The increasing demand for foam insulation is notably driving the market growth. In the automotive industry, foam insulation is extensively used to manufacture different automotive parts such as side skirts, wiper cowls, roll pans, and bumpers. In the construction industry, polyurethane foams are also used as weatherproof sealants. They form a seamless layer of insulation and cover irregular and hard-to-insulate shapes. Therefore, such factors will fuel the global market growth during the forecast period.
However, fluctuation in crude oil prices is challenging the market growth. A wide range of raw materials, such as diisocyanate, are used to produce polyurethane foams. Diisocyanate is a key reactive material required to produce polyurethane foam. Some of the most widely used isocyanates for polyurethane foam production include toluene diisocyanate (TDI) and polymeric isocyanate. These isocyanates are produced from benzene and its derivatives, which are manufactured from crude oil. However, the volatility in crude oil prices adversely affects the cost of these raw materials, which, in turn, impacts the manufacturing cost. As a result, vendors adopt various cost-cutting measures. These factors will hinder the growth of the global market during the forecast period.
Foam insulation market: Competitive landscape and vendor analysis
Technavio’s report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Some of the major players operating in the foam insulation market are Alaska PUF Industries, Alpers Insulation, Armacell International SA, Asahi Kasei Corp., BASF SE, Berkshire Hathaway Inc., Compagnie de Saint Gobain SA, Covestro AG, DuPont de Nemours Inc., Elastochem Specialty Chemicals Inc., Green Insulation Technologies, Huntsman Corp., Isothane Ltd., Kingspan Group Plc, Owens Corning, Paulsen Insulation Co. LLC, Profoam Corp., Puff Inc., Ravago, Southern Foam Insulation, TN International, and Williams Insulation Inc., among others.