Elastomers Market

Elastomers Market Size & Growth (2023-2028):

Elastomers Market size, as of 2022 is expected close to USD 77,017.2 million, providing plenty of opportunities for market players. The market is foreseen to escalate at a positive CAGR of 7.15% throughout the forecast period of 2023 to 2028.

An elastomer is a variety of elastic polymers with viscoelasticity, also named amorphous polymers because they keep going at a glass transition temperature. In general, elastomers are both thermosets and thermoplastic-based on long polymer chains. Intermolecular bonds in these chains are not fastened firmly in these composites letting these polymers respond to macroscopic pressures forming natural rubber. This natural rubber is the primary choice in the manufacturing of heating, ventilation, and air-conditioning (HVAC) systems. Natural rubber is generally utilized in automotive companies, particularly in the making of tires. The natural rubber has some great properties like high tensile strength, high adhesion to metals, and high abrasion and tears resistance. The thermoplastic polyurethane elastomer can be employed for offering resistance to UV, improving mechanical performance, and reducing thickness with a softer touch. Thermoplastics are the most common elastomers in the automotive sector. Besides, elastomers in various colors can be developed to match the color of automobiles as it provides better performance even at low temperatures with high resistance to abrasion.

Elastomers are elastic polymers that are slightly bonded crossly and are amorphous along with glass transition temperature. They can be bifurcated as thermoplastic, diene, and into non-diene. Thermoplastic Elastomers (TPEs) involving SBS and SIS block copolymers have firm and subtle repeat units. Elastomeric fragments are developed by three major production methods such as injection molding, compression molding, and transfer molding. Elastomers are experiencing a good call from automotive companies on account of the escalating requirements for more performance and lightweight composites in vehicle production. Major features, such as high flexibility, strength, and pliability, enable it to be ample material in various applications in the automotive sector. The product is utilized in the making of puncture-repellent seals, safeguarding of wires and cables, and for better impact resistance in vehicle insides.

Drivers & Restraints of the Elastomers Market:

The automotive business is the most developing fragment of the elastomers industry. Elastomers have been developed as the perfect alternative to polyvinyl chloride and vulcanized rubber that can be used in the interiors and in exteriors of an automobile. The adoption of elastomers reduced the overall weight, which can be pivotal as it enhances fuel efficiency and reduces harmful gas emissions. The medical market is also estimated as the critical driver for the global elastomers market. Features like excellent durability, strength, pliability, and excellent flexibility have found its use in the making of medical stoppers, gloves, and gaskets. Also, the rising call for high insulation and molding products in medical businesses is further stoking demand. Elastomers are famous for their extended properties. To make these products aging-repellent, the elastomer goes through numerous procedures like the Arrhenius approach. Throughout this procedure, the temperature is set at high magnitudes. This rise in temperature can result in manipulated chemical bonds that can affect the properties of the end products. The high production and maintenance costs are also a limitation in the global elastomers business. Due to this issue, the elastomer's business is facing a lethargic expansion in the rising nations.

ELASTOMERS MARKET REPORT COVERAGE:

Elastomers Market Segmentation as per the research report with accurate insights until 2028.

Elastomers Market - By Application:

• Automotive

• Aerospace

• Appliance

• Footwear

• Photovoltaic

• Electronics

The automotive sector was the most substantial application in 2019. Elastomers showcase high calls in the automotive sector. The quickly growing global automobile business together with strict rules relating to toxic emissions is creating high expansion opportunities for the global elastomers market. 

Elastomers Market - By Type:

• Thermoset

• Thermoplastic

The Thermosets segment is anticipated to be the noteworthy sector and accounted for a revenue share of 70% in 2019. The sector is also deemed to continue its lead in the evaluated period due to its immense applications across multiple businesses. They are price-effective composites that offer excellent aesthetic looks and aid in enhancing the mechanical properties of materials by improving structural cohesion as well as heat and chemical repellence.

Elastomers Market - By Region:

The global Elastomers market report includes the segmentation of regions with their respective nations.

• The North America Elastomers market covers the US and Canada.

• Europe Elastomers market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic, & Rest of Europe.

• Asia Pacific Elastomers business comprises India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, & the Rest of APAC.

• Latin America Elastomers Industry covers Brazil, Mexico, Argentina, Chile, & the Rest of LATAM.

• The Middle East & Africa Elastomers Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, & the rest of MEA.

The Asia Pacific was the most significant revenue-generating region in 2019. The market in this area is estimated to grow further during the foreseen period due to rising automotive production in China, Thailand, India, and Indonesia. Also, fast industrialization and urbanization in these countries are driving the construction and manufacturing businesses. This, in turn, is contributing to the growth of both local and global markets. Regions, like ASEAN countries, India, Taiwan, and Pacific Islands, among others with a rising economy have showcased escalated demand for automotive, customer durables, and electronics products majorly owing to rising disposable income and a rising middle class contributing to the high demand for employed products.

Recent Developments:

• PolyOne GLS Thermoplastic Elastomers, a leader in high-performance thermoplastic elastomer (TPE) solutions across the world, has confirmed Versaflex™ HC for several infusion therapy stoppers and septums. In comparison to conventional composites, Versaflex™ HC enhances patient safety and decreases making complexity while streamlining regulatory compliance for quicker speed to market.

• Evonik introduced a novel generation of PEBA at the trade fair for plastics of K2019, on the occasion of celebrating 40 days. It is considered as the launch of a novel generation of thermoplastic elastomers under its renowned brand name VESTAMID.

Major players operating in the elastomers market :

1. LG Chem. Ltd.;

2. Arkema, Inc.;

3. PolyOne Corporation;

4. Covestro AG;

5. The Dow Chemical Company;

6. Huntsman International LLC.