Elastomers Market Size, Share & Trends Analysis Report By Application (Consumer Goods, Medical, Automotive, Industrial), By Type (Thermoplastics, Thermosets), By Region, And Segment Forecasts, 2019 - 2025
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The global elastomers market size was valued at USD 75.56 billion in 2017 and is projected to expand at a CAGR of 4.8% from 2018 to 2025. 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.
Rising demand from key application areas coupled with advancements in the processing technologies is likely to propel the 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.
U.S elastomers market size, by appllication, 2014-2025 (USD Billion)
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The product is used in the manufacturing of puncture-resistant seals, protection of wires and cables, and for better impact-resistance in vehicle interiors. This factor is also likely to drive the overall market throughout the forecast years. Growing population and per capita income levels in Asia Pacific are boosting the automobile sector, which, in turn, will have a positive impact on the market.
Moreover, availability of cheap labor and other resources in Asia Pacific region is supplementing the growth of automotive manufacturing. This is also expected to contribute significantly towards the product demand. The region is witnessing heavy investments from key automotive companies, such as BMW AG, Fiat Automobiles S.p.A, Ford Motor Company, Mazda Motor Corporation, Nissan Motor Company Ltd., and Jaguar Cars Ltd., which will drive the industry further augmenting the product demand.
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Automotive was the largest application segment in 2017. Elastomers witness high demand in the automotive segment. Rapidly expanding global automobile industry coupled with stringent regulations regarding toxic emissions is creating lucrative growth opportunities for the global elastomers market. Key Tier 1 component suppliers, as well as constructors, are using elastomers for downsizing their product weight and size. Moreover, rising need to reduce carbon emissions as well as fuel consumptions is anticipated to boost the product demand further.
Medical is expected to be the fastest-growing application segment during the forecast period. Wide usage of TPEs in the medical application segment, such as in medical gaskets and stoppers, due to their high insulation and molding properties than thermosets will drive the segment. Moreover, TPEs are moldable to fill all sorts of gaps and are highly flexibility, which has created a larger demand for these products as substitutes for previously popular thermosets.
Thermosets was estimated as the largest product type segment and accounted for a revenue share of 70% in 2017. The segment is anticipated to maintain its dominance over the forecast period on account of diverse applications of thermosets across several industries. They are cost-effective materials that offer excellent aesthetic appearance and aid in improving the mechanical properties of materials by enhancing the structural integrity as well as heat and chemical resistance. They are also used in the manufacturing of sealed products owing to their resistance to deformation.
Global elastomers market share, type, 2017 (%)
Thermoplastic elastomers are rubber-like compounds that offer superior electrical properties coupled with excellent toughness, flexibility, and surface aesthetics. These compounds have thermal stability and perform exceptionally even under extremely low temperatures. Furthermore, TPEs withstand tear and abrasion and have great tensile properties. The products do not require any pre-dying and are free of PVCs and phthalate esters. They are also costlier than thermosets.
The Asia Pacific was the largest revenue-generating region in 2017.The market in this region is anticipated to expand further during the forecast period owing to growing automotive production in China, Thailand, India, and Indonesia. Moreover, rapid industrialization and urbanization in these countries is driving the construction and manufacturing industries. This, in turn, is contributing to the global market development.
Major automotive OEMs are shifting their production bases to these markets due to low operational costs and escalating demand for passenger cars. This factor is expected to drive the product demand over the coming years. North America was the second-largest revenue-generating regional market in 2017. Easy adaptability and cost-efficiency are anticipated to drive the regional market over the forecast period.
Key companies in the global market include LG Chem. Ltd.; Arkema, Inc.; PolyOne Corporation; Covestro AG; E. I. du Pont de Nemours and Company; The Dow Chemical Company; and Huntsman International LLC.The industry participants are undergoing extensive research & development activities to develop newer blends and effective processing methodologies to gain competitive strength. In August 2018, Trelleborg Sealing Solutions launched a new custom elastomer, designed especially for HTHP wellhead tubing and hanger sealing applications.
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global elastomers market report on the basis of type, application, and region:
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
This report addresses:
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Grand View Research employs comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives. Critical elements of methodology employed for all our studies include:
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia and trade journals. Technical data is also gathered from intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development and pricing trends is fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, and industry experience and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of technology landscape, regulatory frameworks, economic outlook and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
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