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CHEMICALS AND ADVANCED MATERIALS

Elastomeric Foam Market Analysis by Type (Nitrile Butadiene Rubber, Ethylene Propylene Diene Monomer, Chloroprene, Epichlorohydrin, Styrene-Butadiene Rubber); and by Application (Automotive, HVAC, Plumbing, Electronics) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  •  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.

Global Elastomeric Foam Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

 ~ USD 3360 Million

Forecast Year Market Size (2033)

~ USD 7396 Million

 

The global elastomeric foam market is estimated to garner a revenue of ~USD 7396 million by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3360 million in the year 2022. The market is growing on the back of the growing use of elastomeric foam in the HVAC and plumbing industry. For instance, there is an estimated 151 million HVAC units to be sold in 2024.

elastomeric foam market overview image

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Elastomeric foam is a type of synthetic rubber that comes in tubes, sheets, and rolls that are manufactured in a closed-cell structure. A smooth exterior edge that acts as a built-in vapor retarder makes up the outer edge. Elastomeric foam is less prone to cracks, spalling, and material loss because of its flexibility. It is also known as rubber insulation, plumbing pipe insulation, and refrigerant pipe insulation. The demand for dependable HVAC systems is continuing to grow quickly, and they are made to function at service temperatures ranging from 32°F (0°C) to 248°F (120°C). Hence elastomeric foam is an ideal choice for their insulation as it is protects the components from temperature leaks against formidable environmental conditions.

Global Elastomeric Foam Market: Growth Drivers and Challenges

Growth Drivers

  • Use in Automotive Industry – Ethylene propylene diene monomer (EPDM) and nitrile butadiene rubber are often used as insulation in the automotive industry. EPDM is UV-resistant and owing to its exceptional resistance to heat and UV exposure, many automotive components (straps, tubing, weather-stripping, and windshield wipers) are made from this material. Global sales of automobiles increased from 62 million units in 2020 to approximately 67 million in 2021.

  • Widespread Use in HVAC systems – The use of elastomeric foam pipes is widespread and growing, as 88% of American households use air conditioning, according to the 2020 Residential Energy Consumption Survey by the U.S. Energy Information Administration. The primary AC system used by two-thirds of American households is a central air conditioner or heat pump.

  • Growing Use in Plumbing – Elastomeric foams are required in plumbing, owing to its water-resistant and temperature-preserving capabilities. The plumbing industry is currently employing over 469,000 people and growing at a rate of 2%, as per the U.S. Bureau of Labor Statistics.

  • Rising Use in Electricals – Elastomeric foams are often used in electrical compartments and enclosures. Their doors are sealed against the elements by means of mechanical components called enclosure gaskets. As per the U.S. Bureau of Labor Statistics, the workforce in electrical equipment, appliance, and component manufacturing grew from 380000 in September 2020 to 414000 in September 2022.

  • Need for Eco-Friendly Materials – Flame retardants have been linked to neurological harm, hormonal disruption, and cancer. One of the most serious risks of some flame retardants is that they accumulate, causing chronic health problems as the toxic chemicals. Newer manufacturing and research techniques have ruled out the use of such chemicals to prevent harm to humans and the environment. Chemicals such as Hexabromocyclododecane (HBCD), Organophosphate flame retardants (OPFRs), Tetrabromobisphenol A (TBBPA), Polybrominated diphenyl ethers (PBDE’s), and Brominated flame retardants are under constant study to further assess the damage they are causing to the environment.

Challenges

  • Environmental Concerns Regarding Proper Manufacture and Disposal
  • Poor Chemical Compatibility in Certain Conditions and to Certain Chemicals
  • High Competition Among Major Market Players

The elastomeric foam market is segmented and analyzed for demand and supply by application into 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 more opportunities. For instance, it is anticipated that by 2050, over 65% of all homes will have an air conditioning system.

Major Macro-Economic Indicators Impacting the Market Growth

elastomeric foam market indicator graph

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Elastomeric Foam Market Regional Synopsis

Regionally, the global elastomeric foam market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific 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 largest Asian economies are expanding rapidly. The region now has the largest global demands for air conditioning. For instance, the total demand for ACs in the Asia Pacific region exceeded over 70 million units in 2018.

elastomeric foam market share image

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The global elastomeric foam market is further classified since region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global elastomeric foam market includes the following segments:

          By Type

  • Nitrile Butadiene Rubber
  • Ethylene Propylene Diene Monomer
  • Chloroprene
  • Epichlorohydrin
  • Styrene-Butadiene Rubber

          By Application

  • Automotive
  • HVAC
  • Plumbing
  • Electronics

Top Featured Companies Dominating the Global Elastomeric Foam Market

  • Rogers Foam Corporation

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Hira Industries LLC
  • Armacell International S.A.
  • Zotefoams plc
  • L'ISOLANTE K-FLEX S.p.A.
  • Rubberlite, Inc.
  • NMC SA
  • ​Kaimann GmbH
  • Jacobs & Thompson Inc.
  • Aeroflex USA, Inc.

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