DUBLIN--(BUSINESS WIRE)--The "Elastomeric Foam Market by Function (Thermal Insulation, and Acoustic Insulation) Type (NBR, and EPDM), End-Use Industry (HVAC, Refrigeration, Heating & Plumbing, and Transportation), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Elastomeric Foam Market Size is Expected to Grow from USD 2.6 Billion in 2019 to USD 3.6 Billion by 2024, at a CAGR of 6.7%.
The elastomeric foam market is driven by various factors, such as increasing demand from HVAC system, heating & plumbing, and transportation industries. The growth of these industries is anticipated to further propel the growth of the market over the forecast period. However, lack of awareness about the benefits of thermal insulation are likely to hinder the growth of the market.
Thermal insulating segment to drive the global market during the forecast period.
Based on function, the thermal insulation segment is projected 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 industries such as HVAC and heating & plumbing industry owing to their extraordinary characteristics such as fire resistance and easy installation.
NBR segment to drive the global market during the forecast period
The elastomeric foam market has been segmented based on types into NBR, EPDM, CR, and others. Among these types, the NBR segment accounted for the largest share of the market and is likely to witness significant growth over the forecast period. The growth in this segment is attributed to its increasing usage in various end-use industry due to its excellent properties such as resistance to swelling by acids, excellent fire performance, and good fuel resistance and because of its low cost in comparison to other types such as EPDM. These factors are expected to drive demand during the forecast period.
HVAC segment expected to hold the largest market share during the forecast period
HVAC segment is growing rapidly owing to the rising demand form automotive and construction on account of its ability of saving energy in the modern infrastructure for heating, ventilation, and air conditioning. These factors are expected to drive the demand for polyurethane in paints & coatings application.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to have the highest growth rate during the forecast period, due to the increasing usage of elastomeric foam in various end-user industries such as HVAC, heating & plumbing, refrigeration, and transportation. China, India, Japan, and South Korea provide enormous opportunities for the elastomeric foam market due to the presence of a large manufacturing sector and growing construction industry. On the other hand, North America is projected to hold the second-largest market size during the forecast period.
- Superior Properties of Elastomeric Foam
- Increasing Demand for HVAC Systems
- Rising Health Concern leading to Higher Preference for Acoustic Control
- Growth of Cold Chain Infrastructure
- Lack of Awareness About the Benefits of Insulation
- Stringent Government Regulations Encouraging Energy Efficiency
- Difficulty in the Disposal of Elastomeric Foams
- Price Volatility
- Anavid Insulation Products Kiryat Anavim Ltd.
- Armacell International S.A.
- China Ining Industrial Group Co., Ltd
- Era Polymers
- Evocell S.R.L
- Hira Industries
- Huamei Energy-Saving Technology Group Co., Ltd
- Insulflex Corporation
- Isidem Yalitim
- Jinan Retex Industries Inc
- Kaimann GmbH
- Kingwell World Industries, Inc
- L'isolante K-Flex S.P.A.
- Merryweather Foam, Inc.
- NMC SA
- ODE Insulation
- Roger Foam Corporation
- Rogers Corporation
- Roka Yalitim
- Rubberlite, Inc.
- Sekisui Plastics Co. Ltd
- Supreme Industries
- Zotefoams PLC
For more information about this report visit https://www.researchandmarkets.com/r/wcm39p