TAGS: Automotive Medical
The elastomers market is expected to grow at a CAGR of 4.8 %, leading to revenue of potentially up to USD 107.1 billion by the end of 2025, according to a recent MRFR analysis in their report on the global projections of the market. The growing demand for elastomers for various applications in developing nations such as China and India open up many opportunities for a wide range of elastomeric products to be used. Moreover, the escalating demand for high-performance bio-based elastomers for many applications is predicted to provide profitable prospects for the elastomers market's major players.
Increased Demand Leading to Market Growth
The major factor driving the growth of the market is the rising demand for elastomers for miscellaneous automotive applications owing to their flexibility and durability. The three prominent applications of automotive elastomers are tire, interior, and exterior.
For instance, thermoplastic polyurethane films (TPU) on the account of high abrasion and scratch resistance is used in automotive seating applications such as headrests, arm sets, and lumbar support systems. Additionally, the expanding automobile industry in developing countries such as China, India, and others offers huge scope for the utilization of broad range of elastomeric products. In addition, the increasing demand for elastomers for biomedical applications such as controlled drug delivery systems, hydrogels, and tissue engineering is further driving the market growth worldwide.
Furthermore, the growing need to produce high-performance bio-based elastomers for numerous engineering applications is projected to create lucrative opportunities for the key players operating in the elastomers market.
However, the fluctuating raw material and crude prices are likely to hamper the global elastomers market during the assessment period.
Market Share Based on Elastomer Type
- Thermoset Elastomer: The segment accounted for the largest market share in 2018 owing to their high durability and mechanical strength. Thus, are widely used in the manufacturing of tires, exterior parts, and some under the hood applications in the automotive industry. In thermoset elastomers, synthetic rubber is majorly used in various applications on the account of its high strength and abrasion resistance properties as compared to the natural substitutes:
- Natural Rubber
- Thermoplastic Elastomer: The fastest growing segment owing to its advantages over conventional thermosetting elastomers such as easy recycling, excellent impact resistance, and lower cost of processability.
Regional Analysis of the Market
- Asia-Pacific: The region accounted for the largest market share in 2018 and is projected to register the highest CAGR during the forecast period. Owing to the high demand for the product is rapidly growing automotive and electronics industries in the region. China, followed by India and South Korea, is the leading country on the account of rising consumer demands in the region. Additionally, the increasing demand for electric vehicles in the region is boosting the regional market growth.
- North America held a sustainable market share in 2018. This is primarily due to the high demand for the product in mature medical and automotive industries. The US followed by Canada is the leading country in the region on the account of the presence of major players such as Dow, Exxon, and Dupont in the country. In addition, the increasing use of elastomers to manufacture aircraft components is further driving the regional market growth.
- Europe: High automobile production coupled with significant exports from the region is driving the regional market growth. Germany, the UK, and Italy are the major contributors to the regional market.
- Latin America: Expanding automotive, medical and textile industries are expected to drive the market growth for elastomers in the region.
- Middle East & Africa: The growing automotive and electronics industries in the region is contributing the regional market
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Source: MRFR
