Sarasota, FL -- (SBWire) -- 01/16/2019 --Zion Market Research has published a new report titled "Elastomeric Foam Market by Type (Natural Rubber/Latex and Synthetic Rubber and by End-User Industry: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024". According to the report, the global elastomeric foam market was valued at USD 1.17 billion in 2017 and is expected to reach USD 1.81 billion by the end of 2024, growing at a CAGR of 6.4% between 2018 and 2024.
Elastomeric foam is extensively used for a varied range of applications in several industries, such as HVAC, automotive, electrical and electronics, and healthcare. Elastomeric foam boasts of high viscosity, elasticity, etc., and is widely used as insulation material in HVAC systems. Growing urbanization and industrialization in several emerging countries, such as China, Japan, and India, is likely to further boost the elastomeric foam market demand in the upcoming years.
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Elastomeric foam market is likely to grow at a high rate in the forecast time period, owing to the increasing demand for elastomeric foam from the healthcare industry for elastomeric foam insulation. Moreover, the growing awareness among people for saving energy is further expected to boost the elastomeric foam market globally. But, the lower penetration in the underdeveloped countries, such as Ethiopia and Afghanistan, might hamper the market growth in the future. However, the growing electronics and automotive industries across the globe are anticipated to provide new growth opportunities in the elastomeric foam market during the estimated timeframe.
The elastomeric foam market is segmented based on the type and end-user industry. By type, the market for elastomeric foam comprises natural rubber or latex and synthetic rubber. The synthetic rubber type is sub-segmented into nitrile butadiene rubber (NBR), ethylene propylene diamine monomer EPDM, and chloroprene (CR), and others. In 2017, nitrile butadiene rubber accounted for the largest market share, owing to its high elasticity, high moisture resistance, low thermal conductivity, and grease resistant. This resulted in the product being widely used in refrigerators, HVAC, gaskets, sealing, and plastic pipes. Moreover, the ethylene-propylene-diamine monomer is likely to be the fastest growing segment, due to the increase in the demand for ethylene propylene diamine monomer in oil and gas and solar installations applications.
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By end-user industry, the elastomeric foam market is segmented into HVAC, electrical and electronics, automotive, healthcare, and others. Increasing usage of elastomeric foam, especially in HVAC systems, is further anticipated to contribute substantially toward the market share over the estimated timeframe. Besides, the growing automotive industry is increasingly using gaskets and sealing, which will positively affect the market growth as the elastomeric foam is widely used for insulation and sealing process.
The Asia Pacific emerged as the leading region for this market followed by Europe and North America in 2017. The growing end-use industries in the developing countries of Asia Pacific are expected to continue their dominance in terms of volume in the upcoming years as well. North America is likely to grow at the fastest rate, owing to the increasing demand for elastomeric foam from the aerospace and automotive industries. The growing HVAC and automotive industries in the European countries are projected to fuel the elastomeric foam market in the near future. Latin America is likely to hold enormous potential for elastomeric foam market in the future. The Middle East and Africa region are predicted to show a slow growth rate in the forecast time period.
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The global elastomeric foam market consists of a large number of players and is highly fragmented. These players predominantly focus on introducing novel products and material offerings. Companies involved in the production of elastomeric foam are Zotefoams plc, Hira Industries, Kaimann, L'ISOLANTE K-FLEX, Jinan Retek Industries, Huamei Energy-saving Technology Group, NMC SA, Anavid Insulation Products, Aeroflex USA, and Armacell, among others.
The report segments the global elastomeric foam market as follows:
Global Elastomeric Foam Market: Type Analysis
Natural Rubber/Latex
Synthetic Rubber
Nitrile Butadiene Rubber (NBR)
Ethylene Propylene Diamine Monomer (EPDM)
Chloroprene (CR)
Others
Global Elastomeric Foam Market: End-User Analysis
HVAC
Automotive
Electrical and Electronics
Healthcare
Others
Elastomeric Foam Market Is Anticipated to Grow $1.81 Billion by 2024
Global Elastomeric Foam Market Is Expected To Reach Around USD 1.81 Billion By 2024