Global Elastomers Market Insights and Forecast to 2028

Elastomers Market Outlook - 2028

Due to the COVID-19 pandemic, the global Elastomers market size is estimated to be worth US$ 71710 million in 2022 and is forecast to a readjusted size of US$ 83680 million by 2028 with a CAGR of 2.6% during the forecast period. Key drivers of the elastomers market include the rapidly expanding automotive industry.

Thermoplastic elastomers have superior compression and physical abilities making them suitable for use in the consumer goods industry. Elastomers are compatible with many medical instruments thereby fueling the growth of the elastomers market in the coming years. Several industries such as construction, and agriculture utilize elastomers as a key ingredient in turn driving the expansion of the market during the forecast period.

Elastomers Market Trends

Automobile industry

Elastomers are considered highly versatile as they have fast processability and full recyclability. There are diverse variants and can be molded easily into any shape. It is used extensively in vehicle manufacturing. It is chemically resistant and provides improved strength, durability, and temperature resistance. This will drive the demand in the elastomers market in the coming years. Automotive elastomers are used for making car bumpers, interiors, battery boxes, and chemical tanks. The vulcanizates are deployed in instrument panels, floor consoles, etc. The polymer provides a flexible and rigid layer with tough abrasion resistance and load-bearing capacity. The electrical insulation and water absorbent capacity lead to physical durability, fuel efficiency, and lightweight vehicles. The manufacturing process requires very less energy thereby producing minimal carbon emissions. Elastomers maintain a strong strength-to-weight ratio and provide passenger protection due to their vibration and shock-absorbing ability. They are durable and can withstand any weather changes. It can be molded into upholstery for proving comfort and efficiency. The current market trends for EVs are driving the demand for heat-resistant plastics which will continue expanding in the future.

Consumer goods

Thermoplastic elastomers are preferred for a wide variety of applications. They are skin-friendly and have good sealing performance. It gives out a smooth surface appearance. The inherent compounds are suitable for food contact making it perfect for packaging use. It is used regularly in soft-touch grips like toothbrushes, razors, sporting goods, castor wheels, toys, power tools, and other consumer appliances. This will bolster the growth of the global elastomers market in the forthcoming years. With high safety conformity and softer grades, it is used effectively in haptics, toys, and drinking bottles. The design flexibility is immense and process optimization easier. Moreover, silicon elastomers provide heat-stable functions and are used as a protective layer of wire and cable coverings. It is easy to color and can bond quickly with any plastic-type. They are applicable for use in trolleys, wheels, tires, bed support, vacuum cleaners, gaskets, bathroom tools, and antislip rug backing. The material provides UV resistance, consistency, and recyclability.

Healthcare sector

The high mechanical elasticity and biocompatibility provide ease of processing and desirability factor. It can quickly replace the use of harmful chemical-infested products like Latex. This reduces environmental pollutants as the production of toxic substances like polyvinyl chloride and BPA are decreased considerably. Syringe gaskets, medical tubes, and masks are made from elastomers as they can be molded into any shape, is transparent, and offer protection against leakages. This will surge the growth of the elastomers market in the upcoming years. There is no cytotoxicity and is irritation free. Moreover, TPEs are suitable for intimate applications in the medical sector like Uterine balloon tamponades due to their high elongation, durability, and superior penetrating capacity. There are no harmful side effects and the product maintains high levels of purity.

Industrial use

Synthetic elastomers are crucial for the oil and gas industry as it is utilized for making hydraulic seals that maintain plant functionality and are critical for storage tanks, and gate seals for hydroelectric dams. In addition to it, hoses are made from elastomers to enhance the transfer of oil from one tank to another. It is effective in the manufacturing of sealing rings, and conveyor belts as the material prevent deformation and provide protection against added stress. It is a versatile product for any manufacturing operation due to its electrical insulation. This will augment the demand for the elastomers market during the forecast period. Furthermore, the emerging 3D printing technique revolves around thermoplastic elastomers. It is the base substrate material for printing industrial and engineering products. The compound is also mixed into roofing, sheets, and window profiles of residential and commercial buildings for creating bearings to withstand the seismic activities of earthquakes.

Elastomers Market Analysis and Insights

Based on type, the thermoplastic vulcanizates segment will grow the highest in the elastomers market share due to their widespread application in several industry verticals owing to their cost-effective nature, superior structural rigidity, and high mechanical resistance characteristics.

Based on application, the automotive segment will witness considerable growth in the elastomers market share due to the rising need for lightweight, fuel-efficient vehicles that curb harmful carbon emissions. While the medical segment will grow the fastest due to its easy moldability, flexibility, and transparent feature.

Based on region, the Asia-pacific segment will be the most lucrative due to rising industrialization and rapidly expanding automobile manufacturing hub.

Elastomers Market Scope and Segment

Elastomers market is segmented by Type and by Application. Players, stakeholders, and other participants in the global Elastomers market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on production capacity, revenue and forecast by Type and by Application for the period 2017-2028.

Segment by Type

• SBR (Styrene Block Copolymers)
• IIR (Butyl Elastomer)
• NBR (Nitrile Elastomer)
• ACM (Acrylic Elastomer)
• EPM (Ethylene-Propylene Elastomer)
• PEBA (Thermoplastic Polyether Block Amides)
• SBC (Styrene Block Copolymers)
• TPO (Thermoplastic Polyolefin)
• TPU (Thermoplastic Polyurethanes)
• TPV (Thermoplastic Vulcanizates)

Segment by Application

• Automotive
• Consumer Goods
• Medical
• Industrial
• Others

By Company

• BASF Se
• DOW
• JSR Corporation
• Dupont
• Lanxess
• Zeon Corporation
• Kuraray
• Covestro
• Nizhnekamskneftekhim
• Teknor Apex

Production By Region

• North America
• Europe
• China
• Japan

Consumption By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• Taiwan
• Indonesia
• Thailand
• Malaysia
• Philippines
• Vietnam
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Turkey
• Saudi Arabia
• U.A.E