According to a new market research report from IndustryARC, the global elastomers market size was around $71,017 million in 2018, and the demand is estimated to grow at a CAGR of 5.28% during the forecast period 2019-2025. This information is taken from an IndustryARC report titled, “Elastomers Market: By Type (Thermoplastic & Thermoset Elastomers); By Process (Extrusion, Injection Molding, Blow Molding, Compression Molding, Others); By End Use (Automotive, Aerospace, Appliance, Footwear, Photovoltaic, Electrical & Electronics, Others) & Geography – Forecast (2019-2025).”
Browse Elastomers Market Report Link: https://www.industryarc.com/PressRelease/638/Elastomers-Market-Research.html
Continues invention in chemistry and the polymer physics coupled with research and development are creating significant opportunities for the growth of ecofriendly polyurethane elastomers. The air-conditioner industry is one of the eye-catching arcade for the elastomers marketplace with increasing use of heating, ventilation, and air-conditioning (HVAC) technology.
Global Elastomers Market – Segment Analysis:
The analyst of the report identifies that the automotive industry holds a major share in the elastomers market and is projected to grow with a CAGR of around 5.24% during the forecast period. The rise in demand for hybrid and electric vehicles are increasing the growth for thermoplastic elastomers, and increasing adoption of elastomers by automotive manufacturers to shoot up the demand for the coatings. TPEs are increasingly being used as a replacement for vulcanized rubber and flexible polyvinyl chloride (PVC) as it reduces vehicle weight, improves fuel efficiency, lowers carbon gas emissions, and achieves greater recyclability to provide environmental sustainability.
Based on the geographical elastomers market analysis, APAC held the largest share in 2018 at more than 59% of the overall demand. Due to the increasing automotive and manufacturing industries in countries such as China, India, and Thailand coupled with increasing adoption of soft touch thermoplastic elastomers by consumer electronics industries in Japan, Taiwan, and South Korea, the region is anticipated to retain its dominance over the forecast period.
Global Elastomers Market – Competitive Landscape:
BASF SE, DowDupont, Covestro, Kuraray and Huntsman Corp., Zeon Corporation, Lanxess AG are some of the major companies considered in this research report.
An elastomer is a synthetic polymer, its low cost and high efficiency properties are adding value to the end products. Increasing use of TPEs in automotive industry and commercial and residential sectors will attribute the growth of the elastomers market in the near future.
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