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.
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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.
According to function, the thermal insulation segment accounted for the largest share, in terms of value and volume, during the forecast period. The growth of the segment is attributed mainly to the increased usage in HVAC and in building & construction industries because of their ability to prevent heat transfer between outside and inside of the building will drive the demand during the forecast period.
Among the different types of elastomeric foam, NBR segment accounted for the largest share, in terms of value and volume, during the forecast period. The growth of the segment is attributed mainly to the low price when compared with others rubbers such as EPDM and Choloprene. Furthermore, NBR also possess excellent properties such as excellent fire performance, and good fuel resistance. The factors mentioned above are expected to drive the market during the forecast period.
Based on the end-use industry, the HVAC segment is projected to grow at the highest CAGR and accounted for the largest market share, in term of value, during the forecast period. This growth is mainly attributed to the growing demand for HVAC in construction, automotive, aerospace, among others. The factors mentioned above are expected to drive the market during the forecast period.
AsiaPacific is the largest and the fastest-growing market for elastomeric foam. Increasing demand for elastomeric foam in various end-use industries such as HVAC, heating & plumbing and transportation in Asia Pacific is leading to a significant rise in the elastomeric foam market. Furthermore, the growing infrastructural development in this region will also drive the market for HVAC system, which in turn will drive the demand during the forecast period.
Many major players are expanding into the emerging economies of Asia-Pacific such as China, India, to tap the untapped markets of the region. Moreover, the low cost of setting up manufacturing facilities is driving the growth of the elastomeric foam market in the region.
The availability of skilled labors at a low cost compared to other regions attracts the elastomeric foam manufacturers to set up their manufacturing units in the region. The high economic growth of the emerging economies and the increasing disposable income of the people in the region contribute to APAC being an attractive market for elastomeric foam manufacturers.