Selbyville, Delaware, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Elastomeric Foam Market is anticipated to reach USD 5.3 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The increasing demand due to the ongoing expansion of construction activities will favor the industry growth. Elastomeric foam, known for its thermal insulation and soundproofing properties, is becoming crucial in new building projects and renovation works. Builders are incorporating elastomeric foam to enhance energy efficiency and acoustic performance in structures. The growth in construction is also driving continuous advancements in foam formulations to improve durability and functionality. Simultaneously, construction developments are heightening the use of elastomeric foam with innovations for addressing new environmental and performance standards.
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According to reports, since 2021 the U.S. experienced a remarkable surge in construction activity with projects surpassing $500 billion. This increase is driving the growing product demand for improving energy efficiency and soundproofing in large-scale developments.
Rising preference for chloroprene foam
Based on type, the demand for chloroprene elastomeric foam is likely to accelerate at a robust pace between 2024 and 2032, due to its excellent properties for various applications. Chloroprene foam provides superior thermal insulation, soundproofing, and cushioning owing to its resilient and flexible nature. To that end, it is increasingly used in construction, automotive, and HVAC systems to enhance performance and energy efficiency. Manufacturers are also developing improved formulations to meet evolving needs while enhancing durability and environmental resistance for further broadening product application scope.
Growing demand in acoustic insulation
The acoustic insulation function segment is anticipated to witness lucrative expansion in the elastomeric foam market from 2024 to 2032 due to its unique cellular structure that absorbs and dampens sound waves. This material enhances noise control in various settings including offices, residential buildings, and industrial spaces. Elastomeric foam also makes environments quieter and more comfortable by reducing sound transmission and improving sound quality. Manufacturers are further innovating to improve the foam's acoustic performance and durability for increasing sound absorption capabilities while maintaining lightweight and flexible properties.
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North America to emerge as a lucrative market
North America elastomeric foam market is estimated to attain substantial valuation by 2032 due to expanding needs of the healthcare sector along with surging adoption in medical equipment, protective padding, and insulation for various applications. Rising investments in healthcare infrastructure are driving growth in the use of elastomeric foam with advancements for enhancing its performance and versatility. According to the American Medical Association, the healthcare spending in the U.S. increased by 4.1% in 2022. This rise is contributing to greater demand for elastomeric foam in medical equipment and facilities for enhancing safety and comfort in healthcare environments.
Elastomeric Foam Market Participants
Some of the prominent elastomeric foam industry players include Aeroflex USA, Anavid Insulation Products Kiryat Anavim Ltd., L'isolante K-Flex S.P.A., Armacell International S.A., Hira Industries, Huamei Energy-Saving Technology Group Co., Ltd., Jinan Retex Industries Inc, Kaimann GmbH, NMC SA, and Roka Yalitim. These market participants are working on increasing launches and advancements in technology and applications to scale their revenues. For instance, in January 2022, well-known industrial foam manufacturer Armacell supported the creation of the new JIS A9516 standard implemented for flexible elastomeric foam insulation products across Japan.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
