Originally Posted by
Papa Tom
When I posted my first reply, I mentioned that I currently have "real" foam grips but would consider pipe insulation when they finally fall apart. Since that time, I have thought more about the exact issues you described above and have concluded that I should do some more research before I pop on some foam insulation and ride away.
My assumption is that it would have to be a tight fit and would have to be further secured with some hairspray or adhesive. But, hmmm, how would that effect the chemical composition of the foam

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I have been taping the foam insulation over existing bar wrap. On the straight bar bike I secure the foam along the underside length of the hand grip with duct tape and then another strip under neath. No rotational problems.
On the two drop bar bikes, I merely tape the ends by the hoods and by the stem. There is no rotation or looseness.
The foam must be closed-cell, because even after commuting in heavy rain, they don't absorb moisture, like a sponge would.
I found the thickness
I linked to is just right. I tried thicker foam, which made the gripping diameter too fat, and I didn't feel like I had a secure grip.
I hadn't tried the foam on bare bars, but I suspect as you do, it would be too loose. In the case of bare bars, I think some grip tape, like is used by some on softball bats, or hockey sticks would help if applied to a bare bar under the foam.
Anyway, it works for me, and it is cheap enough to try for yourself. But not everything works for everybody.