Elastomeric Foam Market - An Overview
The global elastomeric foam market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Elastomeric foam is a type of artificial rubber, comprising a closed-cell structure and can be shaped into tubes, sheets, or rolls.
This aspect of elastomeric foams have made suitable for use in piping industry, where they can be tightly handled in a wide range of equipment such as residential piping and commercial chillers.
The COVID-19 outbreak adversely affected the overall elastomeric foam market. With governments imposing strict lockdowns and social distancing regulations, manufacturing units were forced to shut down partially or completely, in turn, affecting the elastomeric foam demand.
However, with the availability of vaccines and a subsequent decline in cases, the elastomeric foam demand, in various industries, is expected to increase and help in the growth of the the overall elastomeric foam market.
Elastomeric Foam Market - Trends and Opportunities
Rising demand for elastomeric foams in the manufacturing of heating, ventilation, and air conditioning systems is a key growth driver for the elastomeric foam market.
Elastomeric foams have also witnessed an increase in demand for various applications in the construction of hospitals and residential buildings, which has helped grow the elastomeric foam market.
Elastomeric foam assists in maintaining the temperature, air quality, ventilation, and airflow of any area. This aspect of elastomeric foams has been a key factor behind the surge in demand for elastomeric foams, which has propelled the overall elastomeric foam market.
The heating, ventilation, and air conditioning application segment of the elastomeric foam market is anticipated to be the largest contributor, in terms of revenue, to the overall elastomeric foam market, in the coming years.
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Elastomeric Foam Market - Competitive Landscape
The global elastomeric foam market is highly competitive with the presence of several well-established players. It is anticipated that leading players will account for a major share in the overall elastomeric foam market in years to come.
Leading players in the elastomeric foam market are expected to establish research and development centers in different parts of the world, which would exclusively function to develop improved quality of products.
The smaller players could seekassistance from governments and private investors for a stronger foothold in the elastomeric foam market.
Some of the key players in the elastomeric foam market include Hira Industries, Kaimann Insulation, Rubberlite Inc., Armacell International SA, Aeroflex USA Inc., and NMC Insulation.
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Elastomeric Foam Market - Regional Assessment
The global elastomeric foam market is classified into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa.
Asia Pacific is expected to witness the maximum growth in the elastomeric foam market, in future. Factors such as increased demand for heating, ventilation, and air conditioning systems, in countries such as India and China is expected to be a key growth driver for the elastomeric foam market, in this region.
North America is anticipated to witness strong growth in the elastomeric foam market in future. Elastomeric foams are expected to witness surge in demand in the construction industry in countries such as the U.S and Canada.
The countries are expected to witness substantial residential and commercial buildings development in the coming years and this factor is expected to fuel the growth in the overall elastomeric market, in future.
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Europe, too, is expected to provide lucrative growth opportunities for the elastomeric foam market, owing to rising elastomeric foam demand in the automotive industry in countries such as France, Germany, and U.K.
Other regions such as Latin America and Middle East and Africa are expected to witness moderate growth in the global elastomeric foam market. Prospects of stronger presence of established players could bolster growth of the elastomeric foam market in the two regions.