High Heat Foam Market - Forecast(2023 - 2028)

High Heat Foam Market Overview

The High Heat Foam market size is estimated to reach US$17.2 billion by 2027 after growing at an estimated CAGR of 8.5% during the forecast period 2022-2027. High heat foam is insulating foam composed of materials such as melamine, polyethylene, silicone, polystyrene, polyimide and others. It offers superior energy-saving features and insulation. The applications of high heat foam for various industries such as automotive, aerospace and building & construction and others are flourishing rapidly. The high-heat foams are increasingly used as an alternative to metal sheets in vehicles. That acts as a driving factor in the high heat foam industry. The increasing demand for bio-based high-heat foams also boosts market opportunities and offers major growth in the market. The COVID-19 outbreak hindered the growth and functioning of the market due to factors such as the closure of construction and automotive production, logistics delay, supply chain disruption and other lockdown restrictions. However, with establishing a base and recovery, the applications and demand for high heat foams increased across major industries. Thus, the High Heat Foam market is anticipated to grow rapidly during the forecast period.

Report Coverage

The “High Heat Foam Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the High Heat Foam market.

Key Takeaways

• Asia-Pacific dominates the High Heat Foam market, owing to the growing demand from major industries such as building & construction, automotive, aerospace and more.
• The growing automotive industry offers flourishing demand in the High Heat Foam industry for various applications such as acoustic and thermal insulation, engine parts and others, thereby driving the market and contributing to the High Heat Foam market size.
• The rise in the building and construction sector is driving the High Heat Foam market for various applications involving energy efficiency, wall insulation, HVAC systems and others, thereby boosting the growth in the market.
• However, the fluctuation in the prices of raw materials such as petroleum-based derivatives and related products creates a major challenge in the High Heat Foam market.

Figure: High Heat Foam Market Revenue Share, By Geography, 2021 (%)

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High Heat Foam Market Segment Analysis – by Type

Silicone held the largest High Heat Foam market share in 2021 and is forecasted to grow at an estimated CAGR of 8.7% during the forecast period 2022-2027. The silicone type has the highest demand due to its superior and advantageous features such as great heat resistance and thermal stability compared to the other options such as polyimide, polyethylene, melamine and others. The silicone foams are toxicity free during thermal decomposition compared to polyurethane, which is prone to toxicity. The growing applications of silicone-based foams for insulation across various industries boost its demand and market opportunities. The high flame rating and superior insulation of the silicone foams are thereby boosting its applications in automotive, construction and other sectors. With the increasing preference for high heat foams over other types for applications in major sectors, along with advanced features compared to other types, the silicone type holds major dominance and growth prospects in the High Heat Foam market during the forecast period.

High Heat Foam Market Segment Analysis – by End-use Industry

The automotive industry segment held a significant High Heat Foam market share in 2021 and is forecasted to grow at an estimated CAGR of 9.2% during the forecast period 2022-2027. The high heat foams have flourishing demand and applications in automotive as metal sheet replacement, acoustic and thermal insulations and others. The automotive sector is fast-growing due to factors such as new technology upgrades, rising demand for passenger vehicles and expansion of the OEMs and aftermarket base. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total production for automotive vehicles rose from 77,621,582 units in 2020 to 80,145,988 units in 2021. According to the India Brand Equity Foundation (IBEF), the Indian automotive industry (including component manufacturing) is projected to reach US$251-282 billion by 2026. With the rise in automotive vehicle production, the applications of high heat foam for acoustic and thermal insulation and heat and energy efficiency are rising. Due to these factors, there would be a strong demand for High Heat Foams in the automotive industry during to forecast period.

High Heat Foam Market Segment Analysis – by Geography

The Asia-Pacific region held the largest High Heat Foam market share of up to 43% in 2021. The robust growth of high heat foams in this region is influenced by booming end-use sectors and flourishing applications in automotive, aerospace and other end-use industries. The automotive industry is growing rapidly in APAC owing to factors such as rising OEMs and aftermarkets, rise in vehicle productions and expansion of auto manufacturers. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), automotive production in China rose from 25,225,242 units to 26,082,220 units, 3,394,446 units to 4,399,112 units in India and 245,615 units to 265,320 units in Taiwan from 2020 to 2021. According to the China Association of Automotive Manufacturers (CAAM), the production and sales of new energy vehicles reached 1.29 million units and 1.25 million units, respectively, in the quarter 1^st of 2022, showing an increase of 140% year-on-year. With the rise in automotive vehicle production, the demand for high heat foams is anticipated to rise for applications in energy, insulation and others. This is projected to boost the growth of High Heat Foams in the Asia-Pacific region during the forecast period.

High Heat Foam Market Drivers

Rising Demand from the Construction Industry:

The High Heat Foams have flourishing demand in the building & construction sector for applications involving concrete block insulation, HVACs, thermal energy transmissions and others. The building & construction sector is growing incredibly fast due to factors such as urbanization, modular building technologies and the government's initiative for green buildings & infrastructural development. For instance, according to the International Trade Administration (ITA), the construction sector in China is expected to grow at an annual average rate of 8.6% between 2022 and 2030. According to the US Census Bureau, the monthly construction spending rose from SAAR of US$1,524.2 billion in April 2021 to US$1,744.8 billion in April 2022. Thus, with the increasing building & construction activities across the world, the demand for high heat foams is rising for various construction applications involving acoustic and thermal insulation and energy efficiency maintenance. These factors continue to drive the market and offer major growth in the High Heat Foam market.

Bolstering Growth of the Aerospace Industry:

High Heat Foam has growing applications in the aerospace industry for insulation panels, foam seating, aircraft fuel efficiency and others. High heat foams such as polyimide, melamine, silicone and others are used in the aerospace sector due to their superior features such as energy efficiency and strength retaining in wide environmental conditions. The aerospace industry is booming rapidly owing to factors such as an increase in aircraft production, air traffic expansion and technological developments in aviation. For instance, according to the India Brand Equity Foundation (IBEF), the aerospace industry in India is expected to reach US$70 billion by 2030. According to Boeing, commercial aircraft deliveries increased from 157 units in 2020 to 340 units in 2021. Furthermore, Airbus reported a rise in aircraft deliveries from 566 in 2020 to 611 in 2021. With the increase in aerospace production, the applications of High Heat Foam are rising in aircraft insulation panels, engines and others. These factors are offering major growth opportunities in the High Heat Foam market. 

High Heat Foam Market Challenges:

Fluctuations and Non-Availability of Raw Materials:

The fluctuations and non-availability of the raw materials majorly impact the growth and demand for High Heat Foams. Raw materials such as refined petroleum or petroleum-based derivatives like high-density polyethylene (HDPE), low-density polyethylene (LDPE) and others, resins and inorganic chemicals are used for the formulations of the high heat foams. Petroleum and its derivatives face major price fluctuations due to demand and supply changes of crude oil in the market. For instance, according to the US Energy Information Administration (EIA), the average monthly US refiner acquisition cost of crude oil reached US$60.53 per barrel in July 2019, $51.36 per barrel in January 2021 and $73.81 per barrel in December 2021. The fluctuating crude oil prices result in price volatility for the derivatives and resins used in the production of high heat foams, which causes price volatility for high heat foam. These factors are creating a major disruption in the demand and applicability of the High Heat Foam industry.

High Heat Foam Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the High Heat Foam Market. The top 10 companies in the High Heat Foam Market are:

1. Armacell International
2. Wacker Chemie AG
3. Evonik Industries AG
4. SABIC
5. Sinoyqx
6. Intec Foams
7. Ube Industries Limited
8. Puren Gmbh
9. Rogers Corporation
10. BASF SE

Recent Developments

In January 2022, the CHT Group launched the latest silicone foam for EV battery packs and electronics. This launch fulfilled the mitigation of thermal runaway and protection from moisture. It also offers a vast range of applications in automotive and electronics.

In January 2022, Armacell, a leading provider of flexible foam for insulation, acquired SpiderPlus & Co. Ltd. The acquisition strengthened the thermal insulation position and offered applicability in construction and HVAC.

In May 2021, the SEI Group LLC acquired Tailored Foam of Florid Inc., a leading foam insulation contractor. This acquisition would provide the SEI Group with an expansion in the product portfolio, strong customer relations and offer enhanced spray foam offering in the market.

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