High Manufacturing activities and Increasing Acceptance in Asia is Fueling Elastomeric Foam Insulation Market growth
Bangalore, India: With its recently published study “Elastomeric Foam Insulation: Global Drivers, Restraints, Opportunities, Trends & Forecasts up to 2022”, Infoholic forecasts that the global market for elastomeric foam insulation will continue to grow owing to the increasing penetration of elastomeric foam insulation products in the underdeveloped and developing countries. The increasing purchasing power and the growing acceptance among consumers have led to the rise in demand for the elastomeric foam insulation products. Government regulations on the use of low VOC products have further added to the market growth. This pattern is expected to continue during the forecast period 2016–2022, making the elastomeric foam insulation market to grow at a CAGR of 5.4% reaching $89.79 billion by 2022.
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Advancements in technology and growing concern over thermal and acoustic insulation of products have added to the growth of the market. The increasing applications of elastomeric foam insulation in the construction and healthcare industries have increased the demand. Premium prices restrict the market of elastomeric foam insulation when compared to ceramics in the smaller economies, although these markets are expected to show a high growth rate during the forecast period with rapidly increasing adoption and market penetration. The automotive sector is one of the major contributors toward the elastomeric foam insulation market with high demand for greater comfort in vehicles. The market is further expected to grow, especially in developing countries, such as China and India, owing to the increase in manufacturing base and higher economic growth in the recent years.
Several alternatives, such as ceramics, mineral wool, and glass wool among others, are available in the market, which has led to increased competition for elastomeric foam insulation, especially in the insulation market. Further, the relatively lesser priced alternatives have led to their increased usage in the lower per capita income countries, further restricting the usage of elastomeric foam insulation.
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“Elastomeric foam insulation is a sub market of foam insulation with materials having elastomeric properties, lighter in weight, and providing thermal and acoustic insulation. Thermal insulation has wide applications, and thus, constitute a majority share of the market. The trend of Green and environment-friendly chemicals is driving the market growth for elastomeric foam insulation. Asia Pacific currently dominates the elastomeric foam insulation market owing to higher manufacturing capacity and increasing acceptance among end-consumers, with very high contribution coming from China and India.” – Ankur Kalra, Research Manager.
Key insights of the report
- Global elastomeric foam insulation market has been analyzed based on the following application types:
- Acoustic Insulation
- Hybrid Insulation
- Thermal Insulation
- The market is classified based on the end-users as follows:
- Electrical & Electronics
- Industry outlook: It includes market trends, drivers, restraints, and opportunities