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%, according to a recent report from BCC Research.
Foam is used in many applications, and the demand for these coatings will continue to grow as companies formulate and develop new foam coatings. Foam coatings are used in industries including original equipment manufacturers (OEM), industrial manufacturing, aerospace, automotive, construction, industrial maintenance, and military. 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.
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%.
“The demand for foam coating is expected to rise rapidly,” said Abhigyan Sengupta, research analyst, “due to its increased use in the consumer electronics industries … increase in demand of durable coatings, coupled with green environmental regulations.”
For more information, visit www.bccresearch.com.