Kenneth Research recently added a report on the Elastomers Market Size, Share, Growth 2022 | Key Manufacturers, Type and Application, Demand, Business Strategies, Opportunities, Future Trends, Gross Margin, Revenue, SWOT Analysis and Forecast Research which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global elastomers market was valued at $80.3 billion in 2018. Elastomers are used in adhesives, molded flexible components and seals at the time of manufacturing of vehicle, chemical processes, food production and scientific applications.
Elastomer is derived from “elastic polymer” and is a rubbery substantial composed of polymers or elongated chain like molecules that retain the aptitude of returning in original shape after stretching it at rapid pace as well.
Elastomers are being adopted in various industries such as in the small as well as large rubber parts are being found in the aerospace and military sector in the production of energy, production of petroleum-based fuels, in chemical research along with in several industrial and commercial positions. Thus, rampant acceptance of elastomers in various industries are thereby strengthening the growth of the global elastomers market at an extensive rate.
Rampant demand for elastomers from automotive domain is the major factor driving the growth of the global elastomers market. The automotive domains is observing rampant demand for improved recyclability, extensive demand for lighter materials and parts and eradication of halogens are enabling the manufacturers to switch from vulcanized rubber and polyvinyl chloride (PVC) to thermoplastic elastomers (TPE). Additionally, elastomers enable manufacturers to ensure stable quality and further improve quality thereby enabling the company to meet evolving needs of the customers and enhance their satisfaction. Furthermore, elastomers offer low cost, light weight, productivity and to meet varied range of processing, performance and economic necessities for several highly durable applications.
Furthermore, increasing demand for elastomers from healthcare industry is propelling the growth of the global elastomers market.
Additionally, enhanced application of elastomers along with persistent technological innovation in elastomers is thus accentuating the growth of the global elastomers market at rapid pace. However, volatility in the prices of raw material and development of biodegradable grades are the key factors that are hampering the growth of global elastomers market.
Elastomers market forecast 2019 – 2029 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the elastomers manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Healthcare, industrial, consumer goods, automotive, and other industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
The reports provide the analysis based on product and end user segment. On the basis of product, the global elastomers market is categorised into thermoplastics and thermosets. Among the two products, thermosets category holds the largest share in the global market in 2018. Thermoset product augments chemical resistance, structural integrity and heat resistance that can further enable the manufacturers to improve mechanical properties of the materials and thermosets are also utilised for sealed products owing to confrontation to deformation.
Based on end user, the global elastomers market is segmented into healthcare, industrial, consumer goods, automotive, and others. Among all these segments, automotive domain is anticipated to generate largest revenue throughout the estimated period and healthcare domain is anticipated to witness fastest growth during the forecast period. Elastomers are considered to be safe and pure materials for medical application, easy to sterilize, offer efficient sealing performance, recyclability and provides effective overmold adhesion.
The elastomers market in Asia-Pacific is anticipated to generate largest revenue throughout the estimated period owing to increasing production capabilities in automotive domain in various countries such as China, Japan, India and Thailand. Furthermore, prompt urbanization and industrialization activities undertaken in various emerging countries is further driving the demand for elastomers in manufacturing and construction domain at rapid pace. Moreover, elastomers market in North America is gaining huge momentum due to rapid adoption of elastomers in aerospace domain in the region which is thereby enabling the manufacturers to attain cost efficiencies and easy adaptability.
The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The eminent key players in the global elastomers market are refining their manufacturing efficiencies, enhancing product portfolio and implementing mergers & acquisitions in order to gain competitive edge worldwide. Some of the players having prominent presence in the global elastomers market include LG Chem. Ltd, Lanxess AG, E. I. du Pont de Nemours and Company, BASF SE, The Dow Chemical Company, JSR Corporation, PolyOne Corporation, Huntsman International LLC, Arkema Inc., and Covestro AG.
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