Elastomers Market size is forecast to reach $ 78,699.56 million by 2025, after growing at a CAGR of 5.33% during 2020-2025. Elastomers, due to their extensive properties, such as high thermal stability, greater chemical resistance, high tensile strength, low shrinkage, and greater design flexibility, are used in a wide range of applications, in various industries including automotive, medical, consumer goods, industrial, and others. Rising demand from key application areas, combined with advances in processing technologies, is expected to fuel market growth during the forecast period. Elastomers are witnessing high demand from the automotive industry on account of rising need for high-performance and lightweight materials in vehicle production. Furthermore, the usage of recycled elastomers is likely to provide various opportunity for the elastomer market in the coming years.
- Asia-Pacific dominates the global elastomers market, owing to increasing automotive production in the region. According to OICA, the production of light commercial vehicles has increased by 10.2 % in 2018 in the APAC region.
- Elastomers demand in consumer goods market is increasing continuously owning to its excellent physical properties, such as high flexibility, low weight, good printability, enormously robust, excellent temperature resistance, high surface quality, high impact strength, and so on. Therefore, elastomers are used in wide range of applications in consumer goods, which includes closures, toys, kitchenware, food containers, handles, cosmetic packaging, lids, furniture, sporting goods, and household goods.
- However, operations in various industries such as automotive, electronics and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit Elastomers market growth for the next two years.
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Drivers – Elastomers Market
- Rapidly expanding market of footwear in the emerging countries is anticipated to propel the demand for elastomers
- Increasing usage of elastomers and continuous developments with regards to polyurethane production in developing regions is expected to drive the elastomers market.
Major players in the Elastomers market are BASF SE, JSR Corporation, Zeon Corporation, Celanese Corporation, PJSC Nizhnekamskneftekhim, E.I. DuPont De Nemours and Company, Wanhua Chemical Group Co., Ltd, Lanxess AG, among others.
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