The growth of the market is driven by the increasing use of rigid foam in the building & construction, appliances for insulation and energy saving, and in the automobile industry for weight reduction. These foams are also being increasingly used in the packaging end-use industry, owing to their light weight and durability.
Among types, the polyurethane segment leads the rigid foam market and is expected to continue to lead during the forecast period as well.
Polyurethane rigid foam is closed cell structure, has high crosslinking density with good heat stability, high compressive strength, and excellent insulation properties. Polyurethane rigid foam is used in the building & construction and appliances end-use industries for thermal insulation and energy savings. Increased demand for refrigerators & freezers and building & construction activities across the globe are expected to lead to an increase in demand and fuel the growth of the polyurethane rigid foam market during the forecast period.
Among end-use industries, the building & construction segment is projected to lead the rigid foam market during the forecast period.
Increasing concerns across the globe for insulation and energy savings, insulation for walls, roofs, and windows have led to the development of rigid foam in the building and construction industry. Rigid foam not only helps in energy saving in buildings but also increases their efficiency. Hence, advancements in the building & construction industry have led to the increasing use of rigid foam across the globe, which is expected to fuel the growth of the rigid foam market during the forecast period.
The Asia-Pacific rigid foam market is projected to grow at the highest CAGR during the forecast period, 2017 to 2022.
In 2016, the Asia-Pacific accounted for highest share in terms of both, volume as well as value in the rigid foam market. This trend is projected to continue during the forecast period as well. Emerging markets, such as China, India, South Korea, and various Southeast Asian countries are attracting a number of global players for the establishment of their manufacturing bases in the Asia-Pacific region. Manufacturers are competing to reach the wide customer base in countries such as China and India to cater to the increasing demand for technologically advanced and high-quality products. Increased investments in the building & construction, appliances, and automobile end-use industries are driving the growth of rigid foam in the Asia-Pacific market.