Elastomers Market Size, Industry Trends, Regional Outlook, Company Share and Segment Forecasts, 2019 to 2025
Industry Insights
Rising demand from key application areas coupled with advancements in the processing technologies is likely to propel the market growth during the forecast period. Elastomers are witnessing high demand from the automotive industry on account of rising need for high-performance and lightweight materials in vehicle production. Key properties, such as high durability, strength, and pliability, allow it an ideal material in a variety of applications in the automotive sector.
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The product is used in the manufacturing of puncture-resistant seals, protection of wires and cables, and for better impact-resistance in vehicle interiors. This factor is also likely to drive the overall market throughout the forecast years. Growing population and per capita income levels in Asia Pacific are boosting the automobile sector, which, in turn, will have a positive impact on the market.
Moreover, availability of cheap labor and other resources in Asia Pacific region is supplementing the growth of automotive manufacturing. This is also expected to contribute significantly towards the product demand. The region is witnessing heavy investments from key automotive companies, such as BMW AG, Fiat Automobiles S.p.A, Ford Motor Company, Mazda Motor Corporation, Nissan Motor Company Ltd., and Jaguar Cars Ltd., which will drive the industry further augmenting the product demand.
Application Insights
Medical is expected to be the fastest-growing application segment during the forecast period. Wide usage of TPEs in the medical application segment, such as in medical gaskets and stoppers, due to their high insulation and molding properties than thermosets will drive the segment. Moreover, TPEs are moldable to fill all sorts of gaps and are highly flexibility, which has created a larger demand for these products as substitutes for previously popular thermosets.
Type Insights
Thermoplastic elastomers are rubber-like compounds that offer superior electrical properties coupled with excellent toughness, flexibility, and surface aesthetics. These compounds have thermal stability and perform exceptionally even under extremely low temperatures. Furthermore, TPEs withstand tear and abrasion and have great tensile properties. The products do not require any pre-dying and are free of PVCs and phthalate esters. They are also costlier than thermosets.
Regional Insights
Major automotive OEMs are shifting their production bases to these markets due to low operational costs and escalating demand for passenger cars. This factor is expected to drive the product demand over the coming years. North America was the second-largest revenue-generating regional market in 2017. Easy adaptability and cost-efficiency are anticipated to drive the regional market over the forecast period.
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Report Scope
| Attribute | Details |
| Base year for estimation | 2017 |
| Actual estimates/Historical data | 2014 - 2016 |
| Forecast period | 2018 - 2025 |
| Market representation | Volume in Kilotons, Revenue in USD Million, and CAGR from 2018 to 2025 |
| Regional scope | North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, China, India, Japan, South Korea, Thailand, Brazil, and Saudi Arabia |
| Report coverage | Revenue forecast, competitive landscape, growth factors and trends |
| 15% free customization scope (equivalent to 5 analyst working days) | If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
