According to the new market research report “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″, The elastomeric foam market is expected to grow 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 major factors driving the elastomeric foammarket include increasing demand from various end-use industries such as HVAC, refrigeration,heating & plumbing and transportation among others.
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Elastomeric foams are generally based on synthetic rubber. Synthetic rubber-based elastomeric foams are produced by three major components, polyvinyl chloride (PVC), synthetic rubber, and a chemical foaming agent. These foams are moisture and thermal resistant, and are mainly used in thermal insulation applications. They are available in various forms such as sheets, rolls, and pipes for easy installation. Synthetic rubber-based elastomeric foams are available in various types such as NBR, EPDM, and CR. Elastomeric foams are used for thermal and acoustic insulation for various applications in the HVAC, heating & plumbing, refrigeration,transportation, and other industries.
MarketsandMarkets projects that the global elastomeric foam market will grow 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 growth of the market can be attributed to the increasing consumption of elastomeric foam in various applications such as HVAC , and heating & plumbing among others. However, lack of awareness about benefits of insulation acts as a restraint to the growth of the elastomeric foam market.
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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.
Emerging economies such as China, India, Japan, and South Korea are experiencing high demand for elastomeric foam. Increasing per capita expenditure, growing construction industry ,huge consumer base, rising urban population, low labor costs, and easy availability of raw materials are attracting global automobile manufacturers to shift their production facilities to Asia Pacific, thus, creating a high demand for elastomeric foams in these industries.
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), among others are the leading elastomeric foam manufacturers, globally. These companies adopted new product development, agreement, acquisition, and expansion as their strategies between January 2015 and August 2019 to earn a competitive advantage in the elastomeric foam market.
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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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