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.
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Elastomeric foam is widely used in the electronics and electricalindustry for a wide range of applications among which insulaations 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 subsequentlyemerge 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.
Increasing Number of Product Innovations will Contribute to MarketGrowth
The report encompasses several factors that have contributed tothe 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.
Asia Pacific to Emerge Dominant; Increasing Product Use in HVACSystems to Aid Growth
The report analyzes the ongoing market trends across NorthAmerica, 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.
