DUBLIN, Ireland, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "High Heat Foam Market Size, Share, Growth Analysis Report By Type (Silicone, Polyimide, Melamine, Polyethylene, and Others), By Application (Automotive, Railway, Industrial, Aerospace, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" in its research database.
"According to the latest research study, the demand of global High Heat Foam Market size & share was valued at approximately USD 11.5 billion in 2021. The market is expected to grow above a CAGR of 8.5% and is anticipated to reach over USD 20.3 billion by 2028."
The report analyses the market's drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global High Heat Foam market.
Due to its ability to save energy, high heat foam is widely used as insulation in the automotive industry. It has several benefits, such as chemical resistance, UV resistance, and fire resistance, and as a result, it finds employment in a variety of end-use industries, such as the automotive, industrial, railway, and aerospace sectors.
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The global high heat foam market is anticipated to increase as a result of numerous advantages provided by high heat foam that reduce energy waste. In addition, the target market is anticipated to increase at a faster rate than average throughout the forecast period due to rising demand for high heat foam from many end-use industries as well as the quickly expanding automotive and aerospace businesses. Additionally, rising public and private investments in the use of technologically advanced products along with rising consumer awareness of the use of environmentally friendly and energy-efficient products are expected to support market growth for high heat foam globally over the forecast period.
However, a significant factor that is anticipated to restrain the growth of the global high heat foam market over the forecast period is the high cost of high heat foam. Another factor that is anticipated to restrain market expansion over the forecast period is high processing costs.
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High Heat Foam Market: COVID-19 Impact Analysis
Due to the rigorous lockdown imposed by the government, the COVID-19 pandemic had a huge impact on economies and people worldwide. To reduce COVID-19 cases, a number of businesses like the automotive, building, manufacturing, and others ceased output. Additionally, consumer spending is constrained and the supply chain for goods and services is disrupted, which has an effect on how many industries are growing.
Similar to COVID-18, COVID-19 had a detrimental effect on the expansion of the global high heat foam market due to the suspension of operations in the construction and automotive sectors, which are the two primary sectors with a strong demand for high heat foam. For instance, the COVID-19 would affect nearly 2.7 billion people, or 81% of the world's employment, according to the International Labor Organization's assessment, and it is plausible to presume that this number includes those employed in the construction business.
Key Insights from Primary Research
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High Heat Foam Market: Segmentation Analysis
The global high heat foam market is segmented based on type, application, and region.
The global market is divided into silicone, polyimide, melamine, polyethylene, and other types based on type. During the projection period, the silicone segment is anticipated to maintain its dominance, as it did in 2021. When compared to other materials like polyimide, polyethylene, melamine, and others, the segment growth is due to features like heat resistance and thermal stability. Silicone foams are toxin-free, in contrast to polyurethane, which is vulnerable to toxicity during heat decomposition. Silicone-based foams are increasingly being used for insulation across a wide range of industries, which increases demand and market opportunities.
The global market is divided into automotive, railway, industrial, aerospace, and other segments based on application. Over the projection period, the automotive category is anticipated to have a sizable market share. In the automotive industry, high heat foams are widely used for a variety of purposes, such as the replacement of metal sheets and acoustic & thermal insulation. The automotive industry is growing rapidly as a consequence of new technological developments, a rise in demand for passenger automobiles, and the growth of OEMs and the aftermarket.
The global high heat foam market dominance is predicted to come from the Asia-Pacific region. China is the largest economy in the region in terms of GDP. Consequently, China is one of the largest production hubs in the world and one of the fastest-growing rising economies. One of the key contributions to the nation's economy is the manufacturing sector. Over the years, the Chinese aviation sector showed remarkable expansion. Boeing estimates that during the next two decades, China would need 7,600 new commercial aircraft, valued at USD 1.2 trillion.
Moreover, China is the world's biggest producer of automobiles. The nation's automobile industry has been preparing for product development, focusing on making goods to assure fuel economy and reduce emissions. For instance, the "Made in China 2025" initiative's support for converting the current low-cost mass production to higher value-added sophisticated manufacturing, production is anticipated to reach 30 million units by 2020. In 2017, the "Automobile Mid and Long-Term Development Plan" was unveiled, to make China a significant auto power in the following ten years.
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The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global High Heat Foam market include:
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The global High Heat Foam market is segmented as follows:
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