Growing adoption of structural foam pallets in food processing and industrial applications is a key factor driving the revenue growth of the structural foam market
VANCOUVER, BRITISH COLUMBIA, CANADA, July 25, 2022 /EINPresswire.com/ — The global structural foam market size reached USD 32.01 billion in 2021 and is expected to register a revenue CAGR of 6.1% through forecast period, according to a recent analysis by Emergen Research. The growing adoption of structural foam pallets in the food industry and industrial applications is the key factor driving the revenue growth of the market.
Injection molded plastic pallets with structural foam are becoming increasingly popular in various industries, such as food, beverage and automotive. Structural foam is made with low-pressure, low-cost aluminum tooling. The pallet has a cellular core with a high strength-to-weight ratio and an integral skin. The widespread use of structural foams in material handling equipment used for short-distance transit of objects within a manufacturing facility, as well as a number of other packaging applications, creates a high demand for these foams. Structural foam pallets are a suitable material handling option as they are durable and long lasting. The use of structural foam molding eliminates the need for a metal frame, resulting in a smooth, leak-resistant body that won’t rust, chip, dent or peel. Durable structural foam is used in the manufacture of many material handling items, resulting in a product that is strong, lightweight and performs well in even the most demanding settings.
The growing adoption of structural foam in automotive applications is creating a high demand for this product. Structural foam materials play an important role in lightweight vehicle parts while maintaining or improving vehicle safety standards. This is especially true for electric vehicles (EVs), where the battery must be protected from impact from all sides. Sales of electric vehicles have been growing steadily worldwide in recent years, creating a high demand for these pennies. According to the International Energy Agency (IEA), total EV sales in 2021 were 6.6 million, more than double the previous year’s 3 million
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Structural Foam Market Growth and Trends
Revenue from the polypropylene segment is expected to increase at a steady rate during the forecast period owing to the increasing demand for this foam in extrusion machines and conventional injection molding due to its ability to increase stiffness for a given weight of material. This foam is widely used in trays, cups for hot and cold drinks. boxes for folding decorative foil and tapes, tape yarns for carpet backing and pallets.
The construction segment is expected to account for a significant share of the revenue during the forecast period owing to the increasing development of construction and buildings across the globe. Structural foam blocks are lightweight that are built to provide the maximum level of structural stability. These blocks also absorb the effects of gravity, earthquakes and other natural factors, ensuring that the structure is stable and long-lasting.
The Asia Pacific market is expected to register a significantly rapid revenue growth rate during the forecast period owing to the increasing adoption of structural foam in the construction and automotive industries, particularly in China and India. According to the National Bureau of Statistics, the value of construction output will account for 25.7% of China’s GDP in 2021, up from 11.0% in 2020, which is expected to boost demand for structural foam in the region.
Top competitors in the structural foam market profiled in the report include:
Armacell International SA, Evonik Industries AG, Covestro AG, One Plastic Group, PSI Molded Plastics, The Dow Chemical Company, Diab International AB, Gurit Holding AG, Saudi Basic Industries Corporation (SABIC) and GI Plastek Corp.
The study segments the market on the basis of product type, applications, and end-use. It profiles the key players in the business and their individual contributions to the global economy. The report focuses on significant investments, business ventures, mergers, acquisitions, collaborations along with technological developments in the field. It also evaluates upcoming and niche areas in the business. The researcher aims to offer expert insights related to the industry and new opportunities offered in the market.
Structural Foam Market Segmentation
Emergen Research segments the global structural foam market based on product, application and region:
Product Forecast (Revenue, USD Billion; 2019-2030)
Application Forecast (Revenue, USD Billion; 2019-2030)
Construction and construction
Electrical and Electronics
Global Structural Foam Market report provides complete coverage of company data including details of their production and production capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial status and market position. The report also studies the business strategies and strategic alliances undertaken by the companies to gain a strong position in the market. The report sheds light on mergers and acquisitions, collaborations, joint ventures, brand promotions and product launches, agreements and partnerships, and corporate and government deals. A comprehensive analysis of the competitive landscape offers readers a deeper understanding of competitors.
Structural Foam Market Regional Analysis:
North America (USA, Canada)
Europe (UK, Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East and Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
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Main objectives of the report:
Analysis and estimation of the size and share of the structural foam market for the forecast period 2022-2030.
Extensive analysis of key market players through SWOT analysis and Porter’s five forces analysis to provide a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects and risks in the global structural foam market
Analysis of growth prospects of stakeholders and investors by researching prospective segments
Strategic recommendations to established players and new entrants to take advantage of emerging growth opportunities
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The Structural Foam Market research report has been formulated through extensive primary and secondary research along with qualitative and quantitative analysis of vital aspects of the market. Insightful data is further validated and verified by industry professionals. The report seeks to offer a deeper insight into the overall market scenario of the Structural Foam business sphere.
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