Increasing use of elastomeric foam in HVAC systems is likely to augment market growth during the forecast period 2021-2030

Pune, India, September, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Elastomeric Foam Market Research Report.

Elastomeric Foam Market Highlights

Elastomeric Foam Market was valued at US$3.398 billion in 2020 and is expected to grow at a CAGR of 6.19% over the forecast period to reach a total market size of US$5.009 billion by 2030.

Market Segmentation

The global elastomeric foam market has been segmented by type, application, and region.

On the basis of type, the market has been divided into natural rubber and synthetic rubber, which includes nitrile butadiene rubber, ethylene propylene diene monomer (EPDM), chloroprene, and others. The nitrile butadiene rubber segment accounted for the largest share of the global elastomeric foam market in 2017 and is expected to grow at a considerable CAGR during the review period. This market growth can be attributed to the increasing use of nitrile rubber in numerous applications such as HVAC, refrigerators, plastic pipes, gaskets, and sealing due to its superior properties such as high moisture resistance, low thermal conductivity, high elasticity, and resistance to grease. EPDM is the fastest-growing segment of the global elastomeric foam market; the increasing use of EPDM in solar installations and oil & gas applications due to its resistance to water and weather is expected to boost the growth of the EPDM segment during the forecast period.

Based on end-use industry, the market has been categorized as HVAC, automotive, electrical and electronics, and others. The HVAC segment accounted for the largest market share in 2017and is expected to register a significant growth rate during the review period. This growth is largely influenced by the increasing demand for HVAC systems, chillers, and duct systems in healthcare facilities, shopping complexes, supermarkets, and industrial applications, among others. Increasing automotive production is driving the demand for elastomeric foam in gaskets and sealings, which is expected to propel the growth of the market during the review period.

Regional Analysis

Based on region, the global elastomeric foam market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The market in Asia-Pacific was the largest in 2017 due to the presence of a large number of end-use industries in developing nations such as India and China. The expanding construction industry as a result of rapid urbanization and industrialization is expected to propel the demand for elastomeric foam in the region.

North America is a prominent market for elastomeric foam owing to its increasing use in the automotive and aerospace industries. The European market for elastomeric foam is expected to grow as a result of rising demand in major end-use industries such as HVAC and automotive. The markets in Latin America and the Middle East & Africa are expected to exhibit considerable growth during the review period due to the expanding automotive and construction industries in the region.

Competitive Analysis

Some of the key players in the global elastomeric foam are Armacell International SA (Luxembourg), Zotefoams PLC (UK), Grando (Belgium), L'isolante K-Flex SpA (Italy), Sekisui Plastics Co., Ltd (Japan), Kaimann GmbH (Germany), Jinan Retek Industries Inc (China), Hira Industries LLC (UAE), Huamei (China), NMC SA (Belgium), and Rogers Foam Corporation (US).

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