Elastomeric Foam Market, Covid-19 Outbreak, Industry Overview, Applications, Segmentation, Regional Analysis, Key Players and Forecast to 2023

The growth of the elastomeric foam market is driven by the growing heating, ventilation, and air conditioning (HVAC) industry with the rising installation of HVAC systems in residential and commercial buildings such as healthcare facilities, shopping complexes, warehouses, and supermarkets. The increasing use of elastomeric foam in chillers, refrigerators, duct systems, and plastic pipes such as refrigeration piping and hot- and cold-water pipes is likely to drive the growth of the elastomeric foam market. Additionally, rising awareness about indoor air quality is likely to increase the demand for elastomeric foam with antimicrobial additives in air conditioners and HVAC systems.

The consumption of elastomeric foam is increasing in automobile parts such as gaskets, sealing, and under hood applications as it provides good thermal insulation and corrosion control. The growing automotive industry with the rising production of lightweight, electric, and hybrid vehicles is likely to drive the demand for elastomeric foam. Also, due to its good electrical insulation properties, the use of elastomeric foam is increasing in the electrical and electronics industry, which is likely to propel market growth during the forecast period.

Some of the key growth strategies adopted by market players include new product developments, expansions, and acquisitions. For instance, in May 2018, Armacell International SA, acquired Guangdong De Xu Insulation Materials Co. Ltd, a manufacturer of elastomeric foam, to expand its product portfolio and strengthen its presence in Asia-Pacific.

Market Segmentation

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.

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.

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Key Players

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

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.