The global elastomericfoam market size is projected to reach USD 4,462.1 million by the end of2027. 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 “Elastomeric Foam 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 was worth USD 2,648.6 million and willexhibit a CAGR of 6.8% during the forecast period, 2020-2027.
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 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 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 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 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. The company introduced the new Zotek, Zotek N, and Zotek T
products in its range of elastomeric foams. Given the increasing product
demand, the company will look to enhance its global presence and subsequently
establish a wider customer base. Increasing number of such product innovations
will have a huge impact on the growth of the overall market in the forthcoming
years.
Asia Pacific to Emerge Dominant; IncreasingProduct Use in HVAC Systems to Aid Growth
The report analyzes the ongoing markettrends across North America, Asia Pacific, Europe, the Middle East &
Africa, and Latin America. Among all regions, the market in Asia Pacific is
projected to emerge dominant in the coming years. The increasing use of
elastomeric foams in HVAC systems has created a massive platform for growth for
the companies operating in the market. The presence of large scale
manufacturers has enabled a wider product adoption, especially in densely
populated countries such as India and China. As of 2019, the market in Asia
Pacific was worth USD 1000.9 million and this value is projected to rise at
considerable pace in the coming years. Besides Asia Pacific, the market in
North America will rise at a considerable pace driven by the increasing product
use in the building and construction industry across this region.
Industry Developments:
October 2019 - Zotefoams introduced a new, innovative andunique range of cellular materials at K 2019. The company will display the
recent innovations in the premium and high performance range of products under
the brand name Zotek and Azote.
