The global elastomeric foam market is estimated to increase from USD 2.6 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 6.7% during the forecast period. The global elastomeric foam market is driven mainly by its increasing demamd from HVAC system. The growth in automotive production and increasing usage of thermal insulation in building & construction will drive the demand during the forecast period.
Armacell International S.A. (Luxembourg) is one of the leading players in the elastomeric foam market. The company has been focusing on both organic and inorganic strategies to maintain its leading position in the market. For example, in April 2018, the company acquired TB Concept Inc. (Canada), which is a manufacturer of patented pipe support solution. This acquisition is expected to strengthen the presence of Armacell in Canada and will help in strengthening its position in global market.
Lisolante K-Flex S.P.A (Italy) is another major player in the elastomeric foam market. In November 2018, the company expanded its manufacturing facility in Egypt. The new manufacturing facility will help the company to meet the growing demand in Europe and expand its footprint globally.
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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.
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Recent Developments
- In November 2018, K-Flex started a new manufacturing facility in Egypt. The new manufacturing facility will help the company to meet the growing demand in Europe and expand its footprint globally.
- In April 2018, Armacell acquired TB Concept Inc. (Canada), which is a manufacturer of patented pipe support solution. This acquisition is expected to strengthen the presence of Armacell in Canada and will help in strengthening its position in global market.
- In October 2017,Aeroflex USA launched elastomeric flexible closed-cell foam insulation under the brand, Aerocel ULP, which is the newest version of Aerocel EPD. This development will help the company strengthen its presence mainly in the emerging economies.
Key Questions addressed by the report
- Which are the future revenue pockets in the elastomeric foam market?
- Which key developments are expected to have a high impact on the market?
- Which products/technologies are expected to overpower the existing technologies?
- How the regulatory scenario further is expected to impact the market?
- What will be the future product mix in the elastomeric foam market?
- What are the prime strategies of leaders in the market?
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), are the key players operating in the elastomeric foam market.
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.
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