Elastomers Market Trends: Global Applications and Forecasts (2023-2028): BCC Research LLC
High-performance polymers and elastomers are rapidly replacing conventional materials in automotive manufacturing due to their superior resilience and cost-effectiveness.
BOSTON, April 12, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for Elastomers: Applications and Global Markets is estimated to increase from $105.0 billion in 2023 to $153.5 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.9% during the forecast period of 2023-2028."
This report offers a thorough overview of the elastomers industry, detailing its various types, manufacturing processes, and the wide array of end-use industries that depend on elastomers. It provides insights into the users of elastomers and estimates market values based on manufacturers' total revenues. The projected revenue values are presented in constant U.S. dollars without inflation adjustments, giving stakeholders a clear understanding of the industry's financial landscape.
Additionally, Startup companies are focusing on silicone elastomer products for the medical industry, capitalizing on their growing demand and acceptance. Meanwhile, the automotive sector's need for lightweight parts is boosting elastomer product growth, especially with the versatility offered by injection molding. North American and European companies are targeting Asia-Pacific countries like India, Malaysia, Philippines, Singapore, and Vietnam for expansion in the elastomer market.
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Discover the key drivers shaping the applications and global markets of Elastomers.
Elastomer Products Replacing Conventional Materials: The market is seeing a shift towards elastomer products replacing traditional materials like metals and plastics. This change is driven by elastomers' flexibility, resilience, and durability. They're being used more in industries like automotive and manufacturing because they perform better and reduce noise compared to traditional materials.
Growing R&D in Silicone Elastomers: There's a noticeable increase in research and development efforts focused on silicone elastomers. These elastomers offer unique benefits such as heat resistance and biocompatibility. Researchers are working to improve their properties and explore new applications. This shows the industry's commitment to innovation and meeting the changing needs of the market.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2022 |
Forecast Period considered | 2023-2028 |
Base year market size | $97.6 billion |
Market Size Forecast | $153.5 billion |
Growth Rate | CAGR of 7.9% from 2023 to 2028 |
Segment Covered | By Type, Process, End-use Industry, and Geographic Region |
Regions covered | North America, Asia-Pacific, Europe and the Rest of the World (RoW) |
Key Market Drivers | ? Elastomer Products Replacing Conventional Material in a Variety of Applications ? Growing Research and Development Activities in Silicone Elastomers |
Segmentation Analysis of Elastomers:
- Process Segmentation: Different methods are used to shape elastomers for various purposes: Injection molding for precise shapes, extrusion for continuous shapes, adhesives for bonding, coatings for protection, and additional processes for specific needs.
- Type Segmentation: Elastomers come in different types: Thermosets retain shape when heated, silicone elastomers offer unique properties like heat resistance, and thermoplastics can be molded when heated.
- End-Use Segmentation: Elastomers are used in automotive, industrial, medical, consumer goods, and construction industries for tires, seals, machinery parts, medical devices, consumer products, and construction materials.
This report on the Elastomers: Applications and Global Markets provides comprehensive insights and analysis, addressing the following key questions:
1. What is the projected market size and growth rate of the market?
The global elastomer market is projected to grow from $97.6 billion in 2022 to $153.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.9% during the forecast period.
2. What are the key factors driving the growth of the market?
The key factors driving the growth of the elastomer market include:
- Replacement of conventional material by elastomer products in a variety of applications.
- Growing research and development activities in silicone elastomers.
3. What segments are covered in the market?
The elastomer market is segmented on the basis of type, end-use, process, and region. By type, it is segmented into two major segments, thermosets and thermoplastic; by end-use, the market is segmented into automotive, industrial, medical, consumer goods, and building & construction; by process, the market is segmented into injection molding, extrusion, adhesive, and coating.
4. By end-use, which segment will dominate the market by the end of 2028?
The automotive segment will dominate by the end of 2028.
5. Which region has the highest market share in the market?
Asia-Pacific holds the highest share of the market. Rising vehicle sales in emerging countries such as India have boosted demand for the elastomer market. The growth in vehicle sales can be attributed to increasing disposable income, growing urbanization, and a rapidly growing economy. Due to the government initiative, India's elastomer industry is growing very fast. The Southeast Asian countries, namely Malaysia, the Philippines, Singapore, Thailand, and Vietnam are lucrative markets for elastomer manufacturers.
Some of the Key Market Players Are:
- ARKEMA
- BASF SE
- COVESTRO AG
- DOW
- DUPONT
- EVONIK INDUSTRIES AG
- HUNTSMAN INTERNATIONAL LLC
- KURARAY CO. LTD.
- LANXESS
- LG CHEM
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