The global elastomers market size is expected to grow owing to the wide-ranging applications of elastomers across numerous end-user industries, shares Fortune Business Insights™ in its report, titled “Elastomers Market Size, Share & Industry Analysis, By Nature (Thermoset, Thermoplastic), By Type (General Purpose, Specialty Elastomers, Thermoplastic Elastomer), By Application (Automotive, Adhesives & coatings, Consumer Goods, Sports & leisure, Electrical & Electronics, Industrial, Others) Others and Regional Forecast, 2019-2026”. Developed as an alternative to natural rubber, elastomers are essentially polymers composed of silicon, hydrogen, oxygen, and carbon, whose long-chain structures are linked at the intermolecular level, making them elastic as well as viscous. Owing to their unique properties, these materials have a high applicability quotient in various industries. For instance, hydraulic seals are widely utilized in the oil & gas industry to prevent leaks. Polyurethanes, as a result of high versatility and durability, are commonly used in textile manufacturing, particularly in the production of elastic garment materials such as spandex. Thus, on account of their several benefits, elastomers are highly demanded across the industrial spectrum, which is the primary factor driving the growth of this market.
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The report answers the following questions:
- Which are the key factors and trends shaping the growth trajectory of the market?
- Which factors are hindering the full-fledged growth of the market?
- What is the overall industry outlook and prospects?
- How are the individual market segments driving or restraining its growth?
- Which regions are expected to emerge as the most lucrative for the market?
- Who are the top market players and what are their dominant strategies?
Advent of Thermoplastic Elastomers to Favor Market Growth
Adverse impacts of polymers on the environment have limited their adoption. However, with the emergence of thermoplastic elastomers (TPEs), there has been a resurgence of interest in these materials. TPE are a combination of the diverse properties of thermoplastics and vulcanized rubber, boasting of unique properties such as hardness, rigidity, and enhanced flexibility. Most importantly, this variety of elastomers is fully recyclable as they can be processed in many different ways, ranging from extrusion to injection molding. In addition, TPEs have generate less waste when processed, consume lower amount of energy, and have shorter cycle times, all of which make them sustainable materials. Many companies are also innovating along these lines. For instance, ELASTO UK has engineered a material that contains around 65-80% recycled polypropylene and rubber granules from used car tires. Advancements in TPE are, therefore, contributing to the elastomers market growth.
Asia-Pacific to Have Tight Grip on Market Share; North America to Display Stable Growth
Among regions, Asia-Pacific is expected to dominate the elastomers market share during the forecast period. This is primarily attributable to high production and consumption of elastomers in China, India, Japan, and South Korea. Rapid expansion of the automotive sector in the developing economies of India and China will further augment the regional market.
The market in North America will be mainly driven by application of advanced adhesives and coatings in manufacturing plants in the region. Moreover, adoption of sustainable polymers to reduce carbon footprint will also aid the growth of the regional market. In Europe, on the other hand, the top market driver will be the demand for energy-efficient elastomers from the robust automotive industry in Germany, France, UK, and Italy.
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Strategic Expansion in Foreign Lands by Players to Stimulate Competition
Besides consolidating their position on their home turf, big players in this market are continuously looking to opportunities to tap foreign markets. Successful execution of this strategy will enable these players to gain a decisive edge in the market as their global presence will be expanded and their revenue streams diversified.
- August 2019: The German chemicals major, BASF, launched its MasterSeal 7000 CR in the Japanese market under its waterproofing and concrete protection brand, Master Builder Pozzolith. Powered by the company’s XolutecTMtechnology, the sealing solution offers comprehensive protection to wastewater management structures and extends their service life by a considerable margin.
- June 2019: WACKER Chemie, the German chemical company, unveiled its new production line at its Zhangjiagang plant in China. Aimed at expanding the production of silicone elastomers, the new line will allow WACKER to broaden its business in China and widen its distribution network of high consistency silicone rubber in Asia-Pacific.
List of Players Covered in the Elastomers Market Report:
- LANXESS AG
- Asahi Kasei Corporation
- Chemtura Corporation
- BASF SE
- JSR BST Elastomer Co., Ltd
- Wacker Chemie AG
- LG Chem
- Zeon Chemicals L.P.
- Mitsui Chemicals, Inc.
- Huntsman Corporation
- DuPont de Nemours, Inc.
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