Elastomeric Foam is garnering colossal traction and prominence in the market. Increasing product demand from the automobile and aerospace industries is a dominant force driving the market growth. Similarly, the substantial growth that the HVAC sector is witnessing over the past couple of years due to the rising construction projects is, in turn, having a positive impact on the Global Elastomeric Foam Market.
According to a leading research firm - Market Research Future (MRFR), the Global Elastomeric Foam Market is expected to accrue exponentially by 2023. In its recently published research report, MRFR also asserts that the market would register a significant CAGR throughout the assessment period (2018 to 2023). The augmenting demand for lightweight materials in aircraft and automobiles to achieve high fuel efficiency is one of the key factors that support market growth.
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Additional factors substantiating the growth of the market include the growing population, urbanization, and industrialization, worldwide. On the flipside, factors such as the price instability of the raw materials impede the growth of the global elastomeric foam market. Nevertheless, increasing usages of these materials in the construction industry is expected to support market growth over the assessment period.
Global Elastomeric Foam Market - Competitive Landscape
Highly competitive, the Elastomeric Foam Market appears to be fragmented, characterized by the presence of some large and small players. Well-established players are focusing on optimized situational awareness of customers to ensure their mission success. These players seek market expansion incorporating strategies such as mergers & acquisitions, expansion, and product launch.
Substantial investments are made in R&D activities to develop the cost-competitive product portfolio. These strategies support the growth and expansion plans of the key players during the assessment period. Market players possess a strong sales and distribution network, which has helped them to gain a leadership position in the market.
Players leading the Global Elastomeric Foam Market are Hira Industries LLC (UAE), Armacell International SA (Luxembourg), Zotefoams PLC (UK), Huamei (China), L'isolante K-Flex SpA (Italy), Kaimann GmbH (Germany), NMC SA (Belgium), Jinan Retek Industries Inc. (China), Grando (Belgium), Rogers Foam Corporation (US), and Sekisui Plastics Co., Ltd (Japan), among others.
View Detail Report with Complete Table of Content, List of Table and Figure: https://www.marketresearchfuture.com/reports/elastomeric-foam-market-6374
Industry/ Innovation/ Related News
March 05, 2019 ---- Polytek Development Corp. (the US), a manufacturer of specialty polymers for mold making & casting applications, announced the acquisition of BCC Products, Inc. (the US), a manufacturer of world-class polyurethane elastomers and resins.
This acquisition fortifies Polytek's leadership position in industrial mold making and casting solutions and will allow the organization to further serve industries with demanding tooling and casting requirements.
Global Elastomeric Foam Market - Segments
The report is segmented the market into three key market dynamics to widen the scope of understanding,
By Type: Natural Rubber and Synthetic Rubber (Nitrile Butadiene Rubber, Ethylene Propylene Diene Monomer (EPDM), Chloroprene, others.)
By End-use Industry: HVAC, Automotive, Electrical, and Electronics, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Elastomeric Foam Market - Geographical Analysis
The Asia Pacific region leads the Global Elastomeric Foam Market as a result of rapid industrialization in developing countries such as Japan, Korea, India, China, and Thailand. Besides, increasing residential and commercial construction as a result of urbanization leads to rising the demand for duct and HVAC systems, fuelling the growth of the Elastomeric Foam Market.
Additional factors such as increasing automobile production and the electronics industry are acting as a tailwind to the growth of the regional market. Also, the widespread use of these materials in the diverse end-use industries such as aerospace and lucrative investment policies backed by economic growth is providing impetus to the regional market growth.
The Elastomeric Foam Market in North America accounts for the second-largest market, globally. The presence of well-developed aerospace and automobile industries contributes substantially to the growth of the regional market. Moreover, increasing government spending on infrastructure development projects is positively affecting product demand.
The European Elastomeric Foam Market is expected to grow rapidly on account of the reviving automotive industry with the surge in demand for highly energy-efficient and lightweight vehicles to reduce carbon emissions.
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