The global elastomericfoam industry 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 inthe 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 theresearch 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 duringthe Covid-19 Pandemic has Affected Production
The recent coronavirus outbreak hashad 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 spreadof 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 severalfactors 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, Zotefoamsannounced 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.
