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’. 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.