Growing demand for Irradiated cross-linked polyethylene foam from automotive and other end-use industries is driving Irradiated Cross-linked Polyethylene Foam Market: Cognitive Market Research

Irradiated Cross-linked Polyethylene Foam Market Overview 

Product Overview and Scope of Irradiated Cross-linked Polyethylene Foam

Irradiated cross-linked polyethylene foam, also referred to as IXPE foam, is a type of foam material created through cross-linking and irradiation. It is based on low-density polyethylene as raw material, changing to an independent obturator meshed bubble structure by using electronic irradiation. Cross-linking is a chemical process in which the polymer chains of the foam material are linked together, resulting in a three-dimensional network. This cross-linking improves the foam's durability, strength, and resistance to deformation. After cross-linking, the foam is exposed to radiation, usually in the form of electron or gamma rays. The physical characteristics of the foam are improved by irradiation, which also aids in stabilizing the cross-linking structure.
IXPE foam has a closed-cell structure, meaning there are no connecting routes between the cells and they are all sealed. This characteristic makes the foam highly resistant to water absorption, moisture, and liquid penetration. IXPE foam is lightweight and flexible despite its strength, making it appropriate for a variety of applications. It is simple to cut, shape, and mold to fit particular needs. It can be compounded with aluminum film, aluminum foil, PE film, or other materials, widely used in flooring underlayment. Overall, the properties of irradiated cross-linked polyethylene foam like, heat insulation, waterproofing, moisture-proof, eco-friendly, heat resistance, flame retardant, Soft surface, Shock absorption, and flexibility, make it suitable for various industries.

Irradiated Cross-linked Polyethylene Foam Market – Global Industry Analysis

Market Drivers

• Growing demand for Irradiated cross-linked polyethylene foam from automotive and other end-use industries

The demand for irradiated cross-linked polyethylene foam is driven by various application industries such as automotive, packaging, construction, sports and leisure, and healthcare. These industries require foam materials for different applications that offer cushioning, insulation, and durability, which can be fulfilled by irradiated cross-linked polyethylene foam materials.
The automotive industry is undergoing a technological revolution with the emergence of autonomous driving, and connected car technologies. These advancements are driven by the need for more sustainable and efficient transportation, enhanced safety features, and improved connectivity and convenience for consumers. The need for vehicles has increased as the population has grown. The majority of families worldwide have at least one vehicle. People's dependence on autos is growing rapidly. Automobiles are used by people to travel, go on vacation, commute to work, and run errands on a regular basis. Actually, the most often used item for transportation and other fundamental daily needs is a vehicle.

Number of Passenger Car Sold (In Million Units)

Source: Cognitive Market Research

The report estimates that worldwide auto sales rose from approximately 63.8 million units in 2020 to approximately 66.7 million vehicles in 2021. Up from 35% in April 2020, nearly 50% of customers globally (46%) are considering purchasing a car in the upcoming year. Buses, trucks, and other commercial vehicles are also used more frequently. Vehicle production has increased quickly to keep up with this expanding demand.

• The growing use of Irradiated cross-linked polyethylene foam for sound insulation
• Increasing emphasis on lightweight materials

Global Irradiated Cross-linked Polyethylene Foam Revenue by Regions (2018-2023)

Global Irradiated Cross-linked Polyethylene Foam Revenue and Market Share (%) by regions (2018-2023)

Global Irradiated Cross-linked Polyethylene Foam Revenue (USD Billion) by regions (2018-2023)

Global Irradiated Cross-linked Polyethylene Foam Revenue Market Share (%) by regions in 2022

Global Irradiated Cross-linked Polyethylene Foam Revenue Market Share (%) by regions in 2022

Source: Cognitive Market Research

Based on region, North America is dominating the irradiated cross-linked polyethylene foam market share throughout the forecast period. This is due to the rising demand for durable, lightweight, and cost-effective foam materials for a variety of applications. This material is widely used in automotive and construction. In addition, growing demand from the construction sector and increasing automotive industries in the region. This is expected to drive the growth of the irradiated cross-linked polyethylene foam marker in the region.

Global Irradiated Cross-linked Polyethylene Foam Revenue by Segment 

Global Irradiated Cross-linked Polyethylene Foam Market by Type

• Foam Tub
• Foam Sheet
• Other

Global Irradiated Cross-linked Polyethylene Foam Revenue Market Share (%) by segment in 2022

Source: Cognitive Market Research

The foam sheet segment has dominated the irradiated cross-linked polyethylene foam market in terms of revenue share during the forecast period. This is attributed to foam sheets a polyethylene product, which can be used as an insulating sheet for several applications. Strong mechanical resistance and low heat conductivity of cross-linked foam.

Global Irradiated Cross-linked Polyethylene Foam Market by Application

• Construction
• Electronics Hardware
• Automotive Parts
• Sports Leisure
• Other

Global Irradiated Cross-linked Polyethylene Foam Manufacturers Profiles/Analysis

BASF SE

BASF SE Company Basic Information, and Sales Area

Business Segment/ Overview:

BASF SE has over 110,302 employees worldwide. It has 11 divisions which are aggregated into six segments based on their business models. The divisions bear operational responsibility and are organized according to sectors or products. The portfolio of the company comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. The BASF Group comprises subsidiaries and joint ventures in more than 80 countries and has companies in around 90 countries across the globe. It operates six Verbund sites and 241 additional production sites worldwide.
Products offered by the company are segmented into agriculture, architecture paints & coatings, automotive & transportation, chemicals, construction, dispersions & resins, electronics & electricity, energy & resources, furniture & wood, and others. The agricultural business segment is further divided into crop protection, vegetable seeds, and public health.

Investment in Research and Development

Research and development costs incurred and charged to income for the fiscal years ended December 31, 2021, and 2020 were $2374.19 million and $2234.91 million respectively.

BASF SE R&D Investment (USD Million) (2020-2021)

Source: Cognitive Market Research

BASF SE Net Sales, By Region (2020-2021)
Source: Cognitive Market Research

Business Strategy

BASF SE is engaged in digitalizing its plants and systematically analyzing data, which enables them to further automate processes and, in this way, increase the capacity, availability, and efficiency of our plants. The company is planning to invest €25.6 billion worldwide between now and 2026 to expand capacities based on market demand and to further increase the availability, efficiency, and flexibility of its manufacturing plants. Further, the company aims to achieve net zero emissions by 2050, by reducing the greenhouse gas emissions from their production sites and their energy purchases by 25% compared with 2018 – while growing production volumes. For this, the company is strengthening its Verbund structure as the basis for resource-efficient, safe, and reliable production.