Global Market for Foam Coating to Reach Almost $30 Billion by 2023
Growth Attributed to Increase in Construction Activities, Eco-Friendly Coatings, and More
WELLESLEY, Mass., March 28, 2019 (Newswire.com) - A new report from BCC Research, “Global Markets for Foam Coating,” estimates that by 2023, the global market for foam coatings will reach $29.3 billion, up from $20.5 billion in 2018, indicating a compound annual growth rate (CAGR) of 7.4%.
Foam is used in many applications, and the demand for coatings will continue to grow as companies formulate and develop new foam coatings. Foam coatings have many applications across numerous industries including Original Equipment Manufacturers (OEM), industrial manufacturing, aerospace, automotive, construction, industrial maintenance and military.
- Market end-user analysis. The building and construction foam coating market is expected to grow from $7 billion in 2018 to 10 billion by 2023, increasing by 7.5% annually.
- Geographic market analysis. The U.S. accounted for the largest demand for foam coating in North America in 2017 and is projected to be valued at $6.8 billion by 2023, growing at a CAGR of 6.6%.
- Market type analysis. Acrylic resin foams are expected to see the fastest market growth, growing at a CAGR of 8.0% during 2018 to 2023.
“The demand for foam coating is expected to rise rapidly…due to its increased use in the consumer electronics industries…increase in demand of durable coatings, coupled with green environmental regulations,” said BCC Research analyst Abhigyan Sengupta.
EPA Regulations on Polyurethane
On January 8, 2015, the U.S. EPA announced action to protect consumers from importing and using harmful isocyanates in polyurethane, as they make the material highly vulnerable to environmental degradation and may lead to chemical decomposition after coming in contact with water. The Significant New Use Rule (SNUR), a proposed action by the EPA, would require importers and manufacturers to inform the EPA 90 days before resuming or starting new usage of isocyanates.
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Source: BCC Research