The global elastomeric foam market size is projected to reach 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, the market was worth USD 2,648.6 million and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.
Elastomeric foam 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’. 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.
Lack of Raw Material Supply during the Covid-19 Pandemic has Affected Production
The recent 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.