Market Size of Elastomers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Elastomers Market Analysis
The Global Elastomers Market is projected to register a CAGR of more than 5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The market is expected to grow because the automotive industry needs more elastomers and the construction industry needs more elastomers to make things like adhesives, tubes, coatings, and other materials.
- Biocompatibility worries about how elastomers are used in medicine are likely to slow the market's growth.
- Opportunities are likely to come from putting more effort into making bio-based products and using them more in making medical instruments.
- Asia-Pacific was the biggest market in the world, with countries like India, China, and others using the most.
Elastomers Industry Segmentation
The elastomer is a high-molar-mass polymeric material with elasticity characteristics, allowing it to regain its original shape after deformation. Thermoset elastomers are widely used in the production of tire rubbers, and thermoplastic elastomers are used in manufacturing sealants, hoses, and tubes by injection molding. The elastomers market is segmented by product type, application, and geography. By product type, the market is segmented into thermoset elastomers and thermoplastic elastomers. By application, the market is segmented into automotive, sports, electronics, industrial, adhesives, and other applications. The report also covers the market size and forecasts for the market in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).
| Product Type | |
| Thermoset Elastomers | |
| Thermoplastic Elastomers |
| Application | |
| Automotive | |
| Sports | |
| Electronics | |
| Industrial | |
| Adhesives | |
| Other Applications |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Elastomers Market Size Summary
The elastomers market is poised for steady growth, driven by increasing demand from the automotive and construction industries. The automotive sector, in particular, is a significant consumer of elastomers, utilizing them in various applications such as tires, belts, and hoses. The shift towards lighter and more efficient materials, like thermoplastic elastomers, is further propelling market expansion. The construction industry also contributes to market growth through the use of elastomers in adhesives, sealants, and other materials. Despite challenges related to biocompatibility concerns in medical applications, opportunities exist in the development of bio-based products and their application in medical instruments. The market has rebounded to pre-pandemic levels and is expected to continue its upward trajectory.
Asia-Pacific emerges as the dominant region in the elastomers market, with countries like China and India leading in consumption due to their robust automotive and construction sectors. China's burgeoning electric vehicle market and significant increase in passenger vehicle production underscore the region's pivotal role in market growth. The construction industry's expansion, fueled by substantial investments and upcoming events like the World Expo, further bolsters demand for elastomers. The market is partially consolidated, with major players such as BASF SE, Dow, and Covestro AG actively enhancing production capabilities to meet rising global demand. These factors collectively position the elastomers market for significant growth in the coming years.
Elastomers Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Drivers
-
1.1.1 Rising Demand from the Automotive Industry
-
1.1.2 Rising Demand from the Construction Industry
-
-
1.2 Restraints
-
1.2.1 Biocompatibility Concerns of Some Medical Elastomers
-
1.2.2 Other Restraints
-
-
1.3 Industry Value Chain Analysis
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Consumers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitute Products and Services
-
1.4.5 Degree of Competition
-
-
-
2. MARKET SEGMENTATION (Market Size in Value)
-
2.1 Product Type
-
2.1.1 Thermoset Elastomers
-
2.1.2 Thermoplastic Elastomers
-
-
2.2 Application
-
2.2.1 Automotive
-
2.2.2 Sports
-
2.2.3 Electronics
-
2.2.4 Industrial
-
2.2.5 Adhesives
-
2.2.6 Other Applications
-
-
2.3 Geography
-
2.3.1 Asia-Pacific
-
2.3.1.1 China
-
2.3.1.2 India
-
2.3.1.3 Japan
-
2.3.1.4 South Korea
-
2.3.1.5 Rest of Asia-Pacific
-
-
2.3.2 North America
-
2.3.2.1 United States
-
2.3.2.2 Canada
-
2.3.2.3 Mexico
-
2.3.2.4 Rest of North America
-
-
2.3.3 Europe
-
2.3.3.1 Germany
-
2.3.3.2 United Kingdom
-
2.3.3.3 Italy
-
2.3.3.4 France
-
2.3.3.5 Rest of Europe
-
-
2.3.4 South America
-
2.3.4.1 Brazil
-
2.3.4.2 Argentina
-
2.3.4.3 Rest of South America
-
-
2.3.5 Middle East & Africa
-
2.3.5.1 Saudi Arabia
-
2.3.5.2 South Africa
-
2.3.5.3 Rest of Middle East & Africa
-
-
-
Elastomers Market Size FAQs
What is the current Elastomers Market size?
The Elastomers Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Elastomers Market?
BASF SE, Dow, Convestro AG, KURARAY CO., LTD. and Huntsman International LLC are the major companies operating in the Elastomers Market.
