The report "Elastomeric Foam Market by Type (Natural Rubber/Latex, Synthetic Rubber (Nitrile-Butadiene Rubber, Ethylene-Propylene Diamine Monomer, Chloroprene)), End-Use Industry (HVAC, Automotive, Electrical & Electronics), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is estimated at USD 1.28 billion in 2018 and projected to reach USD 1.75 billion by 2023, at a CAGR of 6.5% between 2018 and 2023.
The market is witnessing growth due to higher use of elastomeric foam as an insulation material over other insulation materials due to its superior properties. Moreover, as the growth of the HVAC industry, which is a major end-use industry of elastomeric foam, supported by the strong demand for HVAC systems from the building & construction industry is further driving the demand for elastomeric foam.
Nitrile-Butadiene Rubber (NBR): The fastest-growing segment of the Elastomeric Foam Market, by type
Nitrile butadiene rubber (NBR) is projected to be the fastest-growing type segment of the Elastomeric Foam Market during the forecast period (2018-2023). The NBR segment is expected to register the highest growth, as NBR is suitable for many applications in several end-use industries of elastomeric foams and has a relatively lower price than the other types of elastomeric foam.
HVAC: The largest end-use industry of elastomeric foam in 2018
HVAC was the largest end-use industry of elastomeric foam in 2017. This can be attributed to the growing use of elastomeric foam in the HVAC systems as a result of increased regulations for energy efficiency. There is an increased demand for HVAC systems as there is a growing focus on the construction of energy-efficient buildings.
APAC: The largest Elastomeric Foam Market in 2018
The APAC region was the largest market for elastomeric foam, in terms of value and volume, in 2017. This growth is backed by the increasing industrialization in the region leading to the increasing demand from the growing end-use industries of elastomeric foam such as HVAC, automotive, and electrical & electronics in the region.
The major elastomeric foam manufacturers, such as Armacell (Germany), Hira Industries (UAE), Zotefoams (UK), LISOLANTE K-FLEX. (Italy), Kaimann (Germany), Huamei Energy-saving Technology Group (China), Jinan Retek Industries (China), Aeroflex USA, (US), NMC SA (Belgium), and Anavid (Israel) have been profiled in the report.
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