The market is expected to register a CAGR of about 5% during the forecast period. One of the major factors driving the market is the increasing demand for flexible elastomeric foam with growing HVAC systems in major economies of the world. However, lack of awareness about the benefits of insulation using elastomeric foams in the emerging economies is expected to hinder the growth of the market studied.
-The growing demand of elastomeric foam in the Healthcare Industry is likely to act as an opportunity for the market studied in the coming years.
-By application, demand for flexible elastomeric foam in HVAC systems is expected to grow further during the forecast period.
-Asia-Pacific dominated the market globally, with the largest consumption from countries, such as China, Japan, and India.
Key Market Trends
Increasing Demand for Flexible Elastomeric foam in HVAC Systems
- Elastomeric foams are mainly used in the HVAC and refrigeration operations as an active barrier against the entry of the vapor and moisture into the systems. These are used as a substitute for the natural insulating materials, such as cork.
- The manufacturing method of the elastomeric foam does not include hydrochlorofluorocarbons (HCFCs), chlorofluorocarbons (CFCs), or hydrofluorocarbons (HFCs), which makes them environment-friendly which in turn boosts the flexible elastomeric market.
- The demand for HVAC equipment is rapidly increasing, owing to growing spending in the construction sector and rising disposable incomes across major economies globally.
- Heating, ventilation, and air conditioning (HVAC) units add to the aesthetic value of residential and commercial places. Companies are heavily investing in R&D to manufacture innovative products such as hybrid HVAC equipment that uses multiple sources of energy for heating and cooling applications.
- Owing to the aforementioned factors, the application of flexible elastomeric foam is expected to increase during the forecast period
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global market owing to the robust demand from developing nations including China, India, and Japan. The region is a manufacturing hub for HVAC and the cryogenic systems are of the propelling factor for the flexible elastomeric foam market growth in the region.
- The largest producers of the flexible elastomeric foam market are based in the Asia-Pacific region. Some of the leading companies in the production of flexible elastomeric foam markets are Era Polymers Pty Ltd, Armacell, Kaimann GmbH, AEROFLEX USA, INC, and Hira Industries LLC among others.
- The Asia Pacific is projected to be the fastest-growing region for in near future on account of increasing acceptance of better thermal and acoustic insulation for end-user applications in countries like India and China.
- The rapid growth in economies and increasing per capita income among consumers in developing countries in the Asia Pacific region are increasing the demand for packaging. This, in turn, is increasing the demand for flexible elastomeric foam.
- Owing to the above-mentioned factors, the market for flexible elastomeric foam in the Asia-Pacific region is projected to grow significantly during the study period.
The Global flexible elastomeric foam market is partially consolidated in nature with only a few major players dominating the market. Some of the major companies are Era Polymers Pty Ltd, Armacell, Kaimann GmbH, Aeroflex USA Inc., and Hira Industries LLC, among others.
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