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.
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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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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