Austin, March 05, 2025 (GLOBE NEWSWIRE) -- The Elastomers Market Size was valued at 97.80 Billion in 2023 and is expected to reach USD 147.35 Billion by 2032, growing at a CAGR of 4.23% over the forecast period of 2024-2032.
Exploring the Expanding Landscape of Versatile Materials: Key Factors Fueling Growth in the Global Elastomers Industry Across Multiple Sectors
The Elastomers market is experiencing robust growth, propelled by rising demand in automotive, medical, and consumer goods industries. With applications in seals, gaskets, and flexible components, elastomers are valued for their durability and resistance. Key growth drivers include the push for energy-efficient vehicles, advancements in medical devices, and expansion in industrial sectors. Companies like Dow and DuPont have ramped up elastomer production to meet rising demand. In particular, biocompatible and biodegradable elastomers are gaining traction in medical and personal care sectors. The U.S. Department of Energy reports that the automotive sector alone accounted for 30% of elastomer consumption in 2023. Governments worldwide are fostering the adoption of elastomers through sustainability initiatives, especially in the automotive sector to enhance vehicle energy efficiency. This shift towards green manufacturing and lightweight materials is expected to further fuel market expansion, as elastomer innovations align with evolving consumer demands.
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Key Companies:
- BASF SE (Elastollan, Styrolux)
- Dow (ENGAGE™, NORDEL™)
- Covestro AG (Desmopan, Baypren)
- Kuraray Co., Ltd. (SEPTON™, HYBRAR™)
- Huntsman International LLC (IROGRAN, VITROX)
- DuPont de Nemours, Inc. (Vamac, Kalrez)
- INEOS (Kraton, Keltan)
- Asahi Kasei Corporation (Tufprene, Asaprene)
- LANXESS AG (Therban, Levapren)
- LG Chem (LUPOY, LUCENE)
- ExxonMobil (Vistalon, Santoprene)
- Arkema (Pebax, Kynar)
- JSR Corporation (SBR, EPDM)
- Zeon Corporation (Nipol, Zetpol)
- Wacker Chemie AG (ELASTOSIL, SILPURAN)
- Trinseo (CALIBRE, MAGNUM)
- Evonik Industries (VESTAMID, VESTOPLAST)
- Mitsui Chemicals, Inc. (TAFMER, MILASTOMER)
- Kraton Corporation (Kraton G, Cariflex)
- Teknor Apex Company (Monprene, Sarlink)
Elastomers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 97.80 Billion |
| Market Size by 2032 | USD 147.35 Billion |
| CAGR | CAGR of 4.23% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (SBR (Styrene block copolymers), ACM (Acrylic Elastomer), EPM (Ethylene-propylene Elastomer), IIR (Butyl Elastomer), NBR (Nitrile Elastomer), TPU (Thermoplastic Polyurethanes), PEBA (Thermoplastic polyether block amides), SBC (Styrene block copolymers), TPO (Thermoplastic Polyolefin), TPV (Thermoplastic Vulcanizates) • By Application (Automotive, Consumer Goods, Medical, Industrial, Others) |
| Key Drivers | • Increasing demand form the automotive industry which drives the market growth. |
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Impact of Regulations on Elastomers Market Growth
- Governments globally have begun introducing stricter environmental regulations that affect the elastomers market, particularly in automotive and industrial sectors.
- Policies encouraging recyclability and the reduction of carbon footprints have led manufacturers to focus on producing sustainable elastomers.
- This has prompted a surge in investments in eco-friendly elastomer technologies and the shift towards biodegradable and recyclable variants.
By Type, SBR (Styrene Block Copolymers) Dominated the Elastomers Market in 2023 with a 22% Market Share
This dominance is attributed to the widespread use of SBR in automotive applications such as tires and seals. SBR provides excellent wear resistance, durability, and performance in extreme temperatures, making it ideal for high-demand applications in the automotive industry. The growing demand for energy-efficient and lightweight vehicles has fueled the adoption of SBR-based elastomers in various automotive components, contributing to its large market share. Furthermore, the rising automotive production in emerging markets has further cemented SBR's position as a dominant segment.
By Application, Automotive Industry Dominated the Elastomers Market in 2023 with a 42% Market Share
This segment’s dominance is driven by the increasing use of elastomers in automotive components such as tires, seals, gaskets, and hoses. Elastomers are essential for enhancing vehicle performance by offering benefits like improved fuel efficiency, noise reduction, and resistance to wear. With the automotive industry focusing on lightweight materials and greater energy efficiency, elastomers continue to play a key role in achieving these goals. Moreover, the expansion of electric vehicles (EVs) and hybrid cars further boosts the demand for elastomers in automotive applications.
Asia Pacific Region Dominated the Elastomers Market In 2023, Holding a 44% Market Share.
This dominance is primarily driven by robust industrialization, rising automotive production, and rapid economic development in countries like China, India, and Japan. The region has seen significant investments in elastomer manufacturing facilities, bolstering its position as a global production hub. Additionally, the increasing automotive sales in the region, coupled with the growing healthcare and consumer goods sectors, have contributed to the demand for elastomers. Government initiatives aimed at boosting industrial growth and automotive manufacturing in these regions further support the elastomer market’s growth trajectory.
North America Region Emerged as The Fastest-Growing Market with A Significant Growth Rate in The Forecast Period
This growth can be attributed to increasing demand from automotive, medical, and industrial applications. In particular, the automotive sector's focus on lightweight and energy-efficient materials has fueled elastomer adoption in vehicle parts, while advancements in medical technology are driving elastomer use in devices and equipment. Additionally, increased investments in elastomer research and development by leading companies such as Dow Chemical and DuPont have contributed to this rapid growth. The region’s strong infrastructure and technological advancements ensure a favorable environment for elastomer innovation and production.
Recent Highlights
- February 2024: Arkema increased its Pebax elastomers production capacity by 40% in France, aiming to meet growing demand in sports and consumer goods while enhancing sustainability.
- December 2024: Covestro announced plans for a pilot plant focused on elastomer recycling, contributing to a more circular economy and improving material sustainability.
- September 2024: Dow introduced bio-attributed elastomers for flooring, utilizing renewable raw materials to offer more sustainable options in the industry.
Table of Contents - Major Key Points:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Elastomers Market Segmentation, By Type
8. Elastomers Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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