The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Flexible Elastomeric Foam Market.
It was estimated prior to this unanticipated outbreak that the Flexible Elastomeric Foam Market was expected to grow at a CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Flexible Elastomeric Foams are products that are lightweight and open celled. They are usually employed for cushioning, filtration, and insulation purposes. Also, these foams are used for soundproofing to reduce the discordant levels of noise emitted from machines or enclosures. The product offers low-thermal conductivity and optimum water vapor diffusion resistance that makes it the ideal claimant for insulation purposes in mechanical installations. Flexible Elastomeric Foams are of different types, such as NBR/PVC, EPDM, Natural Rubber, CR, and others, that are used in various end-use industries, such as HVAC, automotive & transportation, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making, and growth strategy formulation based on the opportunities present in the market.
Based on the type, the market is segmented as natural rubber/latex, nitrile butadiene rubber/polyvinyl chloride (NBR/PVC), ethylene propylene dine monomer (EPDM), chloroprene (CR), and Others. The NBR/PVC segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Further, its exceptional properties such as resistance to swelling by acids, excellent fire performance, good fuel-resistance, and its moderate cost in comparison to other types of rubbers are driving the growth of this segment.
Based on the function type, the flexible elastomeric foam market is segmented as thermal insulation and acoustic insulation. The thermal insulation segment dominated the market in 2019, and is expected to remain dominant during the forecast period. Thermal insulation significantly reduces energy consumption across a broad spectrum of applications such as in solar piping, residential & commercial heating & ventilation piping, and AC and refrigeration piping, which is the key factor propelling the growth of this segment.
Based on the end-use industry type, the market is segmented as HVAC, automotive & transportation, and others. The HVAC segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The rising demand for HVAC in the construction industry is expected to drive the growth of this segment.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing flexible elastomeric foam market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as HVAC, automotive & transportation, and others, which is generating huge demand for flexible elastomeric foam and the presence of a large number of flexible elastomeric foam manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major players in the flexible elastomeric foam market are-