Elastomers Market Size is Expected to Hit USD 165 Bn by 2030

Tokyo, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The global elastomers market size will reach around USD 104.75 billion in 2023. Elastomers are polymers having weak intermolecular interactions between the molecules that have both elasticity and viscosity. Elastomers are mostly thermoset but thermoplastic types are considered for injection of molding application. Elastomers have temperatures below room temperature used for glass transition which provides them with flexibility beyond transition temperatures. Elastomers have a high demand in different end-use manufacturing units due to ample flexibility. Prominent products using elastomers include adhesives, molded flexible parts in automotive and seals.

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Regional Snapshots

The Elastomers market is over powered by the Asia-Pacific sector as far as consumption and production is concerned. China, India, South Korea and Japan are the major customers of this market. Automotive industry provides benefits to this market in these regions as well as world-wide. North America’s elastomers market is majorly supported by the US. Consumer goods, adhesives & coatings and automobiles drive the elastomers market in this nation.

Elastomers market in Europe is majorly driven by nations such as UK, Germany, France. Moreover, Eastern countries also contribute for a substantial market share. The demand in Latin America is predominantly from the comparatively developed nations like Mexico & Brazil. Africa and Middle East are comparatively smaller markets for elastomers. Most of the demand in these nations is supported by GCC countries in the South Africa and Middle East.

Report Highlights

• The thermosets segment had the largest market share till the recent years and the thermoset segment shall have the highest growth during the forecast period. It helps in enhancing the integrity of the product and improves its mechanical properties. Thermoplastic elastomers are extremely tough, flexible and they offer superior electrical properties. Their performance is exceptionally good even in extremely low temperatures. This product has high tensile property and it can withstand abrasion and tear.
• The automotive segment had the largest application of elastomers due to an increased demand for elastomers in the automotive segment. Stringent government regulations which are preventing the toxic emissions are creating growth opportunities for the elastomers across the globe.

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Scope of the Report

Market Dynamic

Drivers

Elastomers find a varied use in various end-use sectors such as medical, packaging, consumer goods, automobiles etc. Their vast applicability and usage, make them broadly used in different end-use industries. The demand for durable elastomers is rapidly increasing, especially for products that include exposure to the rough environment and extent the lifespan. Polymer shaping is a trending application of elastomers. Elastomers are majorly used in applications that need high-temperature resistance, oil resistance, high pressure, weather ability, exposure to ozone. Increasing demand for lightweight substances in the automotive industry to supply increased quality and design flexibility is mainly responsible for the growth of the TPE market.

Restraints

Moreover, fluctuating raw material rates hamper the cost of elastomers. Elastomers are usually quiet expensive as compared to other polymeric and plastic materials. Also, the incapability of elastomers to tolerate high load reduces its usage for many sectors. Owing to the difficult complicated recycling process, elastomers have to pass through various norms & regulations that restrict the market growth during the forecast period.

Opportunities

Elastomers are majorly used in belts and hoses, sound management inside the car, floors, bellows, gaskets and instrument panel skins. Development in the automobile industry is partly an outcome of increased manufacturers and of polypropylene consumption used in every car. Thermoset rubber is a variety of elastomer that is basically used to manufacture tires. Due to advantages like ease-of manufacturing, better design freedom, lightweight, versatility, and ability to be recycled, thermoplastic elastomers (TPEs) are majorly used in the automobile and transport manufacturing industry.

Challenges

The changeability in crude oil rates leads to a fluctuation in the cost of synthetic rubber
Cost of crude oil and synthetic rubber have changed in sync as synthetic rubber is obtained with the help of crude oil. However, it has majorly affected the rates of naturally obtained rubber, being the alternative product in place of synthetic rubber. Recycling processes for elastomers are scarce and are available only in the instances of uncured elastomers, while most of them are processed systematically. Burning of elastomers produces emissions of hydrogen cyanide and carbon monoxide, both of which are hazardous for the environment.

Recent Developments

In December 2019, SirmaxSpA developed a thermoplastic elastomer (TPE) compounding unit with a yearly strength of 30 kilotons of TPE in Poland to confirm its stand in Northern and Eastern Europe.
In September 2020, Ace Midwest LLC, which is a subsidiary of Ace Elastomer, made an announcement to include all the operating units of the Elastomer Processing Group rubber manufacturing business of RotaDyne, which will enhance the industry's goods portfolio and its elastomers market.

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Market Segmentation

By Product

• Thermoplastics
  • Styrenic Block Copolymers (TPS)
  • Polyolefin Blends (TPO)
  • Thermoplastic Polyurethanes (TPU)
  • Elastomeric Alloys (TPV)
  • Other Thermoplastic Elastomers
• Thermosets
  • Nitrile Rubber (NBR)
    • Carboxylated Nitriles (XNBR)
    • Hydrogenated Nitrile (HNBR)
  • Ethylene Propylene (EPR)
  • Fluorocarbon Elastomers (FKM)

By Type

• General Purpose
  • Styrene-butadiene Rubber(SBR)
  • Poly-butadiene rubber (BR)
  • Polyisoprene (PIR)
  • Natural rubber (SR)
  • Synthetic Rubber(SR)
• Specialty Elastomers
  • Nitrile rubber (NBR)
  • Butyl Rubber (IIR)
  • Silicone Rubber
  • Fluorocarbon Elastomers
  • PU (Thermoset)
• Thermoplastic Elastomer
  • Polyamide Elastomers
  • Polypropylene Elastomer
  • Olefin Elastomers (TPO)
  • Others
    
    

By Application

• Consumer goods
• Medical
• Industrial
• Automotive
• Sports
• Electronics

By Process

• Extrusion
• Injection Moulding
• Blow Moulding
• Compression Moulding
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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