Northrook, IL -- (SBWIRE) -- 10/08/2019 -- The report "Elastomeric Foam Market by Function (Thermal Insulation, and Acoustic Insulation) Type (NBR, and EPDM), End-Use Industry (HVAC, Refrigeration, Heating & Plumbing, and Transportation), and Region - Global Forecast to 2024" The elastomeric foam market is expected to grow from USD 2.6 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 6.7 % during the forecast period. The major factors driving the elastomeric foammarket include increasing demand from various end-use industries such as HVAC, refrigeration,heating & plumbing and transportation among others.

Browse 93 market data Tables and 33 Figures spread through 121 Pages and in-depth TOC on "Elastomeric Foam Market - Global Forecast to 2024"

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Thermal Insulation to dominate the global elastomeric foam market during the forecast period
The elastomeric foam market has been segmented based on function into thermal and acoustic insulation. Among these the thermal insulation segment accounted for the largest share of the market in 2018 and is projected to grow at highest CGAR over the forecast period. The growth in this segment is attributed to its increasing usage of thermal insulation because of its ability to to prevent heat transfer between outside and inside of the building,another advantage of thermal insulation is its lightweight properties, which help prevent thermal stress on the roofs of building and fire resistance property. These factors are expected to drive demand during the forecast period.

NBR to dominate the global elastomeric foam market
The elastomeric foam market has been segmented based on types into NBR, EPDM, CR and others. Among these types, the NBR segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period. The growth in this segment is attributed to its increasing usage in various end-use industry due to its excellent mechanical & physical properties and low price when compared with others types such as EPDM. These factors are expected to drive demand during the forecast period.

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HVAC end-use industry is expected to grow at the highest CAGR in the global elastomeric foam market
HVAC is growing rapidly owing to the rising demand for HVAC in automotive and construction because of its ability to provide thermal comfort and acceptable indoor air quality within reasonable installation, energy efficiency, and operation & maintenance costs. The above mentioned factors are accepted to drive the demand during the forecast period.

APAC is expected to hold the largest market size in the global elastomeric foam market
APAC is estimated to be the leading elastomeric foam market during the forecast period. The growth in the APAC region can be attributed to the rising demand for elstomeric foam from various end-use industries such as HVAC, heating & plumbing and transportation, among others. The presence of a robust industrial base, favorable government policies, and low labor costs are further strengthening the elastomeric foam market and attracting major players to invest in APAC.

Armacell International SA (Germany), Hira Industries (UAE), Zotefoams PLC (UK), L'Isolante K-Flex S.P.A (Italy), Kaimann Insulation (Germany), Huamei Energy-saving Technology Group Co., Ltd. (China), Jinan Retek Industries Inc. (China), Aeroflex USA, Inc. (US), NMC Insulation (Belgium), and Anavid Insulation Products Kiryat Anavim Ltd.(Israel), are the key players operating in the elastomeric foam market.

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Recent Developments:
- In November 2018, K-Flex started a new manufacturing facility in Egypt. The new manufacturing facility will help the company to meet the growing demand in Europe and expand its footprint globally.
- In April 2018, Armacell acquired TB Concept Inc. (Canada), which is a manufacturer of patented pipe support solution. This acquisition is expected to strengthen the presence of Armacell in Canada and will help in strengthening its position in global market.
- In October 2017,Aeroflex USA launched elastomeric flexible closed-cell foam insulation under the brand, Aerocel ULP, which is the newest version of Aerocel EPD. This development will help the company strengthen its presence mainly in the emerging economies.

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