Elastomeric Foam Industry is Expected to at a Considerably High CAGR From 2021 to 2027
The global elastomeric foam market size is projected to reach USD 4,462.1 million by the end of 2027. The presence of several large-scale companies will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled, the market was worth USD 2,648.6 million and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.
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Elastomeric foam is widely used in the electronics and electrical industry for a wide range of applications among which insulations stands out as a primary use. The product possesses the properties of rubber on the physical front, including ‘flexibility’ and ‘elasticity’. These properties make it suitable for specific or customized applications wherein a large distance of wire is to be insulated without the luxury of a straight line. The massive investments in the research and development of efficient products will have a massive impact on the growth of the overall market in the coming years. The presence of several large scale companies will subsequently emerge in favor of growth of the overall market in the foreseeable future. The increasing investments in product R&D have enabled a wider application scope and subsequently cater to consumer-specific applications, thus creating a massive growth platform for companies in this sector.
Lack of Raw Material Supply during the Covid-19 Pandemic has Affected Production
The recent coronavirus outbreak has had a massive impact on several economies across the globe. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease. The efforts taken to curb the spread of the disease have limited the growth of the businesses across the world. Due to practices such as social distancing and lockdowns, there has been a massive shortage of raw materials and resources across the globe. This has affected the production of elastomeric foam across the world. However, the efforts taken to resume industrial operations will bring relief to the companies in this sector.
Increasing Number of Product Innovations will Contribute to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product innovations has made the highest impact on the growth of the market. The rising innovations are attributable to the increasing R&D investments and evidently, the increasing global demand for the product has had a direct impact on this. In February 2020, Zotefoams announced the launch of a new line-up of supreme closed-cell foams. The company introduced the new Zotek, Zotek N, and Zotek T products in its range of elastomeric foams. Given the increasing product demand, the company will look to enhance its global presence and subsequently establish a wider customer base. Increasing number of such product innovations will have a huge impact on the growth of the overall market in the forthcoming years.
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Asia Pacific to Emerge Dominant; Increasing Product Use in HVAC Systems to Aid Growth
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing use of elastomeric foams in HVAC systems has created a massive platform for growth for the companies operating in the market. The presence of large scale manufacturers has enabled a wider product adoption, especially in densely populated countries such as India and China. As of 2019, the market in Asia Pacific was worth USD 1000.9 million and this value is projected to rise at considerable pace in the coming years. Besides Asia Pacific, the market in North America will rise at a considerable pace driven by the increasing product use in the building and construction industry across this region.
List of the Key Companies Profiled:
- Armacell International SA (Munstar, Germany)
- Hira Industries (Dubai, UAE)
- Zotefoams PLC (London, UK)
- L’Isolante K-Flex S.P.A (Roncello, Italy)
- Kaimann Insulation (NRW, Germany)
- Huamei Energy-saving Technology Group Co., Ltd. (Beijing, China)
- Aeroflex USA, Inc. (Tennessee, U.S.)
- NMC Insulation (Eynatten, UK)
- Rubberlite. Inc. (Huntington, U.S.)
- Kingswell World Industries (Langfang, China)
- Other Key Players
October 2019 – Zotefoams introduced a new, innovative and unique range of cellular materials at K 2019. The company will display the recent innovations in the premium and high performance range of products under the brand name Zotek and Azote.
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