Elastomeric Foam Market is projected to grow at a CAGR of 6.33%

elastomeric foam market

The elastomeric foam market is expected to grow at a CAGR of 6.33%, from US$3.384 billion in 2022 to US$5.891 billion in 2029.

The market for elastomeric foam would be rising due to its multifaceted application in various growing industries, like automotive, petrochemical, consumer durables, nitrile gloves, solar panel heat collectors, etc. The growth and penetration of various industries would likely have a positive impact on the demand for elastomeric foam.

The rise in the construction industry like in infrastructure and building projects. It is estimated that by 2040, the real estate market in India will grow to Rs. 65,000 crore (US$ 9.30 billion). This growth would provide an upsurge in the parts and materials related to walls, floors, water pipes, and roofs. These materials are electrical and heat insulators, proving to be used in wires and sealing systems. In vehicles, ethylene propylene dien monomer can be used in door seals, trunk seals, window seals, and others, making it a necessary material for cars and other vehicles.

Based on application, the elastomeric foam market is segmented into air conditioning, refrigeration, water pipes, liquid gasses, and others. With the changing climate conditions and hot weather becoming common in Europe and North America, the demand for air conditioning has surged in the market, people are using insulation materials to protect their houses from changing climates.

With the growing urbanization and demand from the economies of APAC and MEA, the surge of disposable income in the market, people are buying more refrigerators and their related products for better and longer storage causing the surge in demand. Water pipes are useful for residential buildings, as new houses are constructed in the growing economies the uses of elastomeric foam would have an upsurge in the market.

Based on type, the elastomeric foam market is segmented into Natural Rubber/Latex, Ethylene Propylene Dien Monomer (EPDM), and Nitrile Butadiene Rubber (NBR). Ethylene Propylene Dien Monomer (EPDM) has a very broad application as used for sealing and gasketing. It can provide cushioning or elasticity. Seals on doors for refrigerators and freezers are also made from ethylene propylene dien monomer (EPDM).

Nitrile Butadiene Rubber (NBR), has strong resistance to oil, fuel, acids, and other chemicals, and finds its common application in automotive, aerospace, gloves, etc. With the surge of electric vehicles in the automotive sector industry, the application of elastomeric foam would have a demand.

Based on geography Asia Pacific is expected to have having significant share of the market. As industrialization and urbanization increased in the region, demand for the HVAC, refrigerant, and plumbing pipe or piping insulation would increase leading to the demand for elastomeric foam material in the market. The soundproof quality of the material is the major reason for its application in the construction industry. In India, manufacturing exports have a growth rate of 6.03% growth during FY23, bigger than the previous year with annual exports of US$ 447.46 billion.

The demand for residential properties surged in the region owing to the economic growth and demographic changes. More people are moving from rural to urban settlements giving rise to the demand for air conditioning and refrigeration.

Further, the rising expendable income in the region has created a demand for automotive and consumer durables, where the application of ethylene propylene dien monomer (EPDM) found wider applications. The need for wires in many sectors and domestic uses as well also created the demand for elastomeric foam. The surge from the renewable energy sector needed innovative technology for the newer devices and types of equipment where the elastomeric foam has a broader application.

As a part of the report, the major players operating in the elastomeric foam market, that have been covered are Armacell Yalitim A.S., Zotefoams, Kaimann (Saint-Gobain Group), Huamei Energy-Saving Technology Group Co. Ltd., Hira Industries LLC, NMC Technical Insulation, Rogers Foam Corporation, K-Flex USA, and Aerofoam.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/elastomeric-foam-market

This analytics report segments the elastomeric foam market on the following basis:

  • By Type
    • Natural Rubber/Latex
    • Ethylene Propylene Dien Monomer (EPDM)
    • Nitrile Butadiene Rubber (NBR)
  • By Application
    • Air Conditioning
    • Refrigeration
    • Water Pipes
    • Liquid gasses
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • France
      • Germany
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • Thailand
      • Taiwan
      • Indonesia
      • Others
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