CHICAGO, Aug. 5, 2024 /PRNewswire/ -- The report "Flexible Elastomeric Foam Market by Function, Type (Natural Rubber, NBR/PVC, EPDM, Chloroprene), End-Use Industry (HVAC, Automotive & Transportation, Solar Installations, Refrigeration Systems), and Region - Global Forecast to 2029", is projected to grow from USD 2.8 billion in 2024 to USD 3.6 billion by 2029, at a CAGR of 4.8% during the forecast period. The flexible elastomeric foams offer thermal insulation, acoustic insulation, and moisture resistance due to which they are used in multiple sectors including automotive components, refrigeration systems, and HVAC systems. The rising awareness regarding sustainability and energy efficient solutions is expected to boost the flexible elastomeric foam market.
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The nitrile butadiene rubber/polyvinyl chloride (NBR/PVC) is expected to account for the largest share of the flexible elastomeric foam market, by foam type, during the forecast period, in terms of value
By foam type, the nitrile butadiene rubber/polyvinyl chloride (NBR/PVC) is estimated to have the largest market share by value. The unique market position of this segment can be attributed to its properties like resistance to oil, fire and extreme weather conditions alongside its relatively lesser cost in comparison to other types of rubber. The market for NBR/PVC is expected to grow due to the rise in industrial demands for efficient thermal insulation solutions that promote energy efficiency as well.
By end-use industry, the HVAC segment is expected to account for the largest market share during the forecast period in terms of value.
Based on end-use industry, the HVAC segment is estimated to account for the largest share of the market during the forecast period. This unique market position of the HVAC segment can be linked to the global rise in the demand for energy efficient insulation solutions along with the rise in the construction industry. The utilization of flexible elastomeric foams in the HVAC industry can be attributed to their ability to offer thermal insulation and stop moisture intrusion. The rise in the demand for flexible elastomeric foams in this market is mainly driven by growth in the usage of HAVC systems in both residential as well as commercial spaces, especially in developing nations like India and China.
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Thermal Insulation, by function, is expected to account for the largest segment during the forecast period.
Based on function, thermal insulation is expected to account for the largest segment during forecast period in terms of value. Thermal insulation is expected to have the largest share amongst all the functional categories of flexible elastomeric foam due to its crucial role in enhancing energy efficiency and lowering operational costs in HVAC systems, refrigeration systems, and plumbing applications. The growing awareness levels regarding the energy conservation along with the rising strict government regulations encouraging sustainable construction practices is expected to drive the market for flexible elastomeric foam.
Asia Pacific is projected to register the largest market share during the forecast period.
Asia Pacific is estimated to lead the market during the forecast period. This market position can be attributed to the rapid industrialization and urbanization in developing countries like China and India which has led to an increase in the demand for energy efficient solutions in multiple industries including refrigeration systems, HVAC systems, solar installations, automotive and transportation industry, and construction industries. Moreover, the increase in awareness levels regarding sustainability, and the increase in government initiatives that promote building energy efficiency are going to boost the flexible elastomeric foam market in the region.
Some of the leading players in this market include ARMACELL (Luxembourg), Hira Industries LLC (UAE), L'ISOLANTE K-FLEX S.p.A. (Italy), JINAN RETEK INDUSTRIES INC (JINAN BESTAR INC) (China), and Boyd (US), among others.
Browse Adjacent Market: Foam and Insulation Market Research & Consulting
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Elastomeric Foam Market - Global Forecast to 2024
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