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The global elastomeric foam market size is projected to reach USD 4,462.1 million by the end of 2027. The increasing applications of the product across diverse industry verticals will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Elastomeric Foam Market Size, Share & COVID-19 Impact Analysis, By Function (Thermal Insulation, Acoustic Insulation), By Type (EPDM, Nitrile Rubber (NBR), Others), By Application (HVAC, Automotive & Transportation, Electrical & Electronics, Others), and Regional Forecast, 2020-2027” the market was worth USD 2,648.6 million in 2019 and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.
Elastomeric foam is a type of foam that possesses the property of an elastic or rubber. The nature of the product and the favorable properties make it stand out from the rest and cater to specific applications. The product is widely used in the electronics and electrical industry for insulation purposes. The massive investments in elastomeric foam is consequential to the increasing applications of the product across the world, coupled with the rise of the electronics and electrical industry. The presence of several large scale companies will have a massive impact on the growth of the overall market in the coming years. Additionally, the rising demand for the product has encouraged companies to invest more in the initial manufacturing stages, considering that there is a healthy market competition across the world.
Zotekfoams Introduces Innovative Range of Elastomeric Foam at K-2019
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. In the past few years, the market has derived significant growth from the rising product applications and subsequently rising demand in the electronics and electrical industry across the globe. With regard to the increasing demand, companies are looking to introduce newer products and integrate innovative concepts, with the aim of establishing a stronghold in the market. In October 2019, Zotefoams announced the launch of an innovative and unique range of elastomeric foams at the K-2019. The company introduced the new range of products under the brand name Zotek and Azote. The company further stated that these products will possess high performance and efficiency than the previous versions, thereby widening its application scope.
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Increasing Demand for Eco-friendly Products will Create Several Opportunities for Market Growth
The rising demand for sustainable products across all major industrial sectors has encouraged companies to integrate innovative concepts. The need for environment-friendly products has given the platforms for SMEs in the elastomeric foam market across the world. The rising investments in product R&D will result in several product innovations in the coming years and the presence of several large-scale companies, along with this factor, will emerge in favor of market growth.
Increasing Market Competition has Encouraged Companies to Focus on Long-term Collaborations
Elastomeric foam is widely used in diverse industry verticals across the world. The increasing demand for the product has resulted in a healthy market competition. The competitive market has encouraged companies to collaborate with similar businesses; a step that would eventually benefit both the companies not just financially but will also improve the global brand presence.
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
February 2020 – Zotefoams announced the launch of a supreme line up of closed cell foams from the azote polyolefin range. This range includes products like Zotek, Zotek N, and Zotek T.
The global market is segmented on the basis of:
Global Elastomeric Foam Market Scope
Value (USD Million)
Function, Type, Application, and Geography