Dublin, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The "Advanced Elastomers Market by Type (Thermoplastic Elastomers, Silicon Elastomers), Application (Insulations, Implants), End-Use Industry (Medical, Industrial, Aerospace & Defense), Region- Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Advanced elastomers market is projected to grow from USD 6 billion in 2024 to USD 7.8 billion by 2029, registering a CAGR of 5.3% during the forecast period.
The growth in the market for advanced elastomers is attributed to a number of factors. Technological innovations that improve the quality and functionality of a material make advanced elastomers more attractive for different kinds of applications. Rising demand for light yet solid materials in the industrial manufacturing, medical, and aerospace & defense sectors is a key driver. This will give a stable rise to the advanced elastomers market since industries strive to be increasingly sustainable and effective.
This report segments the market for Advanced elastomers market on the basis of types, applications, end-use industries, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, and expansions associated with the market for Advanced elastomers market.
The Advanced elastomers market comprises of major players: BASF SE (Germany), Celanese Corporation (Switzerland), Elkem ASA (Waltham), DuPont (US), Wacker Chemie AG (Germany), AGC Inc. (Japan), Mitsui Chemicals, Inc. (Japan), DAIKIN INDUSTRIES, Ltd. (Japan), Avient Corporation (US), Arkema (France), and Dow (US). The study includes in-depth competitive analysis of these key players in the Advanced elastomers market, with their company profiles, recent developments, and key market strategies.
Implants accounted for the second largest share in application segment of Advanced elastomers market in terms of value.
The second-largest application segment of advanced elastomers is that of implants, mainly due to the critical role these materials play in medical devices and healthcare. Advanced elastomers are used in the manufacture of implants, with silicone and TPEs primarily considered for use in implants due to their excellent biocompatibility, flexibility, and durability.
It is readily tolerable by these materials under adverse conditions of the human body, such as high temperature ranges, mechanical stress, and various body fluids, without degradation or adverse reaction. One major factor for the impressive market share of implants is the growing demand for medical procedures and devices that use long-lasting and reliable materials. Medical implants, like orthopedic implants, pacemakers, and stents, are much in demand owing to the rise in the aging population of the world and a resulting increase in chronic diseases.
Medical accounted for the second largest share in end-use industry segment of Advanced elastomers market in terms of value
The medical sector is the second-largest end-use industry segment in the advanced elastomers market because it includes materials able to withstand strict requirements regarding their use in healthcare applications. Advanced elastomers have been widely used in medical applications since they are biocompatible, flexible in nature, and resistant to multiple types of sterilization methods, which are perfect for a great many devices and other applications connected with medicine. These are used to fabricate surgery instruments and tubing, catheters, implants, and prosthetic devices in which smooth operations.
One of the primary reasons that the medical field is such a large marketplace for engineered elastomers is that there is a real need from medical equipment for durable, high-quality materials. Particularly, the development of medical devices that are both safe and effective becomes almost an imperative, especially since global tendencies show an increase in aging populations and the prevalence of chronic diseases.
Silicon elastomers accounted for the second largest share in type segment of Advanced elastomers market in terms of value
This is the second-largest type segment of the advanced elastomers market, as it is this unique combination of properties that has made silicone-based elastomers greatly indispensable in a wide range of industries. Silicone elastomers are highly valued for their high level of thermal stability, outstanding flexibility, and excellent resistance to extreme temperatures, chemicals, and UV radiation. These characteristics make them especially applicable for use in very demanding applications where other materials would fail.
In that respect, they are vastly applied in industries such as healthcare, automotive, and electronics. In the healthcare industry. silicone elastomers find wide application due to their biocompatibility-they do not cause an adverse reaction with human tissue. This bestows them with the quality needed for medical devices such as implants, prosthetics, and tubing. The features of sterilization, without loss of properties, back up the safety and efficiency of medical devices.
Asia-Pacific is the largest market for Advanced elastomers
Strong manufacturing bases for many industries such as electronics, industry, and medical act as drivers of Asia Pacific's leadership in the market of advanced elastomers. This region is a leading producer of consumer electronics, whereby advanced elastomers find an application in insulation, sealing, and vibration damping. rapid growth in the construction sector, driven by rapid urbanization and infrastructure development in developing economies such as India and China, will probably boost demand for the market.
Besides, low production costs, easy availability of raw materials, and skilled labor force have made it a favorite destination for multinational companies to set up bases for the manufacture of advanced elastomers. The region hosts some of the global and regional key players, and heavy investments in research and development have ensured constant innovation in elastomer technologies, further broadening their scope of applications.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 247 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $6 Billion |
| Forecasted Market Value (USD) by 2029 | $7.8 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Growing Demand for Advanced Elastomers with Excellent Biocompatibility and Sterilization Properties due to Advancements in Medical Devices
- Increasing Demand for Advanced Elastomers due to Advancements in Recycling Technologies
- Restraints
- Lack of Standardized Grades and Specifications Related to Advanced Elastomers
- Opportunities
- Development of Advanced Elastomers Suitable for 3D Printing
- Innovations in Polymer Chemistry - Development of Nanocomposites and Hybrid Materials
- Challenges
- High Production Cost, Complex Manufacturing Processes, and Need for Specialized Equipment and Expertise
- Development of Bio-based Elastomers with Performance Characteristics Equivalent to Synthetic Counterparts
Case Study Analysis
- Innovative Dual-Dynamic Network Design in Advanced Elastomers: Achieving High Performance and Self-Healing Capabilities
- Transformative Role of Thermoplastic Elastomers in Modern Manufacturing: Efficiency, Sustainability, and Innovation
- Ensuring Reliability in Extreme Environments: Advanced Elastomers for Deepwater Oil Exploration
Companies Profiled
- Dow
- Wacker Chemie AG
- Mitsui Chemicals, Inc.
- Celanese Corporation
- Arkema
- DuPont
- BASF
- AGC Inc.
- Avient Corporation
- Daikin Industries, Ltd.
- Elkem ASA
- Momentive Performance Materials
- Rado Gummi GmbH
- Aurora Material Solutions
- BRP Manufacturing
- Star Thermoplastic Alloys & Rubbers, LLC
- Elastron TPE
- RTP Company
- Americhem
- Stockwell Elastomerics
- Nanjing Sisib Silicones Co. Ltd.
- Lopigom S.p.A.
- Cabot Corporation
- Fusion-Polymer
- Kraiburg TPE
- Arlanxeo
For more information about this report visit https://www.researchandmarkets.com/r/kfyxl3
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