Elastomers Market Expected To Witness A Substantial Growth Of $109.2 Billion By 2025: Grand View Research Inc.
San
Francisco, 10 June 2024: The Report
Elastomers Market Size, Share & Trends Analysis
Report By Application (Consumer Goods, Medical, Automotive, Industrial), By
Type (Thermoplastics, Thermosets), By Region, And Segment Forecasts, 2020 -
2025
The global elastomers market size is
expected to reach USD 109.2 billion by 2025 expanding at a CAGR of 4.8%,
according to a new study by Grand View Research, Inc. The market is anticipated
to be driven by rising demand from several application areas including
automotive, medical, consumer goods, industrial, and others. Moreover, the
development of biodegradable grades of elastomers is anticipated to create
lucrative growth opportunities for the market. Automotive application segment
is expected to lead the market during the forecast period. Rising adoption for
hybrid and Electric Vehicles (EVs) is influencing the product demand in this
application. High-performance elastomers are used in EVs for better
fuel-efficiency and reduced carbon emissions.
A number of manufacturers are engaged
in substituting steel to compete in terms of operating range with internal
combustion vehicles. In addition, various battery charging stations are
installed to improve the operating range of EVs. Rising scale of automotive
manufacturing coupled with increasing use of modified plastics is expected to act
as a key driver for the market over the forecast period. Booming manufacturing
sectors in China and India, particularly in automotive and electronics
industries, will drive the APAC regional market. Thermoplastic Elastomers
(TPEs) are fully recyclable and capable of reprocessing, which is expected to
boost development in the electrical and electronics segments in packaging and
wire and cable fields.
They are also highly UV- and
ozone-resistant, which increases their scope for outdoor wiring applications.
Major types of TPEs include Styrene Block Copolymer (SBC), Thermoplastic
Polyurethanes (TPU), Thermoplastic Polyolefins (TPO), Thermoplastic
Vulcanizates (TPV), Copolymer Esters (COPE) and other TPEs. Development of
innovative TPEs is projected to boost product scope in undiscovered
applications and help increase the market share. Emphasis on waste reduction is
anticipated to foster the replacement of conventional raw materials with
recyclable and sustainable TPEs, which is also likely to boost segment growth.
Elastomers are elastic polymers, which
are lightly cross-linked and are amorphous along with glass transition
temperature. They can be classified as thermoplastic, diene, and non-diene.
Thermoplastic Elastomers (TPEs) including SBS and SIS block copolymers contain
rigid and soft repeat units. Elastomeric parts are produced through three major
production techniques, which include injection molding, compression molding,
and transfer molding.
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Rising demand from key application
areas coupled with advancements in the processing technologies is likely to
propel the market growth during the forecast period. Elastomers are witnessing
high demand from the automotive industry on account of the rising need for
high-performance and lightweight materials in vehicle production. Key
properties, such as high durability, strength, and pliability, allow it an
ideal material for a variety of applications in the automotive sector.
Further key
findings from the study suggest:
- Asia Pacific led the global elastomers
market and is also anticipated to witness the fastest CAGR of 6.1% during
the forecast period from 2018 to 2025
- China is the fastest-growing country in
the global market due to huge growth potential as it is characterized by
high demand, as well as production, of elastomers; mainly TPEs
- The growth of the elastomers market in
China is majorly supplemented by high demand from the footwear industry
- Extensive R&D activities in the field
of developing eco-friendly grades have led to the creation of several
improved product grades, which is expected to help boost the market
- Recently, PolyOne Corp. announced to
initiate TPE production at its production facility in Pune, India, which
will allow the company to cater to the domestic consumer needs
The product is used in the
manufacturing of puncture-resistant seals, protection of wires and cables, and
for better impact-resistance in vehicle interiors. This factor is also likely
to drive the overall market throughout the forecast years. Growing population
and per capita income levels in Asia Pacific are boosting the automobile
sector, which, in turn, will have a positive impact on the market.
Moreover, the availability of cheap
labor and other resources in Asia Pacific region is supplementing the growth of
automotive manufacturing. This is also expected to contribute significantly to
product demand. The region is witnessing heavy investments from key automotive
companies, such as BMW AG, Fiat Automobiles S.p.A, Ford Motor Company, Mazda
Motor Corporation, Nissan Motor Company Ltd., and Jaguar Cars Ltd., which will
drive the industry further augmenting the product demand.
Elastomers are witnessing augmented
demand from the automotive industry because of the massive demand for
high-performance, lightweight materials. Key properties such as pliability,
strength, and high durability allow varied applications of elastomers in the
automotive industry, such as manufacturing wires & cables,
puncture-resistant seals, and providing impact resistance in vehicle interiors.
Thus, these unique properties of elastomers are likely to push the overall
market growth throughout the forecasted period.
Elastomers Market Report Scope
Report
Attribute |
Details |
Market size value in 2020 |
USD 86.18 Billion |
Revenue forecast in 2025 |
USD 109.23 Billion |
Growth rate |
CAGR of 4.8% from 2020 to 2025 |
Base year for estimation |
2020 |
Historical data |
2014 - 2018 |
Forecast period |
2020 - 2025 |
Thermoplastic elastomers are gaining
wide adoption in the medical industry owing to their extensive applications in
manufacturing medical devices. The most excellent thermoset replacement has
been observed in the medical sector, where TPEs have substituted nearly all
medical stoppers and gaskets due to their superb molding and high insulation
properties. TPEs are moldable and can fill gaps, and their utmost flexibility
has created a greater demand for these products.
Key companies in the global market
include LG Chem. Ltd.; Arkema, Inc.; PolyOne Corporation; Covestro AG; E. I. du
Pont de Nemours and Company; The Dow Chemical Company; and Huntsman
International LLC. The industry participants are undergoing extensive research
& development activities to develop newer blends and effective processing
methodologies to gain competitive strength. In August 2018, Trelleborg Sealing
Solutions launched a new custom elastomer, designed especially for HTHP
wellhead tubing and hanger sealing applications.
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