Difficulty in the Disposal of Elastomeric Foams is major restrain in the Market

The major players in the Elastomeric Foam Market are Armacell (Germany), Hira Industries (UAE), Zotefoams (UK), L'ISOLANTE K-FLEX (Italy), Kaimann (Germany), (China), Jinan Retek Industries (China), Aeroflex USA (US), NMC SA (Belgium), and Anavid (Israel). These companies have adopted various organic and inorganic growth strategies to become the key players in the global elastomeric foam market.

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The global elastomeric foam market is estimated to be valued at USD 2.6 billion in 2019 and is projected to reach USD 3.6 billion by 2024, at a CAGR of 6.7% during the same period. The demand for elastomeric foam is driven mainly by its growing demand in HVAC and heating & plumbing end-use industry.

According to function, thermal insulating segment is expected to be the largest contributor in the elastomeric foam market during the forecast period.

Based on function, the thermal insulation segment is likely to account for the largest share of the market in 2019. The growth in this segment is attributed to its increasing usage of thermal insulation from various end-use industry such as HVAC and heating & plumbing end-use industry owing to their extraordinary characteristics such as fire resistance and easy installation. These factors are expected to drive demand during the forecast period.

By type, the NBR segment is expected to be the largest contributor in the elastomeric foam market during the forecast period.

Based on type, the NBR segment is likely to account for the largest share of the market in 2019. The growth in this segment is attributed to its increasing usage in various end-use industry due to their extraordinary characteristics such as resistance to swelling by acids, excellent fire performance, good fuel resistance, and because of its moderate cost in comparison to other types of rubbers. These factors are expected to drive demand during the forecast period.

HVAC end-use industry accounts for the largest market size during the forecast period

The HVAC industry is increasing owing to increase in demand for energy savings in the modern infrastructure for heating, ventilation, and air conditioning is expected to drive the market for elastomeric foams in the HVAC end-use industry during the forecast period. Furthermore, the rising demand for HVAC in construction industry will also drive the demand.

APAC is expected to account for the largest market size during the forecast period

APAC is the largest and fastest-growing elastomeric foam market, owing to its increasing usage in various end-use industry such as HVAC and heating & plumbing, among others. Furthermore, increasing investments in the automotive and growing construction industries will also drive the market in this region during the forecast period. Moreover, countries such as China and India have been scaling up the size of their manufacturing sector. These factors are expected to fuel the demand for elastomeric foam in the region during the forecast period.

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The major vendors in the elastomeric foam has 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), and Anavid Insulation Products Kiryat Anavim Ltd.(Israel).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.