Specialty Elastomer Market Research Report - Forecast till 2030

Specialty Elastomer Market Research Report - Forecast till 2030

ID: MRFR/CnM/3166-HCR | February 2023 | Region: Global | 140 pages

Impact of COVID-19 on the Specialty Elastomer Market

Specialty elastomers are widely used in numerous applications such as medical devices, automotive, electronics, consumer goods and footwear application. The outbreak of COVID-19 pandemic has disrupted the supply chain and economic activities across the globe. The COVID-19 has severely impacted numerous end-use industries, thereby hampering the global specialty elastomer market. The global pandemic has impacted the raw material supply & price, production operations and supply chain disruptions,

Among its various application, the automotive sector is the major consumer of specialty elastomer in 2019. However, the recent pandemic has hampered the automotive production and closer of several manufacturing plants across the globe, thereby leading to reduction of specialty elastomer demand during the first quarter of the 2020. Furthermore, the lockdown across the major economies, closures of borders and trade restrictions has crunched the supply-demand of various materials and a fluctuation in raw material prices and supplies. Similarly, the demand from end-use industries such as construction, electrical & electronics, and aerospace industries have been reduced hindering the global specialty elastomer market.

However, the demand for specialty elastomer from medical and healthcare applications is expected to remain positive due to the COVID-19. Increasing demand for specialty elastomer is expected to increase for PPE equipment manufacturing, medical devices, and other equipment on the account of significant investments in healthcare sector in order to adapt to the unprecedented global pandemic challenge.  

Asia-Pacific in the major consumer as well as the producer of specialty elastomer in 2019. During the first quarter of 2020 the outbreak of COVID-19 had disrupted production and demand of specialty elastomer in countries such as China, India, Japan, and ASEAN countries. However, the economic activities in the countries such as China, India and Japan are the picking up the pace in the second quarter with cautiously relax measures which is expected to augment the recovery of the specialty elastomer market.

According to MRFR, the global pandemic has significantly affected the specialty elastomer market during 2020 and expected to continue affecting the market growth by 2021. However, the production and demand for specialty elastomers is expected to recover by the second quarter of 2021.
COVID 19 Impact Specialty Elastomer Market Share