Elastomers Market | Size, Share & Growth | 2020 - 2025
The worldwide size of the elastomer industry is estimated at US $ 92.51 billion by 2025, with a compound annual rate of 4.9% from 2020 to 2025, in value terms. The base year considered for the study is 2019, while the foreseen period is between 2020 and 2025. Elastomer is widely employed in the automotive industry due to its properties as resistance to oil, grease and ozone; Impact resistence; and good resistance. It is mainly employed in the interior design of vehicles. TPU is the most widely employed elastomer in the automotive industry. After the economic recession from 2009 to 2012, the auto industry is recovering and growing at a good pace. The call for elastomers is high in the automotive industry because they can be employed as substitutes for rubber and PVC without compromising any performance parameters.
Market drivers and restraints:
Escalating call for key application areas coupled with advances in processing technologies are likely to drive industry expansion during the foreseen period. Elastomer in vehicle manufacturing industries replaces PVC and other materials, escalating fuel efficiency and performance. Elastomers are in high call in the construction industry in applications such as sealing and electrical insulation. Growing worldwide call from the medical industry is also driving the use of elastomers. Furthermore, due to their durability and properties such as flexibility, they are employed in the manufacture of gloves, gaskets and molding products. On the other hand, industry expansion is limited by its negative effect on the environment. Another factor that regulates expansion is strict regulatory laws for manufacturers. Fluctuation in the price of elastomer is also a major concern for production. Industry expansion and call for automotive and sports manufacturing accessories is one of the biggest opportunities for the elastomer industry.
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Report segmented as:
By type:
· thermoset elastomer
· thermoplastic elastomer
By process:
· extrusion
· injection molding
· blow molding
· compression molding
By application:
· automotive
· medical
· electrical and electronics
· building and construction
· others
Geographical analysis:
The Asia-Pacific region was the largest revenue generating region in 2019 and the industry for this region is predicted to continue expanding during the foreseen period due to expansion in automotive production in Asia regions. Peaceful. Furthermore, the rapid industrialization and urbanization of these countries is stimulating the construction and manufacturing industries. This, in turn, contributes to the development of the world industry. Major car suppliers are moving their production bases to these industrys due to low operating costs and growing call for passenger cars. This factor is predicted to stimulate call for products in the coming years. North America was the second largest revenue generating regional industry in 2019. Easy adaptability and profitability are predicted to drive the regional industry during the foreseen period. Population expansion and per capita income levels in Asia Pacific are driving the automotive sector, which in turn will have a positive impact on the industry.
Important market players:
Some of the significant players operating in the elastomers industry are LG Chem. Ltd., Arkema, Inc., PolyOne Corporation, Covestro AG, E. I. du Pont de Nemours and Company, The Dow Chemical Company, Huntsman International LLC, Stockwell Elastomerics, Inc., Innovative Silicones, Universal Rubber Mfg NV, and Cauchos Pedro Romero S.L.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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