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Rapidly growing global automotive industry and increasing construction activities in various countries are key factors driving market revenue growth.
NEW YORK, NY, UNITED STATES, November 25, 2021 /EINPresswire.com / -- The global elastomeric foam market size is expected to reach USD 4.31 Billion in 2028 and register a revenue CAGR of 6.5% during the forecast period, according to a latest report by Reports and Data. Increasing demand for Heating, Ventilation, & Air Conditioning (HVAC) systems is expected to drive market revenue growth during the forecast period. Rising demand for high comfort levels and increasing disposable incomes are boosting demand for HVAC systems. HVAC systems are exhibiting high popularity because of rising need to maintain temperature, airflow, ventilation, and air quality. Elastomeric foam is widely utilized in HVAC systems as it acts as an active barrier against the entry of moisture and vapor into these systems. These foams are utilized for ducts and hot- & cold-water piping in HVAC systems.
The plumbing industry is widely using elastomeric foam tapes to prevent condensation or frost formation on cold water plumbing, chilled water, and refrigeration lines. It also reduces heat flow for hot water plumbing, liquid heating, and dual temperature piping. These are ideal for insulating short runs of pipes or valves and fittings where it is impractical to install tubing installation. Increasing initiatives by government bodies to promote energy efficiency in buildings is expected to boost revenue growth of the market during the forecast period. Elastomeric foam insulation can save energy and provide building owners with a favorable cost of ownership for developing mechanical systems.
Manufacturers are increasingly investing in the launch of advanced elastomeric foams which is further projected to drive market growth during the forecast period. In 2019, Saudi Basic Industries Corporation (SABIC), for instance, launched a dedicated polyolefin elastomer foam for footwear. It is suitable for both casual and sports shoes. Flexibility and low compression set with thermoplastic properties, including recyclability and process ease of the elastomer foam makes it ideal for use in footwear. Stable foamability, high resilience, and compression set of these materials would enable durability and greater bounce.
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In July 2020, Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, announced commercial market release of ArmaFlex Ultra with FlameDefense technology. ArmaFlex Ultra with FlaneDefense technology is the first flexible elastomeric foam insulation UL classified as to UL 723 with a 25/50 rating. Innovative FlameDefense technology of Armacell will help in resisting burning and reducing smoke development.
Synthetic rubber segment is expected to register a considerably fast revenue growth rate over the forecast period. Thermal and electrical insulation capabilities of synthetic rubbers is boosting demand from different end-use industries. Good high temperature resistance, cold flexibility, and excellent resistance to oils, acids, alkalis, & ozone is also expected to drive revenue growth of this segment.
Heating, Ventilation, & Air Conditioning (HVAC) segment is expected to expand significantly over the forecast period, owing to increasing construction activities in developing countries. Ability of elastomeric foams to prevent the entry of vapor and moisture into HVAC systems is boosting usage in refrigeration operations and HVAC.
The elastomeric foam market in Asia Pacific is expected to register robust revenue CAGR over the forecast period. Increasing disposable incomes of consumers and rising living standards are resulting in growing demand for HVAC systems, which, in turn, is further driving the utilization of elastomeric foams in the region.
Some players in the market include Avient Corporation (PolyOne Corporation), Saudi Basic Industries Corporation (SABIC), Armacell, Zotefoams, L'Isolante K-Flex S.p.A., BASF SE, Kaimann GmbH International, Aeroflex, Rubberlite Inc., and Hira industries.
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For the purpose of this report, Reports and Data has segmented the global elastomeric foam market based on type, end-use, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
Natural Rubber/Latex
Synthetic Rubber
End-use Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
HVAC
Electrical & Electronics
Automotive
Industrial and Consumer goods
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA
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