Global Elastomers Market worth USD 164.2 Billion By 2033 | CAGR of 5.21%
Category: Energy & PowerGlobal Elastomers Market worth USD 164.2 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Elastomers Market Size is Expected to Grow from USD 98.8 Billion in 2023 to USD 164.2 Billion by 2033, at a CAGR of 5.21% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 115 Market data tables and figures & charts from the report on the "Global Elastomers Market Size, Share, and COVID-19 Impact Analysis, By Type (Thermoset and Thermoplastic), By End Use (Automotive, Medical, Consumer Goods, Industrial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/elastomers-market
The elastomers market refers to the industry producing and selling elastomers, which is a rubber-like material with elastic properties. Elastomers are used in various industries like consumer products, construction, automotive, and medicine. They may be used in place of rubber and PVC without sacrificing any performance parameters, there is considerable demand for them in the automobile sector. The development of bio-based products, the usage of elastomers in electric vehicles, and the expansion of the consumer goods market are the several factors that are providing lucrative market growth opportunities for elastomers. The expanding automotive and construction manufacturing sector, technological advancements, and the need for sustainable products are driving the elastomers market. The growing adoption of silicone elastomers due to their high-temperature resistance and biocompatibility, particularly in automotive and medical elastomers market is propelling the market. However, the fluctuation in raw material price and technical challenges in manufacturing cost-effective thermoplastic elastomer products are challenging the market.
The thermoset segment dominated the global elastomer market with the largest revenue share in 2023.
Based on the type, the elastomers market is classified into thermoset and thermoplastic. Among these, the thermoset segment dominated the global elastomer market with the largest revenue share in 2023. Thermoset elastomers are commonly found in biomedical equipment, tires, drive belts, and gaskets, a network-structured polymer that uses a chemical process to solidify into an elastic material. The emphasis on the development of advanced formulations is driving the market demand in the thermoset segment.
The automotive segment accounted for the largest revenue share of the global elastomers market in 2023.
Based on the end use, the elastomers market is classified into automotive, medical, consumer goods, industrial, and others. Among these, the automotive segment accounted for the largest revenue share of the global elastomers market in 2023. In the automotive segment, elastomers provide essential properties including flexibility, heat resistance, and chemical stability. The extensive use of automotive elastomers and increased awareness about the advantages including improved performance, safety, noise reduction, and emissions reduction leads to drive the market growth.
North America is estimated to hold the largest share of the elastomers market over the forecast period.
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North America is estimated to hold the largest share of the elastomers market over the forecast period. The need for high-performance elastomers in a variety of applications along with the region’s strong emphasis on innovation is driving the market. Further, the advancement in automotive technology along with the rising electric vehicles is driving the market growth.
Asia Pacific is predicted to grow at the highest CAGR in the elastomers market over the forecast period. The increasing demand for lightweight and durable materials in the automotive and construction sectors is driving the market. Further, the popularity of eco-friendly elastomers due to emphasis on sustainability and environmental requirements is propelling the market growth.
Major key players in the global elastomers market include BASF SE, Huntsman Corporation, ExxonMobil, DuPont de Nemours, Inc., Arkema, INEOS, Asahi Kasei Corporation, LANXESS AG, LG Chem, Chemtura Corporation, Mitsui Chemicals, Inc., JSR BST Elastomer Co., Ltd., Zeon Chemicals L.P., Kuraray Co., Ltd., Wacker Chemie AG, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In March 2024, Dow formulated a breakthrough option of polyolefin elastomers (POE) based artificial leather - a solution to address the automotive industry’s need to shift towards increasingly animal-free product alternatives to leather.
- In May 2023, Borealis launched a portfolio of circular plastomers and elastomers based on renewable feedstock. Borealis announced the launch of Stelora, a new class of engineering polymer, produced from renewable feedstock and reportedly suitable for a wide range of technically advanced applications for which high-temperature polymers are used.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the elastomers market based on the below-mentioned segments:
Global Elastomers Market, By Type
- Thermoset
- Thermoplastic
Global Elastomers Market, By End Use
- Automotive
- Medical
- Consumer Goods
- Industrial
- Others
Global Elastomers Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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