Elastomers Market – Industry Analysis and New Market Opportunities Explored

Market Synopsis

According to the MRFR analysis, the Global Elastomers Market is expected to reach over ~USD 107.1 Billion by the end of 2025 at a CAGR of ~4.8%.

Elastomers are amorphous polymers exhibiting characteristics of rubber in terms of flexibility and elasticity. Various elastomeric products on the account of their high abrasion and heat resistance are used in numerous industrial applications. For instance, TPUs offer excellent mechanical strength and low creep thus are used to manufacture conveyor belts. The rising demand for high-performance elastomers in the automotive and medical industries are the key factors favoring the growth of the elastomers market.

Pricing and Regulatory Analysis

In 2018, the price of elastomers increased from USD 0.19 to USD 0.40 between 2016 and 2018 and is likely to observe a gradual upsurge during the forecast period owing to fluctuating raw material and crude oil prices.

The stringent standards for elastomer analysis may favor the demand for elastomers during the review period. Some of the standards are American Society for Testing and Materials - ASTM D412, ASTM D624, ASTM D3182 ”and International Standard - ISO 34-1:2015.

SEGMENTATION

By Type

Thermoset Elastomers: These polymers belong to the group of elastomers that cannot be molded once they have been cured. Thus, on the account of their structural integrity thermoset elastomers are widely used in high-temperature applications.

Synthetic Rubber: The segment held the largest market share in 2018 on account of its excellent strength and flexibility. These elastomers are artificially synthesized and derived from petroleum-based monomers.

Styrene-Butadiene Rubber (SBR): On account of its good abrasion and elasticity, it is widely used in pneumatic tires. SBR on reinforcement exhibits higher strength and durability.

Isobutylene-Isoprene Rubber (IIR): Owing to its low gas permeability and high resistance finds applications in inner tires of cars, bicycles and other high-pressure tubes.

Nitrile rubber (NBR): It is used in the applications that demand oil and heat resistance. Modified nitrile rubber such as carboxylated nitrile rubbers (XNBR) and hydrogenated nitrile rubbers (HNBR) exhibit high tensile strength and weather resistance.

Polybutadiene (PBR): It is extensively used in various parts of automobile tires including sidewall of truck tires and heavy vehicles for abrasion resistance.

Others: The segment includes acrylic rubber (ACM) and ethylene-propylene rubber (EPM), among others.

Natural Rubber: It is a bio-based elastomer obtained from the rubber trees. It is commonly known as Natural Rubber Latex (NBL) and find wide applications in friction tapes, cement, and adhesives. However, the natural rubber is usually vulcanized to enhance the chemical properties.

Thermoplastic Elastomers: It is projected to be the fastest-growing segment during the forecast period due to significant advantages over conventional thermosetting elastomers. These elastomers are recyclable and are capable of being remolded.

Thermoplastic Polyurethane (TPU): On account of excellent flexibility over a wide temperature range and high abrasion resistance, it is extensively used in a foray of industrial applications such as seals and gaskets, sealants, andconveyor belts.

Thermoplastic Styrenic elastomers (TPS): They are styrene block copolymers with excellent flexibility and elasticity and commonly used in footwear, belts, and adhesives.

Others: The segment includes thermoplastics polyester-ether elastomer (TPE-E) and thermoplastic polyamide elastomers (TPE-A), among others.

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By End-Use Industry

Automotive: The automotive segment accounted for more than 62% market share in 2018. This is primarily due to the increased use of elastomers in various applications such as airbags, tires, gaskets, bumpers, and HVAC systems. In the automotive industry, the demand for elastomers in interior applications is expected to increase at a significant rate during the forecast period.

Medical: It is projected to be the fastest-growing segment during the review period. The increasing use of elastomers on account of hydrolytic stability and ease of sterilization in variety of applications such as peristaltic pump catheters, needleless syringes, and valves is fueling the demand for elastomers in the medical industry. Additionally, the rising innovations to develop bio-based elastomers offers a wide range of opportunities to produce artificially synthesized biocompatible organs.

Electronics: A variety of elastomers exhibit low electrical conductivity and thus are suitable for insulation purposes. For instance, ethylene-propylene rubber is used to insulate indoor and outdoor high voltage cables.

Textiles: Elastomeric fabrics on the account of their lightweight and stretchability are used in a variety of garments including cycling shorts, swimsuits, and athletic wear.

Others: The segment includes aerospace & defense, oil & gas, and construction.

By Region

Asia-Pacific: The regional market held a dominant share in 2018 and is expected to maintain its dominance during the review period. The increasing disposable income coupled with expanding automotive and textile industries in the region are fueling the regional market growth.

North America: The market growth is driven by the demand for high-performance elastomers in the aerospace and medical industries.

Europe: A firm market owing to the demand for elastomers in the automotive industry. Additionally, the rising automobile exports from the region is aiding market growth.

Latin America: The growing healthcare and electronics industries is driving the demand for elastomers in Latin America.

Middle East & Africa: The expanding automotive industry and rising constructional activities in the region are contributing to the regional market growth.

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