Elastomers Market Size To Reach $141.5 Billion By 2030

Elastomers Market Growth & Trends

The global elastomers market size is estimated to reach USD 141.5 billion by 2030, expanding at a CAGR of 5.3% from 2025 to 2030, according to a new report 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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Elastomers Market Report Highlights

• The Asia Pacific elastomers market dominated the global market and accounted for the largest revenue share of 43.0% in 2024

• 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

• In March 2024, Dow introduced a new polyolefin elastomer (POE)--based alternative to leather, targeting the automotive industry’s shift toward animal-free products. This innovation, developed in partnership with HIUV Materials Technology, offers advantages such as enhanced softness, color stability, and resistance to aging and low temperatures. Furthermore, it is lighter than PVC leather and free from hazardous chemicals. Dow anticipates expanding this elastomer-based solution into various consumer sectors, including fashion and furniture.

Elastomers Market Segmentation

Grand View Research has segmented the elastomers market based on type, end use, and region:

Elastomers Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Thermoset

• Thermoplastic

Elastomers End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Medical

• Consumer Goods

• Industrial

• Others

Elastomers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • UK

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Thailand

• Latin America

  • Brazil

• Middle East and Africa

  • Saudi Arabia

List of Key Players in Elastomers Market

• DuPont de Nemours, Inc.

• BASF SE

• INEOS

• Asahi Kasei Corporation

• LANXESS AG

• Huntsman Corporation

• LG Chem

• Chemtura Corporation

• Mitsui Chemicals, Inc.

• JSR BST Elastomer Co., Ltd

• Zeon Chemicals L.P.

• Kuraray Co., Ltd.

• Wacker Chemie AG

• ExxonMobil

• Arkema