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

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.