Theglobal elastomericfoam market size is projected to reach USD 4,462.1 million by the endof 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” themarket was worth USD 2,648.6 million and will exhibit a CAGR of 6.8% during the
forecast period, 2020-2027.
Elastomericfoam is widely used in the electronics and electrical industry 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.
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Lack of Raw Material Supply during the Covid-19 Pandemic hasAffected Production
Therecent coronavirus outbreak has had a massive impact on several 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.
Increasing Number of Product Innovations will Contribute to MarketGrowth
Thereport encompasses several factors that have contributed to the growth of the
overall market in recent years. Among all factors, the increasing number of
product innovations has made the highest impact on the growth of the market.
The rising innovations are attributable to the increasing R&D investments
and evidently, the increasing global demand for the product has had a direct
impact on this. In February 2020, Zotefoams announced the launch of a new
line-up of supreme closed-cell foams.
