Elastomers Market - Forecast(2021 - 2026)

Elastomers Market size is forecast to reach $ 78,699.56 million by 2025, after growing at a CAGR of 5.33% during 2020-2025. Elastomers, due to their extensive properties, such as high thermal stability, greater chemical resistance, high tensile strength, low shrinkage, and greater design flexibility, are used in a wide range of applications, in various industries including automotive, medical, consumer goods, industrial, and others. Rising demand from key application areas, combined with advances in processing technologies, is expected to fuel 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. Furthermore, the usage of recycled elastomers is likely to provide various opportunity for the elastomer market in the coming years. 

Report Coverage

The report: “Elastomers Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Elastomers Industry. 

By Elastomer Type: Thermoset Elastomers (Natural Rubber (NR) and Synthetic Rubber (SR)), Thermoplastic Elastomers (TPEs) (Styrenic Block Copolymers (SBC), Vulcanized Thermoplastic Elastomer (TPV), Copolyester Thermoplastic Elastomers (COPEs), Thermoplastic Polyamides (COPA-Copolyamides), Thermoplastic Olefins (TPE-O), Thermoplastic Polyurethane Elastomers  (TPU), Thermoplastic PVC Elastomers and others).

By End User: Automotive, Medical, Industrial, Construction, Consumer Electronics, Consumer Goods and others.

By Automotive Vehicle Type: Passenger Vehicle and Commercial Vehicle.

By Geography: North America, South America, Europe, APAC, and RoW.

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Key Takeaways

• Asia-Pacific dominates the global elastomers market, owing to increasing automotive production in the region. According to OICA, the production of light commercial vehicles has increased by 10.2 % in 2018 in the APAC region. 
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• Elastomers demand in consumer goods market is increasing continuously owning to its excellent physical properties, such as high flexibility, low weight, good printability, enormously robust, excellent temperature resistance, high surface quality, high impact strength, and so on. Therefore, elastomers are used in wide range of applications in consumer goods, which includes closures, toys, kitchenware, food containers, handles, cosmetic packaging, lids, furniture, sporting goods, and household goods.
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• However, operations in various industries such as automotive, electronics and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit Elastomers market growth for the next two years. 

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Raw Material - Segment Analysis

The thermoset elastomer segment held the largest share in the elastomers market in 2019. Thermoset Elastomer offers high thermal stability, well-defined microphase-separated morphology, superior and tunable mechanical strength, and controlled hydrolytic degradability were systematically investigated, when compared to those of the triblock prepolymers. The hard domain crosslinked thermoset elastomers with tunable mechanical strength and degradation capability can be practical candidates for sustainable elastomers to satisfy distinct and high-performance applications. They are cost-effective materials and offer excellent aesthetic appearance and aid in improving the mechanical properties of materials by enhancing the structural integrity as well as heat and chemical resistance. 

End User - Segment Analysis

The automotive segment held the largest share in the elastomer market in 2019 and is growing at a CAGR of 4.64% in terms of revenue from 2020 to 2025. The market for elastomers in the automotive industry is mainly driven by its excellent physical properties, such as durability, impact resistance, low weight, elasticity, softness, strength, superior optics, enhanced thermal resistance, thermal stability, adhesive properties and improved vehicle safety. Therefore, elastomer is used in wide range of applications in the automotive industry including door handles, automotive gaskets, rocker panels, dashboards, seating fabrics, vibration damping pads, rear windows, bumpers, gear knobs, interiors, wipers, body seals, exterior filler panels and tyre. Being a lightweight material, the elastomer decreases the weight of the vehicle, which in turn adds to the fuel efficiency of the vehicle. As a result, the demand for elastomers in the automotive industry to replace traditional metals is increasing.

Automotive Vehicle Type - Segment Analysis

Passenger vehicle segment held the largest share in the elastomer market in 2019. The global demand for passenger vehicles is seeing tremendous growth in the crossover category, as they provide a better value for money compared to sedans and SUVs. In 2018, around 70 million cars were sold in the top 54 world markets according to OICA. SUVs were popular worldwide and electric car sales grew by 75% according to JATO Dynamics Ltd. Moreover, the growth of passenger cars were supported by high sales and strong demand in India, Brazil, Russia and South East Asia offset stalling sales in Europe, China and the US.

Geography - Segment Analysis

Asia Pacific held the largest share in the Elastomers market in 2019, up to 61%, owning to rising automotive production in countries such as India, Malaysia and others, as more than half of elastomer is used in manufacturing tires. Government investment, liberalization policies coupled with private players focusing on technology enhancement are expected to fuel the demand. Furthermore, rising replacement of ethylene propylene diene monomer by TPE in construction equipment is likely to fuel the product market. 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.

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