Flexible Elastomeric Foam Market Projected to Reach $2.7 billion by 2023
According to the market research report "Flexible Elastomeric Foam Market by Type (Natural Rubber, NBR/PVC, EPDM, CR), Function (Thermal, Acoustic), End-use Industry (HVAC, Automotive & Transportation), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2023", The market size of flexible elastomeric foam is projected to grow from USD 2.2 billion in 2018 to USD 2.7 billion by 2023, at a CAGR of 4.72%during the forecast period.
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The market is driven by a wide range of function types, namely, thermal and acoustic insulation service providers for different applications such as air-conditioning, industrial piping, solar piping, and construction walls and automotive. In addition, the increasing number of residential and non-residential constructions globally is also expected to drive the use of flexible elastomeric foam in the thermal and acoustic insulation type.
NBR/PVC is the largest and fastest-growing type segment of the flexible elastomeric foam market
The flexible elastomeric foam market has been segmented on the basis of type into natural rubber/latex and synthetic rubber. Synthetic rubber is further classified into NBR/PVC, EPDM, CR, and others. In 2018, the NBR/PVC type accounted for the largest market share, in terms of volume, due to the demand for NBR/PVC flexible elastomeric foam in the HVAC and automotive & transportation end-use industry. NBR/PVC is a closed cell material used for reducing thermal losses in HVAC systems such as chilled water installations, refrigeration, and air-conditioning. So, it is among the fastest-growing type of flexible elastomeric foam.
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Rising demand from emerging economies is expected to drive the flexible elastomeric foam market during the forecast period
APAC is expected to account for the largest share of the flexible elastomeric foam market, in terms of both volume and value by 2023. APAC is projected to register the highest CAGR between 2018 and 2023, in terms of value. The high economic growth coupled with the mounting population is expected to boost the infrastructural sector in the region, which will increase the need for flexible elastomeric foam for HVAC applications in both commercial as well as residential sectors.
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Some of the major players in the market include Armacell (Germany), L'ISOLANTE K-FLEX (Italy), Kaimann (Germany), Aeroflex (US), Rogers Corporation (US), and Hira Industries (Dubai). These players have adopted various strategies, such as merger & acquisition, expansion, and new product launch to grow in the market. New product launch was the key strategy adopted by the major players between 2015 and 2018. This strategy accounted for a share of 38% of all growth strategies adopted by key market players and helped companies enhance their market and expand global presence.
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