According to the latest report published by Credence Research, Inc. “Global Elastomers Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global elastomers market was valued at US$ 68.52 Bn in 2017, expected to grow at a CAGR of 5.1% from 2018 to 2026.
The demand for elastomers driven by rising application of elastomers in various end-use industries such as automotive, consumer goods, healthcare, construction, oil & gas and various others. The growing automotive sector is one of the key factors driving the demand for elastomers at present. Elastomers are widely used in several automotive applications such as automotive tires, radiator hoses, and bumper/fascia among others. Global demand for automotive tires is expected to maintain a CAGR of approximately 4.8% annually to reach 3.76 Bn units till 2021. Asia Pacific captured approximately 40% of the market for automotive tires in 2017, due to the high number of passenger vehicles sold in the region, especially in the densely populated countries such as India and China. According to the India Brand Equity Foundation (IBEF), the automotive industry in India went on to become the fourth largest in the world with sales topping the 4 million unit mark (exclusive of two wheelers) in 2017. Further, in 2016, volume sales of two-wheelers in the country crossed the 17 million unit mark, thus making India the largest market for two wheelers in the world. Further, the rapid growth of the footwear & sports apparel industry is another key factor driving the demand for elastomers. Thermoplastic elastomers find wide application in the manufacturing of footwear. Further, elastomers are also used for manufacturing shoe soles. Global market for footwear sole materials expected to cross the US$ 22 Bn mark by the end of 2026. Rubber is one of the key materials that are used for manufacturing footwear soles. Moreover, the robust growth of the footwear industry has led the major companies operating in the elastomers industry to focus extensively on research & development activities to bring out new products that would cater to the end-use industries. For instance, in August 2018, BASF S.E. launched an advanced grade of thermoplastic polyurethane (TPU) that will enhance the production of decorative shoe parts and shoe shanks in high performance shoes while maintaining exceptional mechanical properties such as UV resistance. The new material also attuned with automation, thereby allowing the parts to be removed easily from the mold while allowing greater design freedom of the decorative parts.
The market for elastomers has been segmented based on product type, end-use industry and region. Based on product type, thermoset elastomers held dominant share in 2017, both in terms of value and volume due to the widespread application of rubber in several end-use industries such as automotive, construction, and consumer goods among others. Both natural and synthetic rubbers find major application in the automotive industry, especially for manufacturing tires. Based on end-use industry, the automotive segment held the largest market share in 2017, due to high demand for elastomers in several application areas within the automotive industry. Consumer goods held the second largest market share in 2017. The consumer goods industry is a fair contributor to the growth of the elastomers market. Elastomers find wide applications in footwear, gloves, mobile phone accessories and apparels among others.
Based on region, Asia Pacific dominated the market in 2017 and expected to retain market dominance throughout the forecast period as well. India, China and Japan are spearheading the growth of the industry. The booming consumer goods industry in these countries is one of the key factors responsible for the growth of the elastomers market in the region. Rapid emergence of low cost smartphones in India has created a stir among the consumers regarding the possession of smartphones, which in turn has led to the increased demand for smartphone cases and covers as well. Consumer preference for mobile phone covers has increased substantially over the past decade on account of the benefits they offer such as impact protection, protection against pollution and dirt, and improves the aesthetic value of the phones..
Browse the full report Global Elastomers Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/elastomers-market
Key players operating in the field of elastomers include BASF S.E., Covestro A.G., Huntsman Corporation, DowDupont Inc., Lanxess A.G., Zeon Corporation, JSR Corporation, Kurara Co. Ltd., Teknor Apex, Evonik Industries, Arkema S.A., ExxonMobil Corporation and various others.