Rising demand from key
application areas coupled with advancements in the processing technologies is
likely to propel the elastomers 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. Key
properties, such as high durability, strength, and pliability, allow it an
ideal material in a variety of applications in the automotive sector.
Elastomers are elastic
polymers, which are lightly cross-linked and are amorphous along with glass
transition temperature. They can be classified as thermoplastic, diene and
non-diene. Thermoplastic Elastomers (TPEs) including SBS and SIS block
copolymers contain rigid and soft repeat units. Elastomeric parts are produced
through three major production techniques, which include injection molding,
compression molding, and transfer molding.
The market is anticipated to
be driven by rising demand from several application areas including automotive,
medical, consumer goods, industrial, and others. Moreover, the development of
biodegradable grades of elastomers is anticipated to create lucrative growth
opportunities for the market. Automotive application segment is expected to
lead the market during the forecast period. Rising adoption for hybrid and
Electric Vehicles (EVs) is influencing the product demand in this application.
High-performance elastomers are used in EVs for better fuel-efficiency and
reduced carbon emissions.
Access Research Report of Elastomers Market@ https://www.grandviewresearch.com/industry-analysis/elastomers-market
A number of manufacturers are
engaged in substituting steel to compete in terms of operating range with
internal combustion vehicles. In addition, various battery charging stations
are installed to improve the operating range of EVs. Rising scale of automotive
manufacturing coupled with increasing use of modified plastics is expected to
act as a key driver for the market over the forecast period. Booming manufacturing
sectors in China and India, particularly in automotive and electronics
industries, will drive the APAC regional market. Thermoplastic Elastomers
(TPEs) are fully recyclable and capable of reprocessing, which is expected to
boost development in the electrical and electronics segments in packaging and
wire and cable fields.
They are also highly UV- and
ozone-resistant, which increases their scope for outdoor wiring applications.
Major types of TPEs include Styrene Block Copolymer (SBC), Thermoplastic Polyurethanes
(TPU), Thermoplastic Polyolefins (TPO), Thermoplastic Vulcanizates (TPV),
Copolymer Esters (COPE) and other TPEs. Development of innovative TPEs is
projected to boost product scope in undiscovered applications and help increase
the market share. Emphasis on waste reduction is anticipated to foster the
replacement of conventional raw materials with recyclable and sustainable TPEs,
which is also likely to boost segment growth.
Further key findings from the study suggest:
· Asia Pacific led the global elastomers
market and is also anticipated to witness the fastest CAGR of 6.1% during the
forecast period from 2018 to 2025
· China is the fastest-growing country in the
global market due to huge growth potential as it is characterized by high
demand, as well as production, of elastomers; mainly TPEs
· The growth of the elastomers market in
China is majorly supplemented by high demand from the footwear industry
· Extensive R&D activities in the field
of developing eco-friendly grades have led to the creation of several improved
product grades, which is expected to help boost the market
· Recently, PolyOne Corp. announced to
initiate TPE production at its production facility in Pune, India, which will
allow the company to cater to the domestic consumer needs
Access Press Release of
Elastomers Market@ https://www.grandviewresearch.com/press-release/global-elastomers-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
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