The global elastomeric foam market size is projected toreach USD 4,462.1 million by the end of 2027. The presence of several
large-scale companies will contribute to the growth of the market in the coming
years. According to a report published by Fortune Business Insights, titled “ElastomericFoam Market Size, Share & Industry 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 wasworth USD 2,648.6 million and will exhibit a CAGR of 6.8% during the forecast
period, 2020-2027.
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Elastomeric foam is widely used in the electronics and electricalindustry for a wide range of applications among which insulations stands out as
a primary use. The product possesses the properties of rubber on the physical
front, including ‘flexibility’ and ‘elasticity’. These properties make it
suitable for specific or customized applications wherein a large distance of
wire is to be insulated without the luxury of a straight line. The massive
investments in the research and development of efficient products will have a massive
impact on the growth of the overall market in the coming years. The presence of
several large scale companies will subsequently emerge in favor of growth of
the overall market in the foreseeable future. The increasing investments in
product R&D have enabled a wider application scope and subsequently cater
to consumer-specific applications, thus creating a massive growth platform for
companies in this sector.
Lack of Raw Material Supply during the Covid-19 Pandemic hasAffected Production
The recent coronavirus outbreak has had a massive impact onseveral economies across the globe. Due to the rapid spread of the disease,
several countries are looking to implement strict measures with a view to
controlling the spread of the disease. The efforts taken to curb the spread of
the disease have limited the growth of the businesses across the world. Due to
practices such as social distancing and lockdowns, there has been a massive
shortage of raw materials and resources across the globe. This has affected the
production of elastomeric foam across the world. However, the efforts taken to
resume industrial operations will bring relief to the companies in this sector.
