According to Stratistics MRC, the Global Elastomers Market is accounted for $71.89 billion in 2017 and is expected to reach $129.14 billion by 2026 growing at a CAGR of 6.72% during the forecast period.
Some of the prominent factors are driven by cost effectiveness and adaptability of Elastomers in major end-user markets. In addition, advancement in the thermoplastic elastomer (TPE) processing industry is considered as the opportunity for the growth of the market. However, factors such as high price of raw materials and rising cost of production may hinder the growth of the market.
Elastomers are artificial or synthetic rubbers based on polymers. Majority of the Elastomers are based of thermosetting polymers. They are produced by the reaction of disocyanate or polyisocyanate with polyol. These elastomers are generally used to manufacture various products such as high resilience foam seating and insulation panels, microcellular gaskets and foam seals, elastomeric wheels of roller coaster, elevator, shopping carts, automotive suspension bushings, surface coatings, sealants and many more.
Based on type, natural rubber is estimated to be the fastest growing segment because of the suitability of natural rubber in several applications. By application, automotive held the largest market share, due to the growing demand for lightweight and high-performance plastics in automotive industry, which provides increased efficiency and design flexibility, are primarily responsible for the growth of the market.
By geography, Asia Pacific dominated the market owing to the rising demand for elastomers, driven by its increased use in the automotive and medical industries.
Some of the key players in elastomers market include BASF SE, Huntsman Corp., DuPont, Dow Chemical Co., Mitsui Chemicals, Chemtura Corp., Akzonobel N.V., Bayer MS, ExxonMobil Chemical Co., Lyondell Basell, Innospec Inc., Braskem SA, Evonik Industries, Total S.A., Royal DSM, PolyOne Corporation, LyondellBasell, Mitsubishi Chemical Corporation, Shin-Etsu and Kaneka Corporation.
o Rest of Europe
o New Zealand
o South Korea
o Rest of Asia Pacific
o Rest of South America
Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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