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The growth of the flexible foam industry is being aided by the growing demand for flexible foams in the packaging industry. Flexible foams are extensively deployed in the packaging of fragile products, such as jewellery, electronic parts, and food and beverages, which is consequently surging their demand. Moreover, the shock resilience, water resistance, and lightweight of flexible foams are increasing their use in packaging applications, further augmenting the industry growth. As the packaging industry is projected to grow robustly due to the advent of online shopping platforms and business to consumer solutions, the demand for flexible foam is expected to increase. In addition, the rising demand for packaging of consumer electronics products is anticipated to provide further impetus to the growth of the flexible foam industry in the forecast period.
BASF SE (OTCMKTS: BASFY), one of the leading companies in the market, expanded its range of melamine resin foam Basotect with the launch of Basotect UF+ in December 2019. The foam has improved emission properties that replace Basotect UF while enhancing the application of flexible foam. It is ideal for the insulation of rail vehicles and heating, ventilation, and air-conditioning (HVAC) technology in buildings. As it is lightweight and flexible, it effectively reduces the noise level of the facilities. Moreover, it provides high elasticity, low density, and low thermal conductivity without releasing mineral fibres during processing. It also enables solutions to fit into small gaps, compact spaces, and curved spaces, along with meeting the highest safety requirements. The development of such innovative products is increasing the demand for flexible foam, which is propelling the market growth.
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The major players in the global flexible foam market are BASF SE, Covestro AG, Huntsman Corporation, INOAC Corporation, and Recticel Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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