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Market Overview
According to MRFR analysis, the Global Elastomers Market is slated to rise at a CAGR of 4.8% to reach USD 107.1 Billion by the end of 2027.
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Market Dynamics
The growing demand for Elastomers Market for various automotive applications, owing to their flexibility and durability, is a major factor driving market growth. Tires, interiors, and exteriors are the three most popular uses for automotive elastomers. TPU films, for example, are used in automotive seating applications such as headrests, arm sets, and lumbar support systems because of their high abrasion and scratch resistance. Furthermore, the rapidly growing car industry in developing countries such as China, India, and others provides enormous opportunities for the use of a wide variety of elastomeric products. Furthermore, the increasing demand for high-performance bio-based elastomers for a wide range of engineering applications is expected to provide lucrative opportunities for the elastomers market's main players. Growing demand for elastomers in the heating, ventilation, and air conditioning (HVAC) industry, as well as rising demand for elastomers in the construction industry, such as adhesives, tubing, coatings, and other products, are expected to drive market growth over the forecast period.
During the assessment era, however, fluctuating raw material and crude prices are likely to stymie the global elastomers market. COVID-19 had a negative effect on the market in 2020. The decline in demand for elastomers used in manufacturing automotive and construction materials such as tyres, gaskets, plastics, tubes, adhesives, coatings, belts, and hoses, as well as the temporary halt in construction and automotive manufacturing activities owing to government-imposed lockdowns in several countries, has resulted in a drop in demand for elastomers used in manufacturing automotive and construction materials such as tires, gaskets, plastics, tubes, adhesives, coatings, belt However, in the current situation, the use of elastomer-based gowns, drapes, gloves, and other medical items has increased, boosting demand for the market studied.
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Market Segmentation
The thermoset elastomers are the market leaders in terms of form. These polymers are among the elastomers that cannot be molded after they have been cured. Thus, thermoset elastomers are commonly used in high-temperature applications due to their structural integrity. Because of its superior strength and versatility, the synthetic segment held the largest market share in 2018. These elastomers are made from petroleum-based monomers and are artificially synthesized. Furthermore, due to major advantages over traditional thermosetting elastomers, the thermoplastic elastomers segment is expected to be the fastest-growing segment during the forecast era. These elastomers are re-moldable and recyclable.
The market has been divided into automotive, medical, electronics, textiles, and other end-use industries. In 2018, the automotive segment accounted for more than 62 percent of the industry. The increased use of elastomers in various applications such as airbags, tyres, gaskets, bumpers, and HVAC systems is mainly responsible for this. During the forecast era, the demand for elastomers in interior applications in the automotive industry is expected to grow at a significant pace. During the analysis era, the medical segment is expected to rise at the fastest rate. The medical industry is seeing an increase in the use of elastomers due to their hydrolytic durability and ease of sterilization in a number of applications such as peristaltic pump catheters, needleless syringes, and valves. Furthermore, recent advancements in the development of bio-based elastomers open up a broad range of possibilities for artificially synthesized biocompatible organs.
Regional Overview
In 2018, the APAC region held the largest market share and is expected to grow at the fastest rate during the forecast period. Because of the high demand for the commodity, the automotive and electronics industries in the area are rapidly expanding. Due to growing customer demands in the region, China is the leading nation, followed by India and South Korea. Furthermore, the region's growing demand for electric vehicles is fueling regional market growth.
In 2018, North America maintained a stable market share. This is owing to the product's high demand in the mature medical and automotive industries. Due to the presence of major players such as Dow, Exxon, and Dupont in the world, the United States, followed by Canada, is the leading country in the region. Furthermore, the growing use of elastomers in the manufacture of aircraft components is propelling regional market development.
The regional market is growing due to high vehicle output and substantial exports from the area. The main contributors to the Europe regional market are Germany, the United Kingdom, and Italy.
Latin America's elastomer market is expected to develop due to the region's expanding automotive, medical, and textile industries.
The Middle East and Africa regional market benefits from the region's rising automotive and electronics industries.
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Competitive Analysis
BASF SE (Germany)—Elastollan, Arkema S.A. (France)—Pebax, and Evonik Industries AG (Germany)—VESTAMID are some reputed names in the Elastomer market.
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