Elastomeric Foam Market size is poised to reach USD 7,396 Million by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of elastomeric foam was USD 3,360 Million. The market is growing on the back of the growing use of elastomeric foam in the HVAC (heating, ventilation, and air conditioning) and plumbing industry. For instance, there is an estimated 151 million HVAC units to be sold in 2024. The elastomeric foam is used in the production of HAVC products as it can regulate heat and cold temperatures and prevent condensation on equipment. The insulation made from elastomeric foam helps protect building owners from the issue caused by corrosion under the insulation. This type of insulation also protects the mechanical systems and pipelines from water or water vapor.
Rising use in various sectors including hospitals and residential places owing to the rising need for health and safety with changing climate. A hospital is a place of mixed environment where various types of patients visit for treatment. Many of them may have infections that can be transmitted to an inpatient who is more prone to diseases with weak immunity. So, there is a need to prevent these types of contaminations from entering sterile environments such as intensive care units, operation theaters, and newborn care facilities. In such cases, the use of an HVAC system will prevent the spread of germs, promote proper air conditioning and ventilation, and provide heat to sterilize the protected area. Moreover, the use of HVAC reduces the energy consumption of hospitals, and it is anticipated to boost the growth of the market. It is estimated that replacing separate heating and cooling systems with HVAC systems can save 50% of the energy for electric heating and cooling systems and up to 10% for gas furnace heating systems.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~7% |
|
Base Year Market Size (2022) |
~ USD 3,360 Million |
|
Forecast Year Market Size (2033) |
~ USD 7,396 Million |
|
Regional Scope |
|
Application (Automotive, HVAC, Plumbing, Electronics)
The global elastomeric foam market is segmented and analyzed for demand and supply by application in automotive, HVAC, plumbing, and electronics. Out of these segments, the HVAC segment is projected to grow the fastest by the end of 2033 and provide the most opportunities. For instance, it is anticipated that by 2050, over 65% of all homes will have an air conditioning system. The HVAC system is used to insulate or maintain the internal conditions of vehicles or buildings. The HVAC controls the heat, vapor, humidity, ventilation, sterilization, condensation, temperature, and airflow of the surrounding area. The rising number of hospitals, automotive, residential, and commercial buildings with the need for a safe and hygienic environment is increasing. The indoor air quality is also maintained by the HVAC systems.
Type (Nitrile Butadiene Rubber, Ethylene Propylene Diene Monomer, Chloroprene, Epichlorohydrin, Styrene-Butadiene Rubber)
The global elastomeric foam market is also segmented and analyzed for demand and supply by type into nitrile butadiene rubber, ethylene propylene diene monomer, chloroprene, epichlorohydrin, and styrene-butadiene rubber. Amongst these three segments, the nitrile butadiene rubber (NBR) or polyvinyl Chloride (PVC) segment is expected to garner a significant share. The increasing use of NBR in place of other types of rubber owing to its resistance towards, acid swelling, fuel, fire, and lower cost. NBR insulation is very flexible insulation and is used in various sectors including the insulation industry, air conditioning, HVAC industry, and plumbing sector. The NBR is a closed-cell elastomeric insulation, which is an oil-resistant synthetic rubber that can be used to insulate any curved shape material owing to its flexible nature. Usually, nitrile rubber is used in the automotive and aerospace sectors in the making of gas, petrol, and oil or any fuel hoses, seals, gaskets, and rollers. As per the estimations, in 2021 USD 1,300,400 worth of NBR is imported in the form of plates, sheets, or strips up from USD 90,000 in 2020.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By Application |
|
APAC Market Statistics
The Asia Pacific elastomeric foam market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. This can be owed to the fact that India and China, the two largest Asian economies, are expanding rapidly. Moreover, the region now has the largest global demand for air conditioning. For instance, the total demand for ACs in the Asia Pacific region exceeded over 70 million units in 2018. The rapid changes in the climate and increasing population in the region increase the need for HVAC systems in the region. Also, the increasing concern regarding greenhouse gases and rising solutions for growing carbon dioxide emissions. Additionally, the increasing automotive and construction sectors in the region owing to the increasing spending capacity of people with rising disposable income.
Armacell International S.A. - With the acquisition of Austroflex Rohr-Isoliersysteme GmbH, an Austrian specialist in flexible pre-insulated pipe systems and thermal solar pipe systems, Armacell has expanded its product portfolio.
Rogers Foam Corporation - The 75-year-old Rogers Foam Corporation from Somerville, Massachusetts, will shortly expand its network of facilities around the United States and Mexico to include Albuquerque, in collaboration with Tempur Sealy International.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?