The global elastomers market is expected to grow at a promising growth rate over the coming years on account of growing automotive industry, product development, and rapid technological advancements. Elastomers are widely used across various end-use industries on account of their unique properties which include high thermal stability, strong chemical resistance, low shrinkage, high tensile strength, and design flexibility. Major types of elastomers used in the global market include thermoplastic polyolefin (TPO), Ethylene Propylene Elastomer (EPM), Styrene Butadiene Rubber (SBR), and Thermoplastic Vulcanizates (TPV). The TPV segment is anticipated to witness promising growth during the forecast period.
The elastomers market is analyzed based upon type, application, and region. Type segment is bifurcated into thermoplastics and thermosets. Thermoset elastomers include natural rubber and synthetic rubber. Synthetic includes Silicone (Q) Elastomers, Styrene-Butadiene Elastomer, Fluoro elastomers, Styrene-Butadiene Elastomer, Ethylene-Propylene Elastomer, Acrylic Elastomer, and others. The demand for TPE is driven from the growing adoption of lightweight vehicles on account of stringency in the fuel economy standards, globally. The positive growth outlook will also be attributed by improved economic conditions in Western Europe and North America. Thermoplastic elastomer segment includes polyether block amide, styrene block copolymer, thermoplastic polyester elastomers, thermoplastic polyurethane, thermoplastic vulcanizates, and thermoplastic polyolefins.
Key applications of elastomers include automotive, consumer goods, medical, and industrial. The segment is dominated by automotive applications, while medical application is expected to witness fastest growth rate during the forecast period. Rising trend among the automotive manufacturers to downsize the engines as well as reduce carbon emissions, and fuel consumption is likely benefit the demand for elastomers in the industry. Moreover, the ability of elastomers to withstand extreme temperatures coupled with high chemical resistance which enhances the lifecycle of the vehicle.
Asia Pacific is anticipated to dominate the global elastomers market through the forecast period. While North America is the second largest revenue generating region in the global elastomers market. Key players operating in the global market include JSR Corporation, BASF SE, Zeon Corporation, Nizhnekamskneftekhim PJSC, Lanxess AG, Covestro AG, E. I. Du Pont De Nemours and Company, and Teknor Apex.
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