Elastomers Market Research Report - Forecast till 2027

Elastomers Market Research Report: By Type (Thermoset Elastomer (Synthetic Rubber, Styrene-butadiene Rubber, Isobutylene-isoprene, Nitrile rubber, Polybutadiene, Others), Natural Rubber, Thermoplastic Elastomer) and By End-Use (Automotive, Medical, Electronics, Textile, Others) – Forecast to 2027

ID: MRFR/CnM/6870-HCR | February 2021 | Region: Global | 111 pages

According to MRFR analysis, the Elastomers Market is projected to register a CAGR of 4.8% to reach ~USD 107.1 Billion by the end of 2027. 

Elastomers Market Regional Analysis 



  • Asia-Pacific: The region accounted for the largest market share in 2018 and is projected to register the highest CAGR during the forecast period. Owing to the high demand for the product is rapidly growing automotive and electronics industries in the region. China, followed by India and South Korea, is the leading country on the account of rising consumer demands in the region. Additionally, the increasing demand for electric vehicles in the region is boosting the regional market growth.



  • North America held a sustainable market share in 2018. This is primarily due to the high demand for the product in mature medical and automotive industries. The US followed by Canada is the leading country in the region on the account of the presence of major players such as Dow, Exxon, and Dupont in the country. In addition, the increasing use of elastomers to manufacture aircraft components is further driving the regional market growth.



  • Europe: High automobile production coupled with significant exports from the region is driving the regional market growth. Germany, the UK, and Italy are the major contributors to the regional market.



  • Latin America: Expanding automotive, medical and textile industries are expected to drive the market growth for elastomers in the region.



  • Middle East & Africa: The growing automotive and electronics industries in the region is contributing the regional market


Key Players



  • BASF SE (Germany)—Elastollan

  • Evonik Industries AG (Germany)—VESTAMID

  • Arkema S.A. (France)—Pebax

  • The Dow Chemical Company (US)—Vamac

  • Kuraray Co., Ltd. (Japan)—SEPTON

  • Covestro AG (Germany)- Vulkollan

  • SABIC (Saudi Arabia)—SABIC

  • ARLANXEO (The Netherlands)—Buna

  • Mitsui Chemicals, Inc (Japan)—TAFMER

  • Exxon Mobil Corporation (US)—Exxpro

  • DuPont de Nemours (US)—Vamac

  • West American Rubber Company, LLC (US)—WARCO

  • Solvay (Belgium)—Tecnoflon

  • TERVES INC (US)—Elementum

  • Teknor Apex (US)—Sarlink


Market Synopsis


Elastomers are long-chain polymers with weak intermolecular forces in between them. These polymers on stretching exhibit reversible extension with minimal deformations. Elastomers are widely known for their superior properties such as excellent chemical resistance, high tensile strength, and good resilience. Thus, showcase high degrees of performances in terms of flexibility and durability in multifarious applications. Owing to the aforementioned properties, elastomers are widely used in several end-use industries such as automotive, electronics, medical, and textile. For instance, polyether block amide (PEBA), a thermoplastic elastomer, owing to its high dynamic and mechanical properties is used in textile industry to manufacture shoe soles. In the market, some of the popular trade names of elastomers are: Pebax, VESTAMID, Cellasto, Vamac, TAFMER, Exxpro, and SEPTON.


The major factor driving the growth of the market is the rising demand for elastomers for miscellaneous automotive applications owing to their flexibility and durability. The three prominent applications of automotive elastomers are tire, interior, and exterior. For instance, thermoplastic polyurethane films (TPU) on the account of high abrasion and scratch resistance is used in automotive seating applications such as headrests, arm sets, and lumbar support systems. Additionally, the expanding automobile industry in developing countries such as China, India, and others offers huge scope for the utilization of broad range of elastomeric products. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2018 the Indian automobile production (passenger and commercial vehicles) registered a growth of 8% of 5.174 million from 4.782 million units in 2017. In addition, the increasing demand for elastomers for biomedical applications such as controlled drug delivery systems, hydrogels, and tissue engineering is further driving the market growth worldwide.


Furthermore, the growing need to produce high-performance bio-based elastomers for numerous engineering applications is projected to create lucrative opportunities for the key players operating in the elastomers market.


However, the fluctuating raw material and crude prices are likely to hamper the global elastomers market during the assessment period.


Pricing and Regulatory Analysis


In 2018, the elastomers market was priced around USD 1700- 2120 per ton across the globe. The product has witnessed a gradual rise of USD 0.19 to 0.40 in its price from 2016 till 2018 and this trend is likely to continue during the forecast period owing to fluctuating raw material and crude oil prices


The stringent standards for evaluating elastomer properties are likely to boost the market growth during the forecast period. Some of the standards are the American Society for Testing and Materials-ASTM D412  for “Determining the tensile properties of vulcanized rubber and thermoplastic elastomers”; ASTM D624 for “Measuring the tear strength of thermoset rubbers, thermoplastic elastomers”; ASTM D3182 for “Rubber--materials, equipment, and procedures for mixing standard compounds and preparing standard vulcanized sheets”; and International Standard - ISO 34-1:2015 for “Determination of Tear Strength of the rubber(Trouser, Angle, and Crescent Tear Pieces)”.


Market Drivers



  • High demand in the end-use industries, such as automotive, medical, textile, and electronics.


Market Restraints



  • Fluctuating raw material and crude oil prices


Opportunities



  • Shifting interest toward the development of eco-friendly elastomers

  • Increasing application of dielectric elastomers in the power generation sector


Segmentation


By Type



  • Thermoset Elastomer: The segment accounted for the largest market share in 2018 owing to their high durability and mechanical strength. Thus, are widely used in the manufacturing of tires, exterior parts, and some under the hood applications in the automotive industry. In thermoset elastomers, synthetic rubber is majorly used in various applications on the account of its high strength and abrasion resistance properties as compared to the natural substitutes.

    • Synthetic Rubber

    • Styrene-butadiene Rubber (SBR)

    • Isobutylene-isoprene (IIR)

    • Nitrile rubber (NBR)

    • Polybutadiene (PBR)

    • Others



  • Natural Rubber



  • Thermoplastic Elastomer: The fastest growing segment owing to its advantages over conventional thermosetting elastomers such as easy recycling, excellent impact resistance, and lower cost of processability.

    • Thermoplastic polyurethane (TPU)

    • Thermoplastic Styrenic elastomers (TPS)

    • Polyether block amide (PEBA)

    • Others




By End-Use Industry



  • Automotive: The automotive segment accounted for the largest market share of more than ~45% in 2018. This is primarily attributed to the increased product usage in an array of applications such as tires, door panels, dash boards, and seatings.

  • Medical: The segment is expected to register the highest CAGR during the review period owing the increasing product usage in catheters, PVC-free tubing, and other applications.

  • Electronics: Elastomers on the account of excellent weather and chemical resistance are to insulate wires and prevent them damp, radiation and heat.

  • Textile: Various woven and knitted fabrics are incorporated with elastomers to increase the durability and strength.

  • Others


By Region



  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa


Recent Development

June 2021 - A global chemical and specialty materials company, Celanese Corporation, announced a definitive agreement to acquire the Exxon Mobil Corporation’s elastomers business, Santoprene™ TPV. The acquisition will be an element of a thorough TPV product portfolio, alongside the intellectual property, a world-class organization, and production and commercial assets.
The chairman and chief executive officer of Celanese Corporation said that they are further extending the unequaled portfolio of engineered solutions they bring to their customer base with this acquisition. He further added that the deal implies a high-return opportunity to boost future shareholder value by positioning their excess cash from the monetization of their inactive ownership in Polyplastics and unrelenting strong cash generation in their businesses.

April 2021 - Audia Elastomers, a global supplier of innovative elastomer materials, announced the launch of the AudiaFlex™ family of sustainable thermoplastic elastomers. The AudiaFlex™ family comprises customizable grades manufactured from post-consumer, marine-based, bio-based, and post-industrial sources.
Vice President of Sales and Marketing for Audia said that The AudiaFlex™ product line signifies the company’s commitment to sustainability. He further added that they are directly responding to the market forces demanding new sustainable material options.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 107.1 Billion
  CAGR   4.8% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, End-Use Industry and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BASF SE (Germany)—Elastollan, Evonik Industries AG (Germany)—VESTAMID, Arkema S.A. (France)—Pebax, The Dow Chemical Company (US)—Vamac, Kuraray Co., Ltd. (Japan)—SEPTON, Covestro AG (Germany)- Vulkollan, SABIC (Saudi Arabia)—SABIC, ARLANXEO (The Netherlands)—Buna, Mitsui Chemicals, Inc (Japan)—TAFMER, Exxon Mobil Corporation (US)—Exxpro, DuPont de Nemours (US)—Vamac, West American Rubber Company, LLC (US)—WARCO, Solvay (Belgium)—Tecnoflon, TERVES INC (US)—Elementum, Teknor Apex (US)—Sarlink
  Key Market Opportunities

  • Shifting interest toward the development of eco-friendly elastomers.
  • Increasing application of dielectric elastomers in the power generation sector
  •   Key Market Drivers   High demand in the end-use industries, such as automotive, medical, textile, and electronics.


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    Frequently Asked Questions (FAQ) :


    Elastomer market can expand at 4.8% CAGR by 2025.

    By 2025, the Elastomer market value can exceed USD 107.1 Billion.

    BASF SE (Germany)—Elastollan, Arkema S.A. (France)—Pebax, and Evonik Industries AG (Germany)—VESTAMID are some reputed names in the Elastomer market.

    The surge in need for geotextile can promote the Elastomer market.

    presence of alternative solutions can restrain the Elastomer market.