Elastomeric Foam Market

Elastomeric Foam Market Size & Growth (2023-2028):

Elastomeric Foam Market is anticipated to be valued at USD 5.1 billion in 2022 and is anticipated to reach USD 6.2 billion by 2028, at a CAGR of 8.8% during the forecast period 2023-2028

Elastomeric foam is the largest type of insulation foam used on the market. It is primarily used in heating, ventilating, and air conditioning (HVAC), plumbing, and refrigeration systems to provide a barrier to moisture and vapor entry into systems. Elastomeric foams are used as a substitute for natural insulating materials, such as cork. Its manufacture does not include chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), or hydrofluorocarbons (HFCs). This makes them suitable for use even in harsh environments. They also contain a very low amount of volatile organic compounds (VOCs) and are therefore safe for the environment. Elastomeric foams are mainly utilized in HVAC and refrigeration operations as an active shield against the entry of vapor and moisture into systems.

These are used as a substitute for natural insulating materials, such as cork. The elastomeric foam manufacturing process does not include hydrochlorofluorocarbons (HCFCs), chlorofluorocarbons (CFCs) or hydrofluorocarbons (HFCs), which makes them environmentally friendly, which in turn drives the elastomer market flexible. The demand for HVAC equipment is growing rapidly, owing to increasing spending in the construction sector and increasing disposable income in major economies around the world. HVAC units add aesthetic value to residential and commercial locations. Companies are investing heavily in R&D to manufacture innovative products such as hybrid HVAC equipment that use multiple energy sources for heating and cooling applications.

Drivers & Restraints in the Elastomeric Foam Market:

The consumption of elastomeric foam increases in auto parts such as gaskets, sealing applications, and under the hood, as it provides good thermal insulation and corrosion control. The growing automotive industry with increased production of light, electric and hybrid vehicles is likely to drive the demand for elastomeric foam. Moreover, due to its good electrical insulation properties, the use of elastomeric foam is increasing in the electrical and electronics industry, which is likely to drive market growth during the forecast period. The increasing use of elastomeric foam in chillers, coolers, duct systems, and plastic pipes, such as refrigeration pipes and hot and cold water pipes, is likely to drive the growth of the foams market elastomers. Moreover, the growing awareness of indoor air quality is likely to increase the demand for elastomeric foam with antimicrobial additives in air conditioners and HVAC systems.

The high cost of elastomeric foams compared to other insulation methods and the lack of awareness of the advantages they offer over conventional materials are holding back the growth of the elastomeric foams market.

ELASTOMERIC FOAM MARKET REPORT COVERAGE:

Elastomeric Foam Market Segmentation

Elastomeric Foam Market - By Function

• Thermal Insulation
• Acoustic Insulation

The thermal insulation segment is expected to account for the majority of the market in 2019. The growth of this segment is attributed to its increasing use of thermal insulation from various end-use industries such as the HVAC and heating industry and plumbing due to its extraordinary characteristics such as fire resistance and easy installation.

Elastomeric Foam Market - By Type

• Nitrile Butadiene Rubber (NBR)

• Ethylene Propylene Diene Monomer (EPDM)

• Chloroprene (CR)

• Others 

The NBR segment is likely to represent the largest share of the market in 2019. The growth of this segment is attributed to its increasing use in various end-use industries due to its extraordinary characteristics, such as resistance to acid swelling, d 'excellent performance against fire, good resistance to fuel, and for its moderate cost compared to other types of rubbers. These factors are expected to drive demand over the forecast period.

Elastomeric Foam Market - By End-Use

• HVAC

• Heating & Plumbing

• Refrigeration

• Transportation

• Others ( electrical & electronic, yoga mat

The HVAC industry is growing owing to the increased demand for energy savings in modern heating, ventilation, and air conditioning infrastructure, which is expected to boost the market for elastomeric foam in the end-use industry of air conditioning. CVC during the forecast period. . In addition, the growing demand for HVAC in the construction industry will also drive the demand.

Elastomeric Foam Market - By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• The Middle East and Africa 

Asia-Pacific has dominated the global market due to strong demand from developing countries such as China, India, and Japan. The Asia Pacific is anticipated to be a rapid growing region in the near future because of the rising approval of better thermal and acoustic insulation for end-user applications in countries such as India and the United States. China. Fast-growing economies and increasing per capita income of consumers in developing countries in the Asia-Pacific region are increasing the demand for packaging. This, in turn, increases the demand for flexible elastomeric foam.

Another important market for elastomeric foam is North America due to increased construction spending in the region. In addition, the expansion of the automotive industry with the increase in the production of light, electric, and hybrid vehicles is likely to drive market growth during the review period.

The European market is expected to grow due to the revival of the automotive industry with a growing demand for light and energy-efficient vehicles to reduce carbon emissions.

The Latin American market is expected to grow at a significant rate during the review period, with the automotive industry expanding in Brazil and Mexico. The Middle East & Africa market is expected to show tremendous growth in the coming years with increased investment in the construction industry and an expanding HVAC market in the region.

COVID–19 Impact on the Elastomeric Foam Market

The future of the elastomeric foam insulation market looks bright with opportunities in the building and construction, automotive, industrial, electrical and electronics, and healthcare sectors.  The global elastomeric foam insulation market is anticipated to fall in 2020 because of the worldwide economic recession caused by COVID-19. COVID-19 can affect the worldwide economy in 3 major ways: directly affecting production and call, creating a supply chain and market disruption, and through its financial impact on businesses and financial markets.

Elastomeric Foam Market Key Players:

The key players in the elastomeric foam have been dominated by players such as

• Armacell International SA (Germany)

• Hira Industries (UAE)

• Zotefoams PLC (UK)

• L’Isolante K-Flex S.P.A (Italy)

• Kaimann Insulation (Germany)

• Huamei Energy-saving Technology Group Co., Ltd. (China)

• Jinan Retek Industries Inc. (China)

• Aeroflex USA, Inc. (US)

• NMC Insulation (Belgium)

• Anavid Insulation Products Kiryat Anavim Ltd.(Israel)