According to the business intelligence report titled ‘Global Technical Foam Market Size study, by Product Form (Flexible, Rigid, and Spray), Material (Elastomeric, Polyurethane, Polyethylene, and Others), and End-use Industry (Automotive & Transportation, Electrical and Electronics, Building & Construction, Medical, Sporting equipment, Packaging, and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global technical foam market was evaluated at USD 31.3 billion in 2019 and is speculated to be worth USD 50.65 billion by 2027, recording a y-o-y growth rate of 6.2% between 2020-2027.
 

Surging product demand for acoustic & thermal insulation in buildings and automobile sector is a key factor boosting global technical foam market proliferation. According to Statista, Asia Pacific is a major consumer of acoustic and thermal insulation systems for electric vehicles, with China witnessing high sales and production of electric cars, and Japan and South Korea being technology providers.
 

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For the unversed, technical foam refers to all foam solutions for commercial and industrial applications. They are formulated using rubber and polymer blends based on required properties, which are then used for applications such as filtering, sound insulation, washing, sealing and wrapping.
 

Ability of technical foam to decrease energy consumption of buildings and maintain indoor air quality will spur market expansion over the forecast duration. Furthermore, foam insulation can seal openings efficiently to prevent air from escaping which will stimulate industry growth in the forthcoming years.
 

While utilization of silicone foams in electronics industry for lightweight shielding and manufacturing of bio-based polyols will drive global technical foam market expansion, high cost of product will hinder industry growth over the analysis period.
 

Based on product form, the market space is divided into spray, flexible, and rigid. Speaking of material, the business sphere is bifurcated into polyurethane, elastomeric, polyethylene, and others. Moving on to end user gamut, global technical foam industry is bifurcated into automotive & transportation, building & construction, electrical & electronics, sporting equipment, medical, packaging, and others.
 

Regionally speaking, Asia Pacific captured a significant portion of worldwide technical foam market share in the past year, due to presence of leading electronics and automobile producers in the region, coupled with urban growth in economies like China and India. Meanwhile, North America market is projected to grow rapidly through 2027, owing to growing disposable income.
 

Leading players influencing global technical foam market dynamics are Armacell International S.A., Furukawa Electric Co. Ltd., Kaneka Corporation, Sealed Air Corporation, Zotefoams plc, Huntsman Corporation, Woodbridge Foam Corporation, Covestro AG, Sekisui Chemical Co. Ltd., Recticel SA, and Rogers Foam Corporation.