The global elastomeric foam market is estimated at USD 1.28 billion in 2018 and is projected to reach USD 1.75 billion by 2023, at a CAGR of 6.5% between 2018 and 2023
NEW YORK, July 18, 2018 /PRNewswire/ -- Superior properties of elastomeric foam as an insulation material and significant growth of the end-use industries of elastomeric foam, including HVAC are the factors driving the elastomeric foam market.
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The global elastomeric foam market is estimated at USD 1.28 billion in 2018 and is projected to reach USD 1.75 billion by 2023, at a CAGR of 6.5% between 2018 and 2023. The market is witnessing growth due to the excellent properties of elastomeric foam that make it suitable for use as an insulation material. The factors such as the increasing use of elastomeric foam in various applications in the industries such as automotive, healthcare, electrical & electronics, and others that include consumer goods and industrial goods and many favorable initiatives encouraging energy efficiency undertaken by the governments in many countries offer lucrative opportunities for the growth of the elastomeric foam market. However, a lack of awareness about the benefits of insulation in commercial and institutional buildings and thus, a comparatively lesser usage of insulation as compared with what it actually should be is the major factor restraining the growth of the market.
HVAC: The fastest-growing segment of the elastomeric foam market, by end-use industry.
HVAC is projected to be the fastest-growing end-use industry of elastomeric foam during the forecast period. The increased demand from the HVAC industry is attributed to the growing use of elastomeric foam as an insulation material in HVAC systems.
APAC: The fastest-growing market for elastomeric foam, by region.
The APAC region is projected to be the fastest-growing market for elastomeric foam during the forecast period. The growth of the elastomeric foam market in this region is growing due to the rapid growth of the building & construction industry, thereby, requiring the installation of new HVAC systems, which in turn, drives the demand of elastomeric foam in APAC.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into three categories, namely, by company, by designation, and by region.
-- By Company Type: Tier 1 - 50%, Tier 2 - 33%, and Tier 3 - 17%
-- By Designation: C Level - 17%, Director Level - 33%, and Others - 50%
-- By Region: North America - 25%, APAC - 38%, Europe - 25%, and Middle East & Africa - 12%
The report also provides company profiles and competitive strategies adopted by major market players such as Armacell (Germany), Hira Industries (UAE), Zotefoams (UK), L'ISOLANTE K-FLEX. (Italy), Kaimann (Germany), Huamei Energy-saving Technology Group (China), Jinan Retek Industries (China), Aeroflex USA, (US), NMC SA (Belgium), and Anavid (Israel).
Research Coverage:
The report covers the elastomeric foam market and its applications across different industry verticals and regions.It aims at estimating the market size and growth potential of this market across different segments, such as type and end-use industry.
The report also includes an in-depth competitive analysis of the key market players along with their company profiles.
Reasons To Buy This Report:
From an insight perspective, this research report focuses on various levels of analysis -- industry analysis (industry trends) and company profiles, competitive landscape; emerging and high-growth segments of the elastomeric foam market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
-- Market Penetration: Comprehensive information on elastomeric foam offered by the top players in the global elastomeric foam market
-- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the global elastomeric foam market
-- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for elastomeric foam across regions
-- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global elastomeric foam market
-- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the leading players in the global elastomeric foam market
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