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Elastomers Market (By Product: Thermoplastics, Thermosets; By Type: General Purpose, Specialty Elastomers, Thermoplastic Elastomer; By Application: Consumer goods, Medical, Industrial, Automotive, Sports, Electronics; By Process: Extrusion, Injection Moulding, Blow Moulding, Compression Moulding, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global elastomers market size was valued at USD 97.99 billion in 2022 and it is expected to surpass around USD 186.54 billion by 2032 with a register CAGR of 6.70% during the forecast period 2023 to 2032.
Any list tomorrow is a high molar mass polymeric material which has the characteristics of elasticity. This characteristic helps in regaining the original shape after deformation. In the manufacturing of tire rubbers thermoset elastomers are widely used. For manufacturing sealants, hoses and tubes thermoplastic elastomers are used. Elastomers are primarily used in gaskets bellows, hoses, floor, instrument panel skins and for sound management inside the car. It is widely used in almost all parts of the car in the form of wire, cable and coatings. The pandemic had a negative effect on the market demand for elastomers. But there was an increased demand for elastomers in gown, drapes, gloves and other medical products. Elastomers of used in wide range of applications due to their extensive properties like high thermal stability, high tensile strength, great chemical resistance, low shrinkage and great designing flexibility.
Growth Factors
The demand for elastomers is increasing for the heating, ventilation and air conditioning industry. The demand for elastomers is increasing for producing the construction industry materials like the coatings, tubes, adhesives and all the other materials are driving the market growth. Advancements in the automotive industry and increased car builds are increasing the consumption of elastomers. Thermoset rubber is a type of elastomer which is used in automotive tires. Due to the properties like ease of processing, greater design freedom, versatility, ability to be recycled and lightweight the thermoplastic elastomers will be widely used in the transportation industry as well as the automotive industry. The use of high performance thermoplastic elastomers provides an advantage of design and strength which could be comparable with the steel it also helps in reducing the overall weight and reducing the greenhouse gas emission. The development of electric vehicles is also expected to help in the growth of the market. In countries like China and Europe due to various government programs which are promoting to refrain the use of fossil fuels owing to various environmental concerns the designers of the automotive segments will discover new possibilities. All of these factors are driving the market for the elastomers across the globe. The recent government guidelines which mentioned the scrapping old cars which are exceeding 20 years of age in order to control pollution will generate demand for new vehicles in the country. There is an increased demand of new vehicles in the market, the manufacturers will create a great demand for elastomers. This government policy is anticipated to help in the growth of the market during the forecast period. In Tokyo the growing construction activities are expected to boost the demand for the market in this country. The construction industry in Japan is also expected to bloom due to various events which were hosted by their country.
Report Scope of the Elastomers Market
| Report Coverage | Details |
| Market Size by 2032 | USD 186.54 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 6.70% |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Type, Application, Process, Region |
| Companies Mentioned | BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), Lanxess AG (Germany), The Dow Chemical Company (U.S.), JSR Corporation (Japan) |
COVID-19 Impact Analysis:
The global pandemic outbreak in the early 2020 has disrupted several industrial operations some of the industries with highest degree of COVID impact can be listed as automotive, construction, mining, manufacturing, and others. Declining sales along with temporary halt in the industrial operations because of the stringent government regulations imposed by the governing bodies across several countries and regions have negatively impacted the sales and market growth of elastomers market. This is mainly attributed to the increased application of elastomers in automotive and construction industry.
Elastomers are used mainly in the manufacturing processes of various construction and automotive materials that includes tires, plastics, hoses, gaskets, adhesives, tubes, belts, coatings, and many others. Henceforth, steep decline in the sale and demand of automotive industry along with the negative impact on sale of construction and manufacturing industry are likely to impact severely on the market growth of elastomers during the pandemic period.
Product Insights
The thermosets segment had the largest market share till the recent years and the thermoset segment shall have the highest growth during the forecast period. This product has application in various industries. It helps in enhancing the integrity of the product map and improve the mechanical properties of the product. Thermosets are extremely resistant towards chemicals as well as heat. Thermostats are extremely cost effective materials which are used in the manufacturing of sealed products as they have great resistance to deformation.
The thermoplastic elastomer segment shall also have a good growth during the forecast period. Thermoplastic elastomers are extremely tough, flexible and they offer superior electrical properties. The performance of the thermoplastic elastomers is exceptionally good even in extremely low temperatures. This product has high tensile property and it can withstand abrasion and tear. Thermoplastic elastomers are costly as compared to the thermoset elastomers.
Application Insights
The automotive segment had the largest application of elastomers. There is an increased demand for elastomers in the automotive segment. The rapid increase in the demand for automobiles and stringent government regulation which are preventing the toxic emissions are creating growth opportunities for the elastomers across the globe. Many major market players are making use of elastomers in order to reduce the product weight and the product size. As there are stringent government rules for the reduction of carbon emission and reducing fuel consumption these factors are expected to drive the market growth period the medical segment is also expected to be the fastest growing segment during the forecast period.
Thermoplastic elastomers have properties like high insulation and molding they have great usage in medical field. They are used in the manufacturing of medical gaskets and stoppers. Thermoplastic elastomers are able to fit in all sorts of gaps as they are extremely flexible so this helps in creating a larger demand for these products. Elastomers has great application in the automotive industry. It is used in door handles, rocker panels, dashboards, vibrating damping pads, rear windows, interiors, wipers, gear knobs, body seals etc. As the passengers vehicle provide a better value for money the there is an increased demand for passenger vehicles in the market. The growth of passenger cars was supported by the demand in countries like Russia Brazil and China.
Furthermore, the sale of elastomer across the medical industry registers significant growth mainly because of its unique and variable properties, that includes low-temperature flexibility, fungus resistance, acid/base resistance, tensile strength, excellent hydrolytic stability, fluid resistance, excellent translucency, and easy sterilization. In accordance to these properties, elastomer is has witnessed diverse range of applications across the medical field, that includes gas supply, drug patches, medical bags, drug delivery, chest drainage, wound dressing, surgical instruments, peristaltic pump catheters, needleless syringes, valves, stoppers, ventilation bags, bottles,and vial caps. Elastomers are increasingly preferred owing to their recycling capability along with its cost effectiveness nature over conventional materials that were already being used across the market since long time for example latex, silicone, and PVC. Application of elastomers across the medical sector has registered high demand across the developed nations of North America coupled with Western Europe. In addition, the demand for the same expected to increase at a rapid pace in the developing countries such as Asia-Pacific during the upcoming years.
Geography Insights
The Asia Pacific region was the largest revenue generating region till the recent years. It is anticipated that the market in this region is expected to grow with the fastest CAGR during the forecast. As is an increasing demand for automatic production across the nations the market is expected to grow. Increased production of automotives in Thailand China India and Indonesia are driving the market growth period rapid industrialization and rapid urbanization in these developing nations is driving the manufacturing industries as well as the construction industries in this region. The growing construction and manufacturing industries are creating a demand for elastomers. Many original equipment manufacturers are shifting their basis to the markets that have low operational cost. By reducing the cost of manufacturing they're also escalating the demand for various passenger cars. This creates or demand for elastomers. The North American region shall grow during the forecast due to its easy adaptability and cost efficiency.
Competitive Landscape
The market players operating in the global elastomers market are significantly adopting inorganic growth strategies in order to retain their hold on the global market. Some of the inorganic activities adopted by the industry players include partnership, merger & acquisition, joint venture, agreement, regional expansion, and others. For instance, in September 2020, Ace Midwest LLC, subsidiary company of Ace Elastomer announced that it has completed the acquisition of all the operating assets from Elastomer processing Group, a manufacturer of rubber and a business unit of RotaDyne. The acquisition was targeted to enhance the product profile of the company and to expand its offering and customer hold in the market.
Similarly, some of the companies are also focusing towards expanding their production capacity in account to increase their customer reach. For example, in December 2019, SirmaxSpA introduced a new compounding plant for manufacturing thermoplastic elastomer (TPE) based in Poland. The new plant has an annual production capacity of 30 KTons of thermoplastic elastomer (TPE). Furthermore, with the establishment of new production plant for TPE in Poland, the company aims in strengthening its market position across Eastern and Northern Europe.
Key market players in the elastomers market
Segments covered in the report
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By Product
By Type
By Application
By Process
By Geography
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