Armacell International SA (Germany), and Hira Industries (UAE) are key players in the global Elastomeric Foam Market

The major players in the Elastomeric Foam Market are Armacell (Germany), Hira Industries (UAE), Zotefoams (UK), L'ISOLANTE K-FLEX (Italy), Kaimann (Germany), (China), Jinan Retek Industries (China), Aeroflex USA (US), NMC SA (Belgium), and Anavid (Israel). These companies have adopted various organic and inorganic growth strategies to become the key players in the global elastomeric foam market.

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The global elastomeric foam market is estimated to be valued at USD 2.6 billion in 2019 and is projected to reach USD 3.6 billion by 2024, at a CAGR of 6.7% during the same period. The demand for elastomeric foam is driven mainly by its growing demand in HVAC and heating & plumbing end-use industry.

HVAC end-use industry is expected to grow at the highest CAGR in the global elastomeric foam market during the forecast period

HVAC is growing rapidly owing to the rising demand for HVAC in automotive and construction because of its ability to provide thermal comfort and acceptable indoor air quality within reasonable installation, energy efficiency, and operation & maintenance costs. The above-mentioned factors are accepted to drive the demand during the forecast period.

APAC is expected to account for the largest market size during the forecast period

APAC is the largest and fastest-growing elastomeric foam market, owing to its increasing usage in various end-use industry such as HVAC and heating & plumbing, among others. Furthermore, increasing investments in the automotive and growing construction industries will also drive the market in this region during the forecast period. Moreover, countries such as China and India have been scaling up the size of their manufacturing sector. These factors are expected to fuel the demand for elastomeric foam in the region during the forecast period.

Thermal Insulation to dominate the global elastomeric foam market during the forecast period

The elastomeric foam market has been segmented based on function into thermal and acoustic insulation. Among these the thermal insulation segment accounted for the largest share of the market in 2018 and is projected to grow at highest CGAR over the forecast period. The growth in this segment is attributed to its increasing usage of thermal insulation because of its ability to to prevent heat transfer between outside and inside of the building,another advantage of thermal insulation is its lightweight properties, which help prevent thermal stress on the roofs of building and fire resistance property. These factors are expected to drive demand during the forecast period.

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