Market Summary
Elastomers Market Overview
Elastomers Market is expected to grow USD 107.1 Billion at a CAGR 7.15% during the forecast period, says Market research future (MRFR). Under normal circumstances, the long molecules that comprise an elastomeric material are coiled irregularly. However, when applied force, the molecules straighten out in the direction of the force. When the molecules are released, they spontaneously revert to their original compact, random arrangement. Elastomer is widely used in the automotive industry due to its resistance to oil, grease, and ozone, as well as its high impact strength and resilience.
The heating, ventilation, and air conditioning (HVAC) industry's growing demand for elastomers, as well as the construction industry's growing demand for materials such as adhesives, tubes, and coatings, are likely to boost the elastomers market expansion. Concerns about biocompatibility with elastomers used in medical applications are expected to restrain the market's growth. Shifting emphasis toward bio-based products and expanding application in the fabrication of medical instruments are likely to present opportunities.
COVID-19 had a negative impact on the elastomers market growth in 2020. The decline of the automotive industry, combined with the temporary suspension of construction and automotive manufacturing activities in several countries as a result of government-imposed lockdowns, has resulted in a decline in demand for elastomers used in the manufacture of automotive and construction materials such as tires, gaskets, plastics, tubes, adhesives, coatings, belts, and hoses, among others.
Elastomers Market Regional Analysis
- Asia-Pacific: The region accounted for the largest elastomers market share in 2018 and is projected to register the highest CAGR during the forecast period. Owing to the high demand for the product is rapidly growing automotive and electronics industries in the region. China, followed by India and South Korea, is the leading country on the account of rising consumer demands in the region. Additionally, the increasing demand for electric vehicles in the region is boosting the regional market growth.
- North America held a sustainable market share in 2018. This is primarily due to the high demand for the product in mature medical and automotive industries. The US followed by Canada is the leading country in the region on the account of the presence of major players such as Dow, Exxon, and Dupont in the country. In addition, the increasing use of elastomers to manufacture aircraft components is further driving the regional elastomers market growth.
- Europe: High automobile production coupled with significant exports from the region is driving the regional market growth. Germany, the UK, and Italy are the major contributors to the regional elastomers market outlook.
- Latin America: Expanding automotive, medical and textile industries are expected to drive the market growth for elastomers in the region.
- Middle East & Africa: The growing automotive and electronics industries in the region is contributing the regional elastomers market
Elastomers Market Key Players
- BASF SE (Germany)—Elastollan
- Evonik Industries AG (Germany)—VESTAMID
- Arkema S.A. (France)—Pebax
- The Dow Chemical Company (US)—Vamac
- Kuraray Co., Ltd. (Japan)—SEPTON
- Covestro AG (Germany)- Vulkollan
- SABIC (Saudi Arabia)—SABIC
- ARLANXEO (The Netherlands)—Buna
- Mitsui Chemicals, Inc (Japan)—TAFMER
- Exxon Mobil Corporation (US)—Exxpro
- DuPont de Nemours (US)—Vamac
- West American Rubber Company, LLC (US)—WARCO
- Solvay (Belgium)—Tecnoflon
- TERVES INC (US)—Elementum
- Teknor Apex (US)—Sarlink
Pricing and Regulatory Analysis
In 2018, the elastomers market was priced around USD 1700- 2120 per ton across the globe. The product has witnessed a gradual rise of USD 0.19 to 0.40 in its price from 2016 till 2018 and this trend is likely to continue during the forecast period owing to fluctuating raw material and crude oil prices
The stringent standards for evaluating elastomer properties are likely to boost the elastomers market share during the forecast period. Some of the standards are the American Society for Testing and Materials-ASTM D412 for “Determining the tensile properties of vulcanized rubber and thermoplastic elastomers”; ASTM D624 for “Measuring the tear strength of thermoset rubbers, thermoplastic elastomers”; ASTM D3182 for “Rubber--materials, equipment, and procedures for mixing standard compounds and preparing standard vulcanized sheets”; and International Standard - ISO 34-1:2015 for “Determination of Tear Strength of the rubber(Trouser, Angle, and Crescent Tear Pieces)”.
Market Drivers
- High demand in the end-use industries, such as automotive, medical, textile, and electronics.
Market Restraints
- Fluctuating raw material and crude oil prices
Opportunities
- Shifting interest toward the development of eco-friendly elastomers
- Increasing application of dielectric elastomers in the power generation sector
Segmentation
By Type
- Thermoset Elastomer: The segment accounted for the largest elastomers market share in 2018 owing to their high durability and mechanical strength. Thus, are widely used in the manufacturing of tires, exterior parts, and some under the hood applications in the automotive industry. In thermoset elastomers, synthetic rubber is majorly used in various applications on the account of its high strength and abrasion resistance properties as compared to the natural substitutes.
- Synthetic Rubber
- Styrene-butadiene Rubber (SBR)
- Isobutylene-isoprene (IIR)
- Nitrile rubber (NBR)
- Polybutadiene (PBR)
- Others
- Natural Rubber
- Thermoplastic Elastomer: The fastest growing segment owing to its advantages over conventional thermosetting elastomers such as easy recycling, excellent impact resistance, and lower cost of processability.
- Thermoplastic polyurethane (TPU)
- Thermoplastic Styrenic elastomers (TPS)
- Polyether block amide (PEBA)
- Others
By End-Use Industry
- Automotive: The automotive segment accounted for the largest elastomers market size of more than ~45% in 2018. This is primarily attributed to the increased product usage in an array of applications such as tires, door panels, dash boards, and seatings.
- Medical: The segment is expected to register the highest CAGR during the review period owing the increasing product usage in catheters, PVC-free tubing, and other applications.
- Electronics: Elastomers on the account of excellent weather and chemical resistance are to insulate wires and prevent them damp, radiation and heat.
- Textile: Various woven and knitted fabrics are incorporated with elastomers to increase the durability and strength.
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Recent Development
- March 2022: The researchers at Johns Hopkins examined the energy-absorbing properties of liquid crystal elastomers. The research team was able to increase strength while decreasing weight by using high-energy-absorbing liquid crystal elastomers (LCEs), which are typically used in actuators and robotics.
- February 2022: Celanese has agreed to acquire the majority of DuPont's Mobility and Materials unit for USD 11 billion, combining two of the world's leading engineering polymer businesses. Celanese will also acquire DuPont's long-chain and performance nylons, as well as polybutylene and polyethylene terephthalates. The deal also includes DuPont's polyester and ethylene acrylic elastomers, as well as its Mylar and Melinex polyester films.
Market Size & Forecast
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 107.1 Billion |
| CAGR | 2030: 7.15% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | BASF SE (Germany)—Elastollan, Evonik Industries AG (Germany)—VESTAMID, Arkema S.A. (France)—Pebax, The Dow Chemical Company (US)—Vamac, Kuraray Co., Ltd. (Japan)—SEPTON, Covestro AG (Germany)- Vulkollan, SABIC (Saudi Arabia)—SABIC, ARLANXEO (The Netherlands)—Buna, Mitsui Chemicals, Inc (Japan)—TAFMER, Exxon Mobil Corporation (US)—Exxpro, DuPont de Nemours (US)—Vamac, West American Rubber Company, LLC (US)—WARCO, Solvay (Belgium)—Tecnoflon, TERVES INC (US)—Elementum, Teknor Apex (US)—Sarlink |
| Key Market Opportunities | Shifting interest toward the development of eco-friendly elastomers. Increasing application of dielectric elastomers in the power generation sector |
| Key Market Drivers | High demand in the end-use industries, such as automotive, medical, textile, and electronics. |
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