benefit from protection against heat, fire, and corrosion. When used in buildings, industrial insulation products provide superior performance in terms of air sealing, moisture control, and thermal insulation. It is essential to save money on energy and operating expenses in commercial buildings, and foam insulation is widely used in infrastructures due to its efficiency and affordability.
With technological advancements and ongoing R&D efforts to produce high-quality foam insulation products, new opportunities are anticipated for the market. This is expected to provide ample new growth opportunities in the market during the forecast period. Due to its high energy efficiency, extraordinary thermal qualities, and lower energy costs, it provides tremendous new opportunities in building insulation.
For example, polyurethane foam, which provides excellent dimensional stability, a higher R-value, and is easy to apply. In addition, the transportation sector has many opportunities due to industrialization, growth in disposable incomes, and the living standards of middle-class families. In addition, rising demand for foam insulation from a variety of end-user industries is also anticipated to drive market growth over the estimated time period.
The market for foam insulation is hindered by strict regulations governing the use of certain chemicals and materials and a lack of awareness among low- and middle-class consumers. Another factor that hinders market growth is cost. Spray foam costs significantly more than standard insulation and is a much messier process for installing around the house. However, rising environmental awareness and implementation of stringent environmental standards is likely to restrict market growth over the forecast period.
MARKET GROWTH CHALLENGES
A key challenge that may affect the growth of the market is the rise in raw material prices. The high cost of foam insulation in comparison to loose-film insulations and the volatility in the prices of raw materials like crude oil pose a significant challenge to the growth of the foam insulation market in the Asia Pacific region. Shifting consumer preferences in a projected economic downturn scenario, aligning industrial policies with growing environmental concerns, and huge fluctuations in raw material costs caused by ongoing geopolitical tensions are the other challenges for the Asia Pacific foam insulation market over the foreseen period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of Asia Pacific foam insulation market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for foam insulation in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
The Asia Pacific foam insulation market comprises of different market segments like, type, end-users and country.
By type, the Asia Pacific foam insulation market includes key segments like
On the basis of type, the Asia Pacific foam insulation market includes key segments such as polystyrene, polyurethane and polyisocyanurate, polyolefin, elastomeric, phenolic, others. The polyurethane and polyisocyanurate foam segment are expected to hold the largest share in Asia Pacific due to the growing use of polyurethane foams in building insulation for energy conservation. Polyisocyanurate, also known as PIR, polyiso, or ISO, is a thermoset plastic that is typically manufactured as a foam and utilized as rigid thermal insulation. Polystyrene segments anticipated to experiences significant growth in future due to its lightweight and thermal conductivity.
ASIA PACIFIC FOAM INSULATION MARKET BY END USER
The Asia Pacific foam insulation market finds key end-users like
• Building and Construction
• Consumer Appliances
On the basis of end user, the Asia Pacific foam insulation market finds key end users such as building and construction, transportation, consumer appliances, and others. Building and construction segment dominates the Asia Pacific foam insulation market. The dominance is due to the rising construction activities, the expansion of buildings, and the construction industries. In addition, it is used to fill in the gaps or cracks to reduce the rate of heat transfer and air filtration in buildings or structures.
ASIA PACIFIC FOAM INSULATION MARKET BY COUNTRY
By country, the Asia Pacific foam insulation market includes key segments like
• Rest of APAC
On the basis of country, the Asia Pacific foam insulation market includes key segments like China, Japan, India, and Rest of the APAC. China and Japan are estimated to dominate the foam insulation market due to rapid urbanization and expansion, increasing investment in industries, and a rising construction sector. In addition, the automotive and telecommunications industries in China and India have seen significant expansion and demand. These are the major factor that are anticipated to drive market growth in Asia Pacific region over the estimated time period.
COVID-19 IMPACT ANALYSIS ON ASIA PACIFIC FOAM INSULATION MARKET
The COVID-19 pandemic has put most countries in the Asia-Pacific region under lockdown. due to the operations of various industries in the region, such as the building and construction industries, which are hampering the foam insulation market's growth in the Asia Pacific region. On the other hand, the market's expansion is being hampered by unfavourable conditions arising due to the COVID-19 outbreak.
During the pandemic, the supply chain was hampered as logistics activities were delayed. This COVID-19 outbreak affected demand, supply, price, vendor adoption, and sustainable outcomes. However, this is expected to resume the Asia Pacific foam insulation market's growth during the forecast period. Additionally, the region's market is anticipated to expand during the forecast period as a result of the rapid expansion of industrialization and urbanization and the rise in demand for foam insulation by the various end-user industries.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Asia Pacific foam insulation market is primarily focused on expanding the Asia Pacific foam insulation industry with new product innovation, business expansion, increasing presence of range of manufacturer operating in foam insulation sector has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
• Lapolla Industries (US)
• Evonik Industries (US)
• BASF SE (US)
• Dongsung Finetec Corporation (SK)
• Nippon Aqua Co., Ltd (Japan)
• Covestro AG (US)
• Huntsman International LLC. (US)
• Cyg Tefa (China)
• Dow (US)
• Harvest (US)
February 2020: Huntsman Corporation announced a partnership with Icynene-Lapolla to strengthen their portfolio of leading energy-saving insulation applications and technologies, providing customers with an unmatched product offering.
September 2019: Huntsman Corporation, announced the opening of a new production facility for the production of polyurethanes in Dubai.
May 2019: BASF and Shanghai Harvest have signed a strategic agreement to develop polyurethane (PU) insulation solutions for the cryogenic and shipbuilding industries in China. Through this agreement, they supply its polyurethane insulation solutions to Harvest, including PU spray foam, polyurea coating systems, adhesives, and PU cryogenic block foam systems.
ASIA PACIFIC ALUMINUM WIRE ROD MARKET SUMMARY
By type, the Asia Pacific foam insulation market includes key segments like polystyrene, polyurethane and polyisocyanurate, polyolefin, elastomeric, phenolic, others. The polyurethane and polyisocyanurate foam segment are expected to hold the largest share and lead the market over the forecast period. By end users, the Asia Pacific foam insulation market includes key segments such as polystyrene, polyurethane and polyisocyanurate, polyolefin, elastomeric, phenolic, others. The polyurethane and polyisocyanurate foam segment are expected to hold the largest share and lead the market over the forecast period. The Asia Pacific foam insulation market t is studied for region: The China, Japan, India, and Rest of APAC. China and Japan are projected to lead the market during the forecast period.
SCOPE OF THE REPORT: