Elastomers Market- Global Industry Analysis and Forecast (2023-2029)

Elastomers market is expected to reach US$ 122.57 Bn. in 2029, with a CAGR of 4.01% for the period 2023-2029, because of rising demand from several end-use industries.
Elastomers Market Overview:
Polymers with elastic properties are known as elastomers. They are indefinitely structured cross-linked polymers with weak intermolecular forces. Their tensile strength is strong, while their electrical conductivity is poor. Elastomers are divided into two types: thermoset and thermoplastic. Thermoplastic elastomers have both rubber and elastic properties. This sort of elastomer is simple to work with. The key advantages of thermoplastic are its chemical resistance and recyclability. In the meantime, when thermoset polymers are treated, cross-linking linkages are formed. Elastomer linkages are irreversible, and deformation is difficult to achieve. Elastomers have strong heat resistance and are considered to be cost-effective and attractive materials.To know about the Research Methodology :- Request Free Sample Report
Elastomers Market Dynamics:
Automobiles, medicines, electrical and electronics, building and construction, and other expanding industries are all seeing rising demand for elastomers. In the automotive industry, the elastomer is used to replace PVC and other materials, improving fuel efficiency and performance. In the construction sector, elastomers are in high demand for purposes such as sealing and electrical insulation. The use of elastomers is also increasing as the global demand for medical products rises. They are also utilized in the manufacture of gloves, gaskets, and molding products due to their toughness and flexibility.

On the other hand, market growth is constrained by its negative impact on the environment. Stringent regulatory laws for manufacturers are another issue that limits growth. The fluctuating price of elastomers is also a key source of concern for manufacturers. One of the major opportunities for the elastomer market is market growth and demand in sports accessories and vehicle manufacturing.

Elastomers Market Challenges:

The price of crude oil fluctuates, creating price changes in synthetic rubber.

Because synthetic rubber is made from crude oil, crude oil and synthetic rubber prices have changed in lockstep. However, natural rubber is an alternative to synthetic rubber, as it has had a significant impact on costs. When the price of crude oil rises, the price of synthetic rubber climbs with it. For oil, gas, and chemical businesses, the impact of COVID-19 and the oil price war is proving to be a two-pronged problem. Oil prices are falling because of failed production-cut agreements, and demand for chemicals and refined goods is slowing due to industrial slowdowns and travel restrictions in the aftermath of the global pandemic. Hence, changes in crude oil are a big problem for the elastomers industry's growth, as petrochemicals (crude oil derivatives) are a key raw ingredient for synthetic rubber. The disposal of elastomers raises environmental problems since hazardous waste is released.

The disposal of elastomers is a major source of worry for environmental organizations, as it releases a large number of harmful substances into the environment. Elastomer recycling alternatives are limited, and it is only achievable with uncured elastomers, while the majority of them are cured. These materials can be disposed of in two ways: incineration or landfills, both of which pose a risk to the environment. When elastomers are burned, carbon monoxide and hydrogen cyanide are released, both of which are unfavorable to the environment.

Increased Usage of High-performance Elastomers in Automotive Industry Creating New Opportunities

The automotive industry is expected to remain the largest application end-use industry of thermoplastic elastomer throughout the forecast period, followed by building & construction, in terms of volume.

Exterior body parts such as exterior filler panels, wipers, rocker panels, body seals, automotive gaskets, door & window handles, and vibration damping pads are made of thermoplastic elastomers.

Recent advancements in thermoplastic elastomer have allowed it to be used in under-the-hood automotive applications like belts and hoses, clamps, fuel lines, bonnet and boot buffer blocks, and bellows.

The thermoplastic elastomers market is expected to increase due to rising demand from the Asia-automotive Pacific's industry, the environmentally benign nature of thermoplastic elastomers, and advancements in the thermoplastic elastomer processing industry. The main restraints on the thermoplastic elastomers market are raw material price volatility and technical challenges in manufacturing low-cost, cost-effective thermoplastic elastomer products.
Elastomers Market Segmentation:
Based on Application Segment: The elastomers market is sub-segmented into Automotive, Consumer Goods, Medical, Industrial, and Others. In 2022, the automotive segment accounted for the largest share of the elastomer market, and revenue is expected to grow at a CAGR of 4.65% from 2022 to 2029. Elastomers' exceptional physical features, including durability, impact resistance, low weight, elasticity, softness, strength, superior optics, improved thermal resistance, thermal stability, adhesive properties, and improved vehicle safety, drive the market for elastomers in the automotive industry. Door handles, automobile gaskets, rocker panels, dashboards, seating textiles, vibration damping pads, rear windows, bumpers, gear knobs, interiors, wipers, body seals, external filler panels, and tyres are just a few of the applications for elastomer in the automotive sector. Because it is a lightweight material, the elastomer reduces the weight of the car, increasing its fuel efficiency. Hence, the demand for elastomers to replace traditional metals in the automobile sector is growing.
Elastomers Market Regional Insights:
Because more than half of elastomer is used in tyre manufacturing, Asia Pacific held the biggest share of the Elastomers market in 2021, up to 63%, thanks to increased automotive production in countries like India, Malaysia, and others. Demand is expected to be fueled by government investment, liberalization policies, and private companies focusing on technology advancement. Also, the increased use of TPE to replace ethylene propylene diene monomer in construction equipment is expected to boost the market. Because of the cheap operating costs and rising demand for passenger automobiles, major automotive OEMs are relocating their production bases to these markets.

The objective of the report is to present a comprehensive analysis of the global Elastomers market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Elastomers dynamics, structure by analyzing the market segments and projecting the Elastomers size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Elastomers market make the report investor’s guide.
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Elastomers Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 93.08 Bn.


Forecast Period 2022 to 2029 CAGR:
4.01%
Market Size in 2029:
US $ 122.57 Bn.


 Segments Covered:
by Product Type
SBR (Styrene block copolymers)
IIR (Butyl Elastomer)
NBR (Nitrile Elastomer)
ACM (Acrylic Elastomer)
EPM (Ethylene-propylene Elastomer)
PEBA (Thermoplastic polyether block amides)
SBC (Styrene block copolymers)
TPO (Thermoplastic Polyolefin)
TPU (Thermoplastic Polyurethanes)
TPV (Thermoplastic Vulcanizates)


by Application
Automotive
Consumer Goods
Medical
Industrial
Others



Elastomers Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Elastomers Market Key Players are:
1. BASF SE
2. Dow
3. Covestro AG
4. KURARAY CO. LTD
5. Huntsman International LLC.
6. LG Chem. Ltd
7. Arkema, Inc
8. PolyOne Corporation
9. Du Pont de Nemours and Company
10.Stockwell Elastomerics, Inc.
11.Innovative Silicones
12.Universal Rubber Mfg NV
13.JSR Corporation
14.Zeon Corporation
15.Celanese Corporation
16.PJSC Nizhnekamskneftekhim
17.Wanhua Chemical Group Co., Ltd.
18.Lanxess AG
19.Others

Frequently Asked Questions:

1. Which region has the largest share in Elastomers Market?
Ans: Asia Pacific held the largest share in 2022.

2. What is the growth rate of the Elastomers Market?
Ans: The Elastomers Market is growing at a CAGR of 4.01% during the forecasting period 2023-2029.

3. What segments are covered in Elastomers market?
Ans: Elastomers Market is segmented into Product Type, Application, and Region.

4. Who are the key players in Elastomers market?
Ans: The important key players in the Elastomers Market are – BASF SE, Dow, Covestro AG, KURARAY CO. LTD, Huntsman International LLC., LG Chem. Ltd, Arkema, Inc, PolyOne Corporation, Du Pont de Nemours and Company, Stockwell Elastomerics, Inc, Innovative Silicones, Universal Rubber Mfg NV, JSR Corporation, Zeon Corporation, Celanese Corporation, PJSC Nizhnekamskneftekhim, Wanhua Chemical Group Co., Ltd, and Lanxess AG.

5. What is the study period of this market?
Ans: The Elastomers Market is studied from 2022 to 2029.