Global elastomeric foam market forecast to reach $1.75 billion by 2023
The global elastomeric foam market is estimated at $1.28 billion in 2018, and is projected to reach $1.75 billion by 2023, at a CAGR of 6.5 percent between 2018 and 2023 according to Research and Markets.
The market is witnessing growth due to the excellent properties of elastomeric foam that make it suitable for use as an insulation material. The factors such as the increasing use of elastomeric foam in various applications in the industries such as automotive, healthcare, electrical and electronics, and others that include consumer goods and industrial goods and many favorable initiatives encouraging energy efficiency undertaken by the governments in many countries offer lucrative opportunities for the growth of the elastomeric foam market.
However, a lack of awareness about the benefits of insulation in commercial and institutional buildings and thus, a comparatively lesser usage of insulation as compared with what it actually should be is the major factor restraining the growth of the market. HVAC is projected to be the fastest-growing end-use industry of elastomeric foam during the forecast period. The increased demand from the HVAC industry is attributed to the growing use of elastomeric foam as an insulation material in HVAC systems.
The APAC region is projected to be the fastest-growing market for elastomeric foam during the forecast period. The growth of the elastomeric foam market in this region is growing due to the rapid growth of the building and construction industry, thereby, requiring the installation of new HVAC systems, which in turn, drives the demand of elastomeric foam in APAC.
Source: Rubber World Magazine