Flexible Elastomeric Foam Market by Function, Type (Natural Rubber, NBR/PVC, EPDM, Chloroprene), End-Use Industry (HVAC, Automotive & Transportation, Solar Installations, Refrigeration Systems), and Region - Global Forecast to 2029
Flexible Elastomeric Foam Market
The global flexible elastomeric foam market is valued at USD 2.8 billion in 2024 and is projected to reach USD 3.6 billion by 2029, growing at 4.8% cagr from 2024 to 2029.
Multiple end-use industries, including HVAC, solar installations, automotive & transportation, and construction industries are helping in the expansion of flexible elastomeric foam market at a global level. In HVAC, flexible elastomeric foams are utilized to insulate water chillers, and air conditioners. In automotive & transportation sector, these flexible elastomeric foams find application in noise dampening, gasketing, and weather stripping. In solar installations, these foams are used for pipe insulation, and in construction industry these foams are used for acoustic insulation purposes. The flexible elastomeric foam market is expanding not just due to the increasing end-use industries, but also due to the rising awareness levels about energy efficient insulation solutions that help the end users in enhancing their cost cutting activities. Moreover, factors like rapid urbanization along with the rapid industrialization in developing regions like India and China are expected to support this market expansion.
Attractive Opportunities in the Flexible Elastomeric Foam Market
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Flexible Elastomeric Foam Market Dynamics:
Driver: Superior properties of flexible elastomeric foams
Flexible elastomeric foams are used in a wide range of applications in industries such as HVAC and automotive & transportation. The applications of these foams have increased in recent years owing to their unique properties over other materials such as glass wool, which is used as an insulation material in various industries. Closed cell flexible elastomeric foams are available with seal closures whereas the foam glass does not have seal closure. They are flexible and can withstand vibration than foam glass. The cost of foam glass is higher than that of flexible elastomeric foam. Flexible elastomeric foams have better insulation properties than that of glass wool even at cryogenic temperatures. In addition, they are lightweight, non-porous, and are available in various shapes such as sheets and pipe. Another unique property of flexible elastomeric foam is its resistance to moisture. Closed cell flexible elastomeric foam, owing to its cellular structure has high resistance to moisture, as the millions of tiny barriers restrict the migration of liquid. This property also safeguards its long-term thermal performance and durability. Owing to these unique properties, closed cell flexible elastomeric foams are used in applications such as refrigeration, plumbing, heating, air-conditioning, and ventilation. The superior properties of flexible elastomeric foams drive the market.
Restraints: Competition from alternative markets
The flexible elastomeric foam market’s growth may be limited or hindered by other alternative markets that offer insulation materials with either the same or some better qualities like better heat resistance, better chemical resistance, better load resistance, and many such qualities at a much affordable price. Considering aerogels, for instance, may be a bit costlier when compared to flexible elastomeric foams, however, they offer better thermal insulation on the other hand. Similarly, several technological alterations in the rigid polyurethane foams can also pose significant competition to the flexible elastomeric foams, due to the formers’ better insulation properties. Moreover, the flexible elastomeric foams’ market growth can also be hindered due to fluctuating parameters including the cost of raw materials and that of the manufacturing processes.
Opportunity>:Stringent government regulations encouraging energy efficiency
The stringent government regulations laid down by the local as well as central governments to promote energy efficiency as well as sustainability can act as significant opportunities of growth in the flexible elastomeric foam market. The energy efficiency labels for appliances and building codes that promote higher insulation levels, are some of the regulations that help in driving the market for flexible elastomeric foams. This is because the flexible elastomeric foams offer great thermal insulation, thereby conserving energy and enhancing the energy efficiency levels. Hence, these foams are increasingly being used in several industries like HVAC, refrigeration systems, and construction industry.
Challenge: Difficulty in disposal of flexible elastomeric foams
Flexible elastomeric foams offer thermal as well as acoustic insulation to boost energy efficiency at a comparatively affordable price when compared to other insulation materials. However, apart from these benefits, these foams also have certain drawbacks including their disposal which may act as an obstacle to the growth of this market. These foams are made up of components based on petroleum, and so neither are these foams biodegradable, nor are they easily recyclable. Hence, the market growth of flexible elastomeric foams may be hindered by inadequate recycling facilities and the potential environmental risks that may be caused due to the improper disposal of these flexible elastomeric foams.
Flexible Elastomeric Foam Market: Ecosystem
Prominent companies in this market include well-established, and financially stable manufacturers of flexible elastomeric foam market. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in this market include ARMACELL (Luxembourg), Hira Industries LLC (UAE), L'ISOLANTE K-FLEX S.p.A. (Italy), JINAN RETEK INDUSTRIES INC(JINAN BESTAR INC) (China), and Boyd (US).
"Thermal insulation segment, by function, is estimated to account for the highest CAGR during the forecast period."
The thermal insulation segment, by function is expected to have the highest CAGR during the forecast period. This is due in large part to the growing need for energy-efficient solutions in industries such as HVAC and building construction. These foams' ability to cut down on heat transmission and energy consumption is becoming more and more valuable as the globe struggles with climate change and growing energy costs, which will guarantee their domination in the market.
"Nitrile butadiene rubber/polyvinyl chloride (NBR/PVC) segment, by battery type, is estimated to account for the highest CAGR during the forecast period."
The flexible elastomeric foam market's highest compound annual growth rate is anticipated for the NBR/PVC category. Its remarkable resistance to chemicals, lubricants, and fuels is the main cause of its explosive growth, which makes it perfect for demanding applications in sectors like industrial and automotive manufacture. NBR/PVC foams also exhibit excellent fire retardant behavior, which increases its use for a variety of applications. Moreover, their affordability in relation to alternative foam varieties makes them a feasible choice for a range of end users. In the upcoming years, it is anticipated that the NBR/PVC industry would have significant expansion due to these combined causes.
"HVAC segment, by end-use, is estimated to account for the highest CAGR during the forecast period."
The market for flexible elastomeric foam is expected to see substantial expansion in the HVAC end-use sector. The need of energy efficiency is becoming recognized worldwide, and HVAC systems are now essential parts of infrastructure and buildings. Because of their outstanding thermal insulation qualities, flexible elastomeric foams are perfect for insulating HVAC system pipes and ducts. These foams help reduce energy consumption and optimize system performance by limiting heat gain or loss. As a result, in the upcoming years, the HVAC industry is anticipated to be a significant driver of demand for flexible elastomeric foams.
"Asia Pacific region is estimated to account for the highest CAGR during the forecast period."
In the flexible elastomeric foam market, the Asia Pacific region is anticipated to have the highest compound annual growth rate. The primary causes of this fast growth trajectory include multiple important elements. The area is going through unheard-of levels of urbanization and infrastructural development, which is increasing demand for insulation materials. Furthermore, the growing emphasis on sustainability and energy efficiency is driving the use of flexible elastomeric foams in construction and other industries. The region's expanding construction and automobile industries are big users of these foams. The Asia Pacific flexible elastomeric foam market is predicted to grow significantly as a result of these positive government policies supporting energy efficiency as well as the combination of these factors.
Source: Secondary Research, Expert Interviews, and MarketsandMarkets Analysis
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Flexible Elastomeric Foam Market Players
Major companies in the flexible elastomeric foam market include ARMACELL (Luxembourg) , Hira Industries LLC (UAE), L'ISOLANTE K-FLEX S.p.A. (Italy), JINAN RETEK INDUSTRIES INC(JINAN BESTAR INC) (China), and Boyd (US) among others. A total of 20 major players have been covered. These players have adopted product launches, agreements, joint ventures, investments, acquisitions, mergers, and expansions as the major strategies to consolidate their position in the market.
Flexible Elastomeric Foam Market Scope
|
Report Metric |
Details |
|
Market Size Available for Years |
2020–2022 |
|
Base Year Considered |
2023 |
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Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Billion) and Volume (Million Square Meters) |
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Segments Covered |
Type, Function, End-Use Industry, and Region |
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Geographies Covered |
Asia Pacific, Europe, North America, the Middle East & Africa, and South America |
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Companies Covered |
The major market players include ARMACELL (Luxembourg), Hira Industries LLC (UAE), L'ISOLANTE K-FLEX S.p.A. (Italy), JINAN RETEK INDUSTRIES INC(JINAN BESTAR INC) (China), and Boyd (US), KAIMANN (Germany), Huamei Energy-saving Technology Group Co., Ltd. (China), Aeroflex USA, Inc. (US), NMC sa (Belgium), ISIDEM INSULATION (Turkey), and others. |
This research report categorizes the flexible elastomeric foam market based on Type, Function, End-Use Industry, and Region.
Based on Type, the flexible elastomeric foam market has been segmented as follows:
- Natural Rubber/ Latex
- Nitrile Butadiene Rubber/Polyvinyl Chloride (NBR/PVC)
- Ethylene-Propylene Dine Monomer (EPDM)
- Chloroprene
- Others
Based on Function, the flexible elastomeric foam market has been segmented as follows:
- Thermal Insulation
- Acoustic Insulation
Based on End-Use Industry, the flexible elastomeric foam market has been segmented as follows:
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HVAC
- Air Conditioners
- Air Ducts
- Water Chillers
- Others
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Automotive & Transportation
- Gasketing
- Noise Dampening
- Weather Stripping
- Others
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Solar Installations
- Pipe Insulation
-
Refrigeration Systems
- Control Moisture Level
- Hot Pipe Insulation
- Chilled Pipe Insulation
- Others (Building & Construction, Industrial Insulation, Marine, Others)
Based on region, the flexible elastomeric foam market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In June 2024, ARMACELL announced the acquisition of the engineering business of E&M Industries, a well-established insulation fabrication business in Western Australia.
- In October 2020, L'ISOLANTE K-FLEX S.p.A. opened a new production facility of more than 18,000 square meters, in Poland in October 2020, in addition to the existing ones for rubber-based foam materials: as a result, the K-FLEX production site has become the largest in the world for this kind of products.
- In December 2021, Boyd acquired Grando, a Belgium-based specialist in rubber, foam, and plastic polymer science for the highly regulated rail and industrial technology industries. The acquisition deepens and diversifies Boyd’s global material science portfolio, broadens Boyd’s regional polymer manufacturing in Europe, and further expands its footprint into Belgium with increased market penetration in France, Italy, Spain, and Belgium.
Frequently Asked Questions (FAQ):
What is the key driver for the flexible elastomeric foam market?
Growing stringent government regulations related to the promotion of energy efficient solutions
Which region is expected to register the highest CAGR in the flexible elastomeric foam market during the forecast period?
The flexible elastomeric foam market in Asia Pacific is estimated to register the highest CAGR during the forecast period.
What is the major end-use of flexible elastomeric foam?
The HVAC segment is the major end-use industry of flexible elastomeric foam market.
Who are the major players of the flexible elastomeric foam market?
The key players operating in the market include ARMACELL (Luxembourg), Hira Industries LLC (UAE), L'ISOLANTE K-FLEX S.p.A. (Italy), JINAN RETEK INDUSTRIES INC(JINAN BESTAR INC) (China), and Boyd (US).
What is the total CAGR expected to record for the flexible elastomeric foam market during 2024-2029?
The market is expected to record a CAGR of 4.8 % from 2024-2029. .
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The study involved four major activities in estimating the current size of the flexible elastomeric foam market. Exhaustive secondary research was done to collect information on the market, peer markets, and parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the flexible elastomeric foam value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources for this research study include annual reports, press releases, and investor presentations of companies; white papers; certified publications; and articles by recognized authors; gold- and silver-standard websites; flexible elastomeric foam manufacturing companies, regulatory bodies, trade directories, and databases. The secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. It has also been used to obtain information about key developments from a market-oriented perspective.
Primary Research
The flexible elastomeric foam market comprises several stakeholders, such as raw material suppliers, technology support providers, flexible elastomeric foam manufacturers, and regulatory organizations in the supply chain. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Primary sources from the supply side included industry experts such as Chief Executive Officers (CEOs), vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the flexible elastomeric foam market. Primary sources from the demand side included directors, marketing heads, and purchase managers from various sourcing industries. Following is the breakdown of the primary respondents:
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Market Size Estimation
Both the top-down and bottom-up approaches have been used to estimate and validate the total size of the flexible elastomeric foam market. These approaches have also been used extensively to estimate the size of various dependent subsegments of the market. The research methodology used to estimate the market size included the following:
The following segments provide details about the overall market size estimation process employed in this study
- The key players in the market were identified through secondary research.
- The market shares in the respective regions were identified through primary and secondary research.
- The value chain and market size of the flexible elastomeric foam market, in terms of value, were determined through primary and secondary research.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research included the study of annual and financial reports of the top market players and interviews with industry experts, such as CEOs, VPs, directors, sales managers, and marketing executives, for key insights, both quantitative and qualitative.
Global Flexible Elastomeric Foam Market Size: Bottom-Up Approach
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Global Flexible Elastomeric Foam Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the flexible elastomeric foam sector.
Market Definition
Flexible elastomeric foams are foams made from rubber which can be either natural or synthetic. These are used for thermal and acoustic insulation for various applications in the HVAC, automotive & transportation, and other industries. They are moisture-resistant and help in dampening the vibrations. Resistance to wear & tear, chemicals, high voltage, and performance in extreme conditions such as vibration, high humidity, high temperatures, and abrasion are some of its other advantages.
Key Stakeholders
- Raw material manufacturers
- Technology support providers
- Manufacturers of flexible elastomeric foam
- Traders, distributors, and suppliers
- Regulatory Bodies and Government Agencies
- Research & Development (R&D) Institutions
- End-use Industries
- Consulting Firms, Trade Associations, and Industry Bodies
- Investment Banks and Private Equity Firms
Report Objectives
- To analyze and forecast the market size of flexible elastomeric foam market in terms of value
- To provide detailed information regarding the major factors (drivers, restraints, challenges, and opportunities) influencing the regional market
- To analyze and forecast the global flexible elastomeric foam market on the basis of battery type, thickness, type, technology, material, end-use, and region
- To analyze the opportunities in the market for stakeholders and provide details of a competitive landscape for market leaders
- To forecast the size of various market segments based on four major regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa, along with their respective key countries
- To track and analyze the competitive developments, such as acquisitions, partnerships, collaborations, agreements and expansions in the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the client-specific needs.
The following customization options are available for the report:
- Additional country-level analysis of the flexible elastomeric foam market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
Growth opportunities and latent adjacency in Flexible Elastomeric Foam Market