Elastomeric Foam Market Business Analysis 2019 by CAGR, Share, Revenue and Prominent Key Players to 2023
The Global Elastomeric Foam Market is the subject for the latest research report from Market Research Future (MRFR). The Global Elastomeric Foam Market is studied in the report with regard to the major drivers and restraints affecting the market’s movement, the major segments holding a dominant share in the market, and the leading players operating in the Global Elastomeric Foam Market.
Elastomeric foam is a rubber-based insulator with closed pores and a uniform cell structure. The use of Elastomeric Foam is rife in insulation applications in the HVAC, automotive, and electronics industries, among others. The growing demand for HVAC devices in emerging regions is likely to be a major driver for the Global Elastomeric Foam Market over the forecast period. The demand for HVAC devices has been driven by the growing demand for air conditioning equipment in residential and commercial establishments in developing regions. As air conditioning is not a widely occurring phenomenon in emerging regions such as the Middle East, Asia Pacific, and Latin America, the demand for HVAC equipment is growing rapidly in these regions. This is likely to be a major driver for the Elastomeric Foam Market over the forecast period.
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The rapid development of modern shopping channels such as super/hypermarkets in these emerging regions is also likely to be a major driver for the Global Elastomeric Foam Market over the forecast period.
The growing automotive industry in emerging regions is also likely to play a key role in the development of the Elastomeric Foam Market over the forecast period. Elastomeric Foam is used in a number of applications in the automotive industry to achieve solid thermal and electrical insulation, which is likely to drive its demand over the forecast period. The growing demand for premium automobiles from the newly minted populace in the developing regions of the world is likely to drive the Global Elastomeric Foam Market at a handsome pace over the forecast period.
Leading players in the Global Elastomeric Foam Market include Armacell International SA, Zotefoams PLC, Huamei, Jinan Retek Industries Inc., Grando, Rogers Foam Corporation, Sekisui Plastics Co. Ltd., NMC SA, Kaimann GmbH, L’isolante K-Flex SpA, and Hira Industries LLC.
Acquisitions, especially pertaining to companies in emerging regions, are likely to remain a favored strategy for players looking to increase their global presence. For instance, in May 2018, Armacell International SA, acquired Guangdong De Xu Insulation Materials Co. Ltd. The latter is a leading Elastomeric Foam producer in China and is likely to enhance Armacell’s prospects in the highly lucrative Asia Pacific market over the forecast period and beyond.
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The Global Elastomeric Foam Market has been segmented by Type, Application and Region.
On the Basis of Type, the market has been segmented into natural rubber and synthetic rubber, which includes nitrile butadiene rubber, ethylene propylene diene monomer (EPDM), chloroprene, and others. Nitrile butadiene rubber held the dominant share in the Global Elastomeric Foam Market in 2017 and is likely to remain the leading product segment of the market over the forecast period due to its widespread use in HVAC equipment and automotive design.
Based on End-Use Industry, the Elastomeric Foam Market has been segmented into HVAC, automotive, electrical and electronics, and others. The HVAC industry accounted for the largest share of 45% in the Global Elastomeric Foam Market in 2017 and is likely to remain the dominant end user of Elastomeric Foam products over the forecast period due to the growing demand for HVAC equipment in residential as well as commercial establishments in developing countries.
Asia Pacific holds the major share in the Global Elastomeric Foam Market and is likely to remain the leading revenue generator over the forecast period due to the growing scope of the automotive and construction industries in the region, which has driven the need for Elastomeric Foam in insulation as well as HVAC applications. The growing disposable income of consumers in urban centers in Asia Pacific is likely to result in a growing demand for residential HVAC units, which is likely to drive the demand from the Elastomeric Foam Market in Asia Pacific over the forecast period.
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