The global elastomers market size, as of 2018, stood at around $71,017 million, offering plenty of opportunities for able players. And, the analyst has projected the market value to increase at a positive CAGR of 5.28% through the forecast period of 2019 to 2025. As per the research report, the Asia-Pacific region grabbed the largest market share in the global elastomers market in 2018, generating a colossal share of nearly 68% of the overall demands. Nevertheless, other geographical locations have also shown gradual growth in the demands for elastomer products, and the market is awaited to flourish all around the world. Among end-user industries, the automotive sector grabs the largest demands for elastomers, increasing at a CAGR of 5.24% during the aforementioned forecast period. However, elastomers also have an extensive array of other applications including electronics, robotics, and most importantly the rubber industry.
Elastomers Market Outlook
An elastomer is a type of elastic polymer with viscoelasticity, also known as amorphous polymers because they maintain a glass transition temperature. Basically, elastomers are thermosets, sometimes thermoplastic elastomers owing to the long polymer chains. Intermolecular bonds in these chains are not held strongly in these materials which allows these polymers to react to macroscopic stresses forming natural rubber. This natural rubber is highly preferred in the manufacturing of the heating, ventilation, and air-conditioning (HVAC) systems.
Elastomers Market Growth Drivers
The automotive industry is the most lucrative segment for the elastomers market. Elastomers have emerged as the perfect alternative to PVC and vulcanized rubber which are extensively used in the interiors as well as exteriors of a vehicle. Implementation of elastomers reduces the vehicle weight significantly, which turns out to be an optimum step taken as it improves the fuel efficiency and reduces the carbon dioxide emissions.
The medical industry is also considered as one of the major growth drivers for the elastomers market. Properties such as high durability, strength, pliability, and high flexibility have found its application in the manufacturing of medical stoppers, gloves, and gaskets. Moreover, the increasing demands for high insulation and molding products in the medical industries are further stroking demand.
Elastomers Market Trends
In late 2017, the American company 3M acquired Scott Safety from Johnson Controls for a sum of $2 billion. The firm Scott Safety is one of the leading manufacturer of pioneering products. One of the most popular products for the company is the self-contained breathing apparatus (SCBA) systems.
Elastomers Market Challenges
Elastomers are known for their long lasting properties. To make these elastomers aging resistance, the elastomer goes through various processes such as the Arrhenius approach. During this process, the temperature is varied at high magnitudes. This acceleration in the temperature can lead to manipulated chemical bonds which can affect the chemical properties of the end-products.
The high production and maintenance cost of the product is also a challenge in the elastomers market. Because of this issue, the elastomers market is facing a lethargic growth in the developing nations.
Elastomers Market
Key Players in the Elastomers Market
Some of the other pioneering companies foraying in the elastomers marketplace are BASF SE, DowDupont, Covestro, Kuraray and Huntsman Corp., Zeon Corporation, Lanxess AG. However, the market landscape has changed owing to the interruption of technical giants jumping into the technology by acquiring some of the most promising start-ups.
Elastomers Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the elastomers market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of elastomers market, and their specific applications in different types of vehicles.
Elastomers Market Report: Industry Coverage
The elastomers market is bifurcated on the base of type into thermoplastic and thermoset elastomers. Based on process, the elastomers market is segmented into extrusion, injection molding, blow molding, and compression molding. Further, the market is divided based on end-user into automotive, aerospace, appliance, footwear, photovoltaic, and electronics. The information is presented for the forecast duration of 2019-2025.
The elastomers market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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