Press release
Elastomeric Foam Market to Reach USD 6.64 B by 2032 at 6.9% CAGR
Global Elastomeric Foam Market
According to Zion Market Research, the global Elastomeric Foam market was valued at USD 3.64 billion in 2023 and is projected to grow to USD 6.64 billion by 2032, at a CAGR of 6.90% during 2024-2032
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◉ Market Overview & Growth Drivers
Other estimates place the market at USD 3.95 billion in 2024, rising to USD 6.01 billion by 2032 (CAGR ~5.4%).
Asia‐Pacific is the largest consumer region (~37-39% share) and is also the fastest growing, followed by Europe and North America .
Key end-use applications include HVAC systems, automotive gaskets & seals, electrical insulation, and healthcare devices. EPDM type is a standout growth segment due to usage in oil, gas, and solar installations
A major trend is the shift toward eco‐friendly, CFC/HFC‐free elastomeric foam, such as Armacell's Ecolight and BASF's Elastospray, driven by environmental regulations and sustainability preferences
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◉ Competitive Landscape
The market is fragmented, with leading firms including Armacell International SA, Zotefoams plc, L'Isolante K‐Flex, Hira Industries, Saint‐Gobain (Kaimann), Huamei, and Rogers Corporation . These companies emphasize product innovation, green formulations, and expanding global production capacities.
◉ Higher Demand Regions
Asia‐Pacific dominated the market in 2023-24 and is expected to maintain leadership through 2032, driven by rapid infrastructure expansion and industrialization in China, Japan, South Korea, and India
North America is forecast to register the fastest regional growth, fueled by HVAC, automotive, and aerospace applications
Europe sustains steady growth amid demand in building services, automotive, and energy-efficient infrastructure sectors
◉ COUNTRY‐SPECIFIC INSIGHTS
Opportunity Growth in Vietnam
Vietnam's expanding commercial and residential construction, along with growth in automotive and HVAC installations, has boosted demand for elastomeric foam insulation and sealing materials.
Trends Growth in Thailand
Thailand is carving demand in the HVAC and industrial insulation space. Installation of synthetic rubber-based foam in commercial infrastructure and transportation is driving trends.
Consolidation Growth in Japan
Japanese suppliers such as Saint‐Gobain (Kaimann) and Sekisui Plastics are increasing local production and customization of foam types (EPDM, NBR) for HVAC and manufacturing sectors, enhancing consolidation within domestic supply chains
Updation in South Korea
South Korea continues technology upgrades in foam insulation for chillers, batteries, and HVAC systems. Companies are integrating lightweight, high‐performance foam types and eco‐friendly formulations.
Benchmarking Opportunity in Singapore
Singapore's commercial real estate and industrial parks benchmark sustainable insulation adoption. Foam-based HVAC insulation and automotive sealing are gaining traction in compliance with green building standards.
Consolidation Trends in the United States
U.S. firms such as Armacell, Zotefoams and Rogers Corporation expand through acquisitions (e.g. Armacell's TB Concept acquisition) and partnerships to offer integrated insulation solutions across HVAC and industrial markets
Growth in China Trends
China remains a key driver-massive HVAC and auto industries boost foam demand. EPDM and NBR segments lead, while eco-foam innovations are slowly gaining regulatory traction.
Opportunity & Compliance in Europe
European countries-especially Germany, UK, and France-lead the adoption of eco-foam insulation that meets EU directives on energy efficiency and environmental safety. Companies like Armacell and Saint‐Gobain are innovating to comply with evolving standards.
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Elastomeric Foam Market Segment Analysis
by Product
◉Ethylene Propylene Diene Monomer (EPDM)
Nitrile Rubber (NBR)]
Others
by Form
Sheets
Rolls
Molded or Extruded Shape
Others
by Type of Rubber
Natural Rubber/ Latex
Synthetic Rubber
Others
by End-User
HVAC
Automotive
Electrical & Electronics
Others (Oil Gas,etc)
◉ Mergers & Acquisitions Highlights
Armacell's acquisition of TB Concept Inc. (Canada) expanded its pipe‐support and insulation footprint in North America and Asia-Pacific markets
Zotefoams's acquisition of its Chinese joint venture full control strengthened presence in Asia and improved vertical integration and supply performance
◉ Key Recent Developments
Development of bio-based elastomeric foams, nanomaterial-enhanced foams, and 3D‐printed foam prototypes offers new high-performance, sustainable segments, especially for HVAC, automotive, and healthcare applications
Rise of closed-cell, water-resistant foam cores (e.g., PET‐cored Ecolight) that are lightweight and efficient continues transforming insulation standards
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◉About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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