Flexible Elastomeric Foam Market Size Expected to Reach USD 3.5 Billion with CAGR of 5.5% by 2027 IndustryARC
Growing demand from HVAC system Flexible Elastomeric Foam Market. increasing demand for energy efficient products and growing awareness.
HYDERABAD, TELANGANA, INDIA, January 24, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Flexible Elastomeric Foam Market is forecasted to reach US$3.5 billion by 2027 after growing at a CAGR of 5.5% during the forecast period 2022-2027. Flexible elastomeric foam industry uses closed-cell rubber foam which is based on nitrile rubber or ethylene propylene diene monomer rubber. Flexible elastomeric foam is used in various applications such as HVAC systems, automotive, and transportation systems. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Flexible Elastomeric Foam Market highlights the following areas -
1. The global flexible elastomeric foam market demand will increase due to rise in demand for applications in refrigeration systems, solar installations, plumbing and chilled water pipe insulation, during the forecast period. Thus, it will drive the market growth for the global flexible elastomeric foam market.
2. The demand for HVAC equipment is rapidly increasing, owing to growing spending in the construction sector and rising disposable incomes across major economies globally.
3. Asia Pacific held key share of the global flexible elastomeric foam market in 2021. Rise in demand for flexible elastomeric foam due to Increase in demand from the automotive & transportation industry from the countries like India & China and it is expected to grow more demand in the coming years.
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1. Thermal insulation held the largest share of over 57% in the flexible elastomeric foam market in the year 2021. Thermal insulation is the process of insulating material from transferring heat between the materials that are in thermal contact. Thermal insulation is measured by its thermal conductivity.
2. Asia-pacific dominated the flexible elastomeric foam market in the year 2021 with a market share of around 37%, followed by Europe and North America. 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.
3. HVAC equipment held the largest share of over 21% in the flexible elastomeric foam market in 2021. HVAC system is an assembly part for various types of equipment installed together to provide heating and cooling along with indoor climate control. HVAC systems involve mechanical, electrical mechanism to provide comfort to the occupants of residential buildings, offices or to preserve goods in the refrigeration systems.
The top 5 players in the Flexible Elastomeric Foam Industry are -
1. Hira Industries
2. Armacell International S.A.
3. Kaimann GmbH
4. Rogers Corporation
5. Huamei Energy-Saving Technology Group Co
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