Growth in awareness regarding environmental concerns and rise in initiatives to reduce carbon footprint across the globe are expected to create immense business opportunities for the wood foam market
Wilmington, Delaware, United States, March 31, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The wood foam market research report by TMR sheds light on the current market scenario and involves an in-depth analysis of various parameters that create an impact on the growth trajectory. The market report suggests that the global industry was valued at US$219.0 Mn in 2022 and is expected to witness significant growth during the forecast period of 2023-2031. The market is anticipated to grow at a CAGR of 6.0% from 2023 to 2031.
Wood foam comprises wood fibers and does not contain additives such as glue, resins, or binders. It is manufactured by mixing wood fibers with foaming agents. This foam can be used in various applications, as it can be molded into different sizes and shapes. Wood foam has advantages such as sustainability, impressive insulation properties, and low density. Rise in adoption of wood foam in various end-use applications has created prospects for wood foam industry growth. The rise in environmental concerns across the globe has created massive need to use sustainable materials in packaging, building & construction, automotive, furniture, and other sectors. The pressing demand for environment friendly materials and rigorous research and development to develop efficient eco-friendly solutions is expected to propel the industry growth.
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Wood Foam Market: Key Growth Drivers
Popularity of green concept worldwide to propel wood foam market growth: Initiatives by government bodies of several countries to promote eco-friendly products, owing to the rise in concerns regarding the environment, have created significant growth opportunities for the global business. Furthermore, increase in awareness in the industrial sector regarding the benefits of bio-degradable products is expected to open new growth avenues for the global market.
Transformation in consumer packaging solutions to fuel market development: Regulatory norms laid by government bodies of several countries regarding the usage of disposable packaging solutions are expected to boost the application of eco-friendly packaging solutions. Enactment of stringent regulations regarding the usage of single-use packaging solutions is expected to augment the wood foam market.
Key Findings of Wood Foam Market
Rise in e-commerce sales to augment industry growth: E-commerce sales have gained traction since the COVID-19 pandemic. Availability of a wide product range online and inclination of consumers toward online purchases due to the ease and convenience have resulted in an increase in online sales. Advantages of e-commerce platforms, such as display of a wide range of products and heavy discounts, have made them popular among consumers. Concurrently, the feedback provided by customers helps in improvisation of products according to the market demand. Thus, the wood foam market is estimated to exhibit tremendous growth in the next few years.
Surge in construction activities around the world to accelerate business growth: Rapid urbanization has led to an increase in construction activities in developing countries across the globe. Wood foams are extensively used as insulation materials in roofs, floors, and walls. They also act as soundproofing agents and can be deployed to reduce noise levels. Emerging market trends state that the insulation application segment is likely to witness significant growth, as it reduces energy consumption and prevents the loss of heat in buildings. Additionally, government initiatives to seek sustainable energy solutions are expected to drive market growth.
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Wood Foam Market: Regional Analysis
According to the TMR market research, Europe is anticipated to account for significant share of the wood foam market due to the rise in construction activities in the region. Consequently, increase in energy-efficient solutions and rise in redevelopment activities are anticipated to bolster the global wood foam market in the region. The economic expansion and generation of job opportunities due to green initiatives has contributed to strengthening the economy of this region. Countries such as U.K are initiating development of public infrastructures which may bring significant growth opportunities for the market in Europe.
Wood Foam Market: Competitive Landscape
Key manufacturers operating in the global market are focusing on developing novel product ranges, such as fiber-based wood foam and recycled balsa wood, through extensive R&D. Development of products that are more efficient than the existing ones has opened up new opportunities for the global market. The players are adopting novel marketing techniques to increase their market share. Strategic alliances also play a crucial role in market expansion. Government funding and support to initiate the manufacture of sustainable products has generated ample growth opportunities for the global market.
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Some of the key players are:
- Reilly Foam Corporation
- JB Polymers
- Stora Enso
- Fraunhofer WKI
Wood Foam Market: Segmentation
- Thermal Packaging
- Decorative Elements
- Sandwich Boards
- Curtain Walls
- Building & Construction
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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