Elastomers Market size is forecast to reach $ 78,699.56 million by 2025, after growing at a CAGR of 5.33% during 2020-2025.Increased adoption of elastomers in the automobile industry to shoot up the demand for the elastomers.
The elastomers market is growing at a significant rate during the forecast period, owning to growing demand from the automotive industry. Elastomer is extensively used in the automotive industry due to its excellent properties such as resistance to oil, grease, and ozone; impact strength; and good resilience. It is mainly used in tyre and in interior designing of vehicles. The major advantage of elastomer is that it can be manufactured in any color to match the vehicles color; it also provides better low temperature performance and high abrasion resistance. Owning to these properties elastomer is extensively used for manufacturing gear knobs, cup holders and interior door handles, cover strips, chassis spring seating, and bushings.
According to OICA, in 2018 the production of light commercial vehicles and heavy trucks increased by 5.9% and 3.5% from 2017. In addition, according to International Energy Agency, in 2018, 3.29 million electric vehicles deployed globally and the number will increase up to 125 million by 2030. As a lightweight material, elastomer reduces vehicle weight, which in turn leads to the fuel efficiency of vehicle. Therefore, there is an increasing demand of elastomer in the automotive industry to replace traditional metal and reduce vehicle weight.
APAC holds a major share of elastomers market, due to growing automotive production in countries such as India, Indonesia, Malaysia and Thailand, as more than half of elastomer is used in manufacturing tires. According to OICA, in 2018 automotive production in India, Indonesia, Malaysia and Thailand increased by 8%, 10.3%, 12.2% and 9% up to 5,174,645, 1,343,714, 402,085 and 2,167,694 from 2017. In addition, in 2019, the Australian government announced to focus more on innovation, build industry capability, and assist future emerging industries such as autonomous vehicle and related technologies; hydrogen and electric vehicles and related technologies. Owning to this, the Australian automakers are highly implementing innovative materials in order to increase various new features in the vehicles. This is further influencing elastomers market growth.
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Elastomers Market Growth Drivers:
- Increasing usage of thermoplastic elastomers (TPE):
Automobile manufacturers are now shifting from standard plastic and conventional elastomers to using thermoplastic elastomers with product innovations. Demand for thermoplastic elastomers is strongly focused in Japan, US, China, and Germany owing to continuous growth in the automotive industry, along with several new players entering the market. Thermoplastic elastomers application in automotive industry is widespread ranging from sealing components to fabric coating. PVC in the fluid handling applications in automobiles is being replaced with thermoplastic vulcanizate, a type of thermoplastic elastomers on a large scale. Increasing demand for fuel-efficient cars across regions is also shifting manufacturers focus towards thermoplastic elastomers. Hence increasing usage of thermoplastic elastomers and advancement in the TPE processing industry is expected to drive the elastomers market.
Research & Development:
The future of the polyurethanes industry is anticipated to be driven by the continual invention and revolution in both the chemistry and the polymer physics of the highly versatile material and hence, research and development is expected to continue to provide new capabilities. The integration of raw material supplies, such as propylene to propylene oxide to polyols, will have an effect on the cost base of the major chemical manufacturers in this sector. A recent trend in polyurethane elastomer production is the replacement of toluene diisocyanates with less volatile polymeric isocyanates. Also, producers are focusing on research and development to find ways to eliminate chlorinated polyurethane carbon blowing agents which are often used in the production of polyurethane elastomer foams. This will further drive elastomers market growth.
The Major Players in this Market Include
The major companies in the Elastomers market include BASF SE, JSR Corporation, Zeon Corporation, Celanese Corporation, PJSC Nizhnekamskneftekhim, E.I. DuPont De Nemours and Company, Wanhua Chemical Group Co., Ltd, Lanxess AG, among others. In 2018, Dow Company introduced new elastomer product range SILASTIC™ which showcases full range reliability, security and esthetics of silicone elastomers for automotive, industrial, energy and mobility applications on display at the Fakuma International Plastics Manufacturing Trade Fair.
In 2019, JSR Corporation launched a new styrene-butadiene copolymer rubber (SBR) for car tires with new SBR features significantly improved mechanical strength, wear resistance and durability to improve fuel efficiency for CO2 emission reduction. The main focus of the key companies are centered towards the product launches in different locations of companies, thus enhancing their product portfolios for various end-use industry. The continuous developments in the Elastomers are the major factors set to buoy the Elastomers market during 2020-2025.
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