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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 2030


ID: MRFR/CnM/6870-HCR | 111 Pages | Author: Chitranshi Jaiswal| April 2024

Elastomers Market Overview


Elastomers Market is expected to grow USD 107.1 Billion at a CAGR 7.15% during the forecast period, says Market research future (MRFR). Under normal circumstances, the long molecules that comprise an elastomeric material are coiled irregularly. However, when applied force, the molecules straighten out in the direction of the force. When the molecules are released, they spontaneously revert to their original compact, random arrangement. Elastomer is widely used in the automotive industry due to its resistance to oil, grease, and ozone, as well as its high impact strength and resilience.


The heating, ventilation, and air conditioning (HVAC) industry's growing demand for elastomers, as well as the construction industry's growing demand for materials such as adhesives, tubes, and coatings, are likely to boost the elastomers market expansion. Concerns about biocompatibility with elastomers used in medical applications are expected to restrain the market's growth. Shifting emphasis toward bio-based products and expanding application in the fabrication of medical instruments are likely to present opportunities.


COVID-19 had a negative impact on the elastomers market growth in 2020. The decline of the automotive industry, combined with the temporary suspension of construction and automotive manufacturing activities in several countries as a result of government-imposed lockdowns, has resulted in a decline in demand for elastomers used in the manufacture of automotive and construction materials such as tires, gaskets, plastics, tubes, adhesives, coatings, belts, and hoses, among others.


Elastomers Market Regional Analysis 



  • Asia-Pacific: The region accounted for the largest elastomers 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 elastomers 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 elastomers market outlook.



  • 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 elastomers 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


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 elastomers market share 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 elastomers 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 elastomers market size 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




  • March 2022: The researchers at Johns Hopkins examined the energy-absorbing properties of liquid crystal elastomers. The research team was able to increase strength while decreasing weight by using high-energy-absorbing liquid crystal elastomers (LCEs), which are typically used in actuators and robotics.


  • February 2022: Celanese has agreed to acquire the majority of DuPont's Mobility and Materials unit for USD 11 billion, combining two of the world's leading engineering polymer businesses. Celanese will also acquire DuPont's long-chain and performance nylons, as well as polybutylene and polyethylene terephthalates. The deal also includes DuPont's polyester and ethylene acrylic elastomers, as well as its Mylar and Melinex polyester films.

Report Attribute/Metric Details
  Market Size   2030: USD 107.1 Billion
  CAGR   2030: 7.15% 
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  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.


Frequently Asked Questions (FAQ) :

Elastomer market can expand at 7.15% CAGR by 2030.

By 2030, 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.

Elastomers Market

Elastomers Market is projected to be worth USD 77,017.2 Million by 2027, registering a CAGR of 7.15% during the forecast period (2022 - 2027)

Segmentation
By Type Thermoset Elastomer Natural Rubber Thermoplastic Elastomer
By End-Use Automotive Medical Electronics Textile Others
Key Players
Companies Profiled   BASF SE (Germany)   Evonik Industries AG (Germany)   Arkema S.A. (France)   The Dow Chemical Company (US)   Kuraray Co.    Ltd. (Japan)   Covestro AG (Germany)   SABIC (Saudi Arabia)   ARLANXEO (The Netherlands)   Mitsui Chemicals    Inc (Japan)   Exxon Mobil Corporation (US)   DuPont de Nemours (US)
Drivers
Market Driving Forces   High demand in the end-use industries such as automotive medical textile and electronics.
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