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.
Source:
Elastomeric foam is widely used in theelectronics 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.
The presence of several large scalecompanies 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.
COVID-19 Impact
Lack of Raw Material Supply during theCovid-19 Pandemic has Affected Production
The recent coronavirus outbreak has hada 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 socialdistancing 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 ProductInnovations will Contribute to Market Growth
The report encompasses several factorsthat 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.
