Global Elastomers Market Insights Forecasts to 2033

• The Global Elastomers Market Size was Estimated at USD 98.8 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 5.21% from 2023 to 2033
• The Worldwide Elastomers Market Size is Expected to Reach USD 164.2 Billion by 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Elastomers Market Size is anticipated to exceed USD 164.2 billion by 2033, growing at a CAGR of 5.21% from 2023 to 2033. The rising need in the automotive sector for high-performance and lightweight materials is driving the market for elastomers.

Market Overview

The elastomers market refers to the industry that produces and sells elastomers, which are rubber-like materials with elastic properties. Numerous industries use elastomers, including consumer products, construction, automotive, and medicine. The automobile sector makes substantial use of elastomers because of their qualities, which include impact strength, durability, and resistance to oil, grease, and ozone. Further, elastomers may be used in place of rubber and PVC without sacrificing any performance parameters, there is considerable demand for them in the automobile sector. New developments in renewable elastomers have emerged, offering qualities similar to those of conventional synthetic alternatives while encouraging biodegradability and a reduced carbon impact. 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.

Report Coverage

This research report categorizes the elastomers market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the elastomers market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the elastomers market.

Driving Factors

The expanding automotive and construction manufacturing sector, technological advancements, and the demand for sustainable products are propelling the elastomers market. Further, the significant impact resistance, thermal stability, durability, and adaptability are provided by elastomers making them suitable for both everyday products and specialized industrial applications. As technology continues to develop and evolve, elastomer finds use in applications ranging from automotive tires to seals in industrial machinery. The increasing adoption of silicone elastomers owing to their high-temperature resistance and biocompatibility, especially in the automotive and medical elastomers market is propelling the market. In addition, the acceptance of bio-based elastomers addressing environmental sustainability concerns is further bolstering the market growth.  

Restraining Factors

The price volatility of raw materials owing to factors including supply and demand, energy costs, and geopolitical shifts is challenging the market growth. Further, the technical challenges in manufacturing cost-effective thermoplastic elastomer products may hamper the market growth.

Market Segmentation

The elastomers market share is classified into type and end use.

• The thermoset segment dominated the 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 market with the largest revenue share in 2023. Thermoset elastomer is a network-structured polymer that solidifies into an elastic substance using a chemical process. They are frequently used in drive belts, tires, gaskets, and biomedical equipment.

• The automotive segment dominated the market with the largest share of 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 dominated the market with the largest share of elastomers market in 2023. The widespread application of automotive elastomers along with the awareness about the benefits of automotive elastomers such as emissions reduction, noise reduction, performance improvement, and safety improvement are augmenting the market growth.

Regional Segment Analysis of the elastomers market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the elastomers market over the predicted timeframe.

North America is anticipated to hold the largest share of the elastomers market over the predicted timeframe. The advancement in automotive technology along with the rising electric vehicles is driving the market growth. The need for high-performance elastomers in a variety of applications along with the region’s strong emphasis on innovation is driving the market demand. Further, the extensive need for elastomers from the automotive and construction industries is propelling the market demand.

Asia Pacific is expected to grow at the fastest CAGR growth of the elastomers market during the forecast period. The growing need for lightweight and durable materials in the automotive and construction sectors along with rapid industrialization and urbanization are significantly driving the market growth. The increasing popularity of eco-friendly elastomers owing to the improvements in production methods and emphasis on sustainability and environmental requirements are propelling the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the elastomers market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• 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.
• In February 2023, Kuraray announced that construction of a new plant for isoprene-related businesses has been completed and would soon start operations in stages. The construction was undertaken by Kuraray GC Advanced Materials and Kuraray Advanced Chemicals (Thailand). The plant is located in WHA Eastern Industrial Park within the petrochemical complex in Map Ta Phut, Rayong Province, Thailand.

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