Austin, March 10, 2025 (GLOBE NEWSWIRE) -- The advanced elastomers market is projected to reach a valuation of USD 8.90 billion by 2032, expanding at a compound annual growth rate (CAGR) of 6.09% from 2024 to 2032. The better elasticity, long-lastingness, and chemical and heat stability, advanced elastomers are well characterized for mechanical performance and are critical for applications in which the mechanical property is emphasized. The increasing focus on fuel economy and lightweight structures in automotive and aerospace segments is a major factor driving the growth of the global advanced elastomer market. Furthermore, growth in polymer science and rising investments in sustainable and bio-based elastomers are also a boon to the market development. Demand for advanced elastomers for applications such as biocompatible medical tubing, catheters, and high-flexible wearables in the healthcare industry is also projected to boost its market growth. Additionally, support from government regulations to use sustainable materials in industrial applications is a major driver of market growth.
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Key Players:
- DuPont de Nemours, Inc. (Viton fluoroelastomers, Kalrez perfluoro elastomer parts)
- BASF SE (Elastollan thermoplastic polyurethane elastomers, BUNA EP elastomers)
- INEOS (SYNTHENE polybutadiene rubber, Keltan EPDM)
- Asahi Kasei Corporation (Tufdene styrene-butadiene rubber, Asaflex thermoplastic elastomers)
- LANXESS AG (Keltan EPDM, Therban HNBR)
- Huntsman Corporation (IROGRAN TPU, AVALON TPU)
- LG Chem (SEETEC polypropylene elastomers, LUPOY polycarbonate resins)
- Mitsui Chemicals, Inc. (TAFMER polyolefin elastomers, MILASTOMER thermoplastic elastomers)
- JSR BST Elastomer Co., Ltd (S-SBR rubber, E-SBR rubber)
- Zeon Chemicals L.P. (Nipol nitrile rubber, HyTemp polyacrylate elastomers)
- Kuraray Co., Ltd. (SEPTON styrene block copolymers, HYBRAR thermoplastic elastomers)
- Wacker Chemie AG (ELASTOSIL silicone rubber, SILPURAN silicone elastomers)
- ExxonMobil (Vistalon EPDM rubber, Santoprene TPV)
- Arkema (Pebax thermoplastic elastomers, Kynar fluoropolymers)
- Celanese Corporation (Forprene thermoplastic elastomers, Riteflex thermoplastic polyester elastomers)
- Trinseo (SYNTHOS synthetic rubber, MAGNUM ABS resins)
- SABIC (LEXAN polycarbonate resins, ULTEM polyetherimide resins)
- Rogers Corporation (PORON polyurethane foams, BISCO silicone materials)
- Hutchinson SA (Body sealing systems, Vibration control systems)
- AGC Inc. (Fluon ETFE, AFLAS fluoroelastomers)
Advanced Elastomers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 5.23 Billion |
| Market Size by 2032 | USD 8.90 Billion |
| CAGR | CAGR of 6.09% 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 (Thermoplastic Elastomers, Silicon Elastomers, Fluorinated Elastomers, EPDM, Others) • By Application (Insulation, Implants, Flexible Circuits, Connectors, Others), • By End Use Industry (Industrial, Aerospace & Defense, Medical, Electronics & Electrical, Others) |
| Key Drivers | • Rising demand from automotive and transportation which drives market growth. |
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Which Region Leads the Advanced Elastomers Market Growth?
Asia-Pacific held the largest market share of approximately 38% in 2023, owing to rapid industrialization, rising automotive production, and significant investments in infrastructure development. Countries such as China, India, and Japan are witnessing increased demand for advanced elastomers due to the expanding automotive and manufacturing sectors. Government initiatives promoting electric vehicles (EVs) and lightweight materials have also driven the adoption of elastomers in the region. Apart from this, Rising investments in medical implants, flexible electronics, and wearable devices also help drive the healthcare industry propelling the Asia-Pacific market higher as well. This region will continue to dominate the advanced elastomers market over the foreseeable future, primarily driven by a well-established supply chain, low-cost production, and rising demand for R&D expenses.
Market Segmentation
By Product Type
Thermoplastic Elastomers (TPEs) dominated the market in 2023, accounting for nearly 34% of the total share. TPEs are widely used in automotive, consumer goods, and medical applications due to their superior flexibility, recyclability, and easy processing capabilities. The rising demand for lightweight and durable materials in EVs and medical devices has further boosted the adoption of TPEs. Additionally, their increasing use in sports equipment and footwear is expanding market opportunities.
By Application
In 2023, insulation dominated the market with an overall market share of approx. 34%. This is now due for automotive, construction, electrical, and industrial uses. High-performance elastomers have excellent thermal stability, flexibility, and endurance and are suitable for insulation in extreme environments. Elastomer material insulating products are used in the automotive and construction sectors for insulating as they help automotive sectors to achieve high fuel efficiency and lower noise from vehicular to the outside environment low noise insulation elastomer materials and elastomer materials insulating products will be used in low heat loss buildings to help for energy-efficient buildings. Couple this with the rise of electrification in cars and a greater renewable energy infrastructure and there is an increasing demand for high-performance insulation materials. Moreover, stringent government regulations based on energy conservation in buildings as well as fire safety regulations shall create ample growth opportunities for advanced elastomeric insulation solutions demand.
By End User Industry
In 2023, the industrial market held the largest share around 48% in 2023. Due to wide applications for seals, gaskets, hoses, vibration dampers, and insulation materials for ultra-heavy-duty applications. With good abrasion resistance, good chemical/ozone resistance, and flexibility, advanced elastomers are becoming critical materials for industrial machinery, manufacturing equipment, and process industries such as oil & gas, chemical processing, and power generation. The excellent features of these high-performance materials, such as the ability to bear extreme temperature, pressure fluctuation & exposure to harsh chemicals have driven broader consumer interest towards advanced elastomers in industrial applications. Thus, energy savings and enhanced operational safety and environmental compliance led to increased use of high-performance elastomeric sealants and coatings.
Recent Developments
- In 2023, DuPont launched a new line of bio-based elastomers aimed at reducing carbon emissions while maintaining high durability and performance in automotive applications.
- In 2023, BASF announced an expansion of its TPE production capacity in Asia-Pacific to meet the growing demand from the automotive and consumer goods sectors.
- In 2023, ExxonMobil introduced a high-performance elastomer for the healthcare industry, focusing on improving medical device longevity and biocompatibility.
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. Advanced Elastomers Market Segmentation, By Type
8. Advanced Elastomers Market Segmentation, By Application
9. Advanced Elastomers Market Segmentation, By End Use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practice
13. Conclusion
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