Elastomers Market By Product Type (Thermoset Elastomers, Thermoplastic Elastomers), By End-Use Industry (Automotive, Healthcare, Consumer Goods, Construction, Oil & Gas, Others) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

In terms of revenue, the global market for elastomers was valued at US$ 68.52 Bn in 2017, which is expected to reach US$ 104.17 Bn by 2026, witnessing CAGR of 5.1% during the period from 2018-2026. Asia Pacific led the elastomers market in 2017, followed by Europe. However, Asia Pacific also expected to project the fastest growth during the forecast period. Elastomers are materials that are made from rubber and are composed of long chains of polymers of molecules that are capable of resorting to the original shape after being stretched to great extents. Under usual circumstances, the long molecules that make up as elastomeric material are coiled in an irregular manner, and they stretch to the desired direction upon the application of force. However, they retract to their original form when the force is reduced. The demand for elastomers has witnessed a growth trajectory over the past few years owing to properties such as greater tensile strength, higher resistance to chemical abrasion, high thermal stability, and flexibility among others.

Rising demand for automotive vehicles is one of the key factors driving the demand for elastomers at present. The automotive industry is the largest end-user for elastomers. Worldwide car sales crossed the 86 million units mark in 2017, with passenger cars leading the market. Radiator is an imperative component in a vehicle and is responsible for effective cooling of the engine at high temperatures. Thermoplastic elastomers are widely used in radiator hoses due to its excellent chemical resistive properties and thermal properties. Radiator hoses allows the coolant to flow from the engines water pump to the heater. Global sale of radiators amounted to approximately US$ 6.2 Bn in 2017. These factors are greatly responsible for the growth of the elastomers market in the automotive segment. Further, rising sales of mobile phone cases and covers is another major factor responsible for the growth of the elastomers market. Such covers are manufactured from a broad range of elastomers such as rubber, TPU and various others. Some of the key players operating in the elastomers market include BASF S.E., Covestro A.G., Huntsman Corporation, DowDupont Inc., and Lanxess A.G. among others.

Market Synopsis

Elastomers Market

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Thermoset Elastomers Emerged as the Largest Segment and Expected Continue Dominating the Elastomers Market

Thermoset elastomers accounted for the major market share in 2017 and expected to continue dominating the market throughout the forecast period. High usage of natural and synthetic rubber is a key factor responsible for the growth of this segment. Rubber finds wide application in automotive tires, gloves, automotive airbags, clothing, adhesives and coatings and various others. Nitrile gloves are witnessing heavy demand from several end-use industries such as healthcare, construction, and manufacturing among others as a suitable alternative to latex gloves. Nitrile gloves are made from synthetic rubber and are considered as an ideal replacement when latex allergies are a concerning factor. Further, such gloves provide superior puncture resistance as well. The global market for nitrile gloves expected to grow at a CAGR of more than 7% during the forecast period from 2018-2026. Owing to the highly lucrative nature of this industry, several manufacturers operating in the nitrile gloves industry have engaged themselves in research and development activities to bring out new offerings for their customers. In January 2018, Unigloves Ltd. a nitrile glove manufacturer based in the U.K. introduced a new range of nitrile gloves with antimicrobial protection, suitable for use in hospitals, treatment centers, and pharmaceutical facilities. Further, in June 2018, Hartalega Holdings Bhd launched antimicrobial nitrile gloves that is effective in restricting the spreading of infections. These developments in the nitrile gloves industry majorly attributed to the growing demand for such gloves across the globe, which in turn is fuelling market growth of thermoset elastomers.

However, the thermoplastic elastomer segment expected to witness the fastest growth during the forecast period. Thermoplastic elastomers are gaining rapid acceptance as a suitable replacement to thermoset elastomers in end-use industries such as automotive, and construction among others. The automotive industry is the largest end-user for thermoplastic elastomers. Such elastomers are widely used in application areas such as bumper fascia, radiator hose, under hood, wires & cables, window encapsulation, body/glazing seals and coated fabrics.

Further, demand for thermoplastic elastomers is witnessing a growth trajectory in the construction sector due to their high durability, superior performance, and easy handling. Thermoplastic elastomers are majorly responsible for extending the lifespan of pipes and plastic components that are used in the construction sector owing to their anti-corrosive properties, resistance to extreme temperatures, and lightweight. Asia Pacific is a lucrative market for thermoplastic elastomers due to the robust growth of the construction sector in developing nations such as China and India. India expected to become the world’s third largest construction sector by the end of 2024. Further, the construction chemicals market in India expected to garner more than US$ 2.5 Bn by the end of 2026.

Elastomers Market

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Healthcare Industry Expected to Witness the Fastest Growth for Elastomers during the Forecast Period

The healthcare industry is expected to be the fastest growing segment for elastomers during the forecast period on account of rising applications of elastomers in medical devices. Thermoplastic elastomer compounds considered as a suitable replacement to phthalate-based plasticized compounds, polyvinyl chloride and other rubber materials and gaining rapid acceptance in medical devices. Thermoplastic polyurethane (TPU) is more durable than silicone and can be melt processed via molding, extrusion and several other secondary processes. Thermoplastic polyurethanes are more compatible as compared to other polymers and thus find wide applications in implantable medical devices. The global implantable medical devices market expected to cross the US$ 120 Bn mark by the end of 2024. Improved healthcare facilities in the developed nations such as U.S., Canada, and Germany among others, and rising per capita expenditure on healthcare are some of the key reasons fuelling market growth of elastomers in the healthcare industry. Per capita healthcare expenditure in the U.S. amounted to more than US$ 9,500 in 2016, while the per capita healthcare expenditure in Germany amounted to more than U.S$ 5,500 in the same year.

Elastomers Market

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Asia Pacific Expected to Continue Dominating the Elastomers Market throughout the Forecast Period

Asia Pacific dominated the elastomers market in 2017 and expected to retain market dominance throughout the forecast period.. High production of automotive components in countries such as India and China is one of the key factors driving demand for elastomers in these countries. China is the world’s leading producer for aftermarket automotive components. China imported automotive components worth US$ 34.5 billion in 2016 while its exports accounted for more than US$ 80 billion in the same year. In the same year, mechanical & electrical parts accounted for the major chunk of the automotive component market in China, contributing to more than 85% of the revenue. In addition, according to the Automotive Component Manufacturers Association of India (ACMA), the automotive components industry in India was valued at US$ 43.5 Bn during the period of 2016-2017, maintaining an average growth of 7%.

Elastomers Market

Product Innovation is one of the Key Strategy of the Companies Operating in the Elastomers Market

The global elastomers market is marked by intense competition from the major players operating in this market. Tactical mergers & acquisitions, product innovations, joint ventures and partnerships, and geographical expansions are some of the key strategies adopted by the leading players to ensure long-term sustenance in the market. Key players operating in the field of elastomers include BASF S.E., Covestro A.G., Huntsman Corporation, DowDupont Inc., Lanxess A.G., Zeon Corporation, JSR Corporation, Kurara Co. Ltd., Teknor Apex, Evonik Industries, Arkema S.A., and ExxonMobil Corporation among others

In 2018, Huntsman Corporation, one of the key players operating in the field of elastomers launched the AVALON AB DI range of thermoplastic polyurethanes, specifically designed for the footwear industry. This new range of TPU material will allow the footwear manufacturers to enhance their productivity. Further, this range of TPU has been designed to ease up production of thick walled parts and improve the cycle time as well. Further, in 2018, BASF S.E. formed a collaboration with Biesterfield International GmbH, a global trader of specialty chemicals, agrochemicals, industrial chemicals, etc. Biesterfield International GmbH has acquired the distribution rights for BASF’s Elastollan TPU. Biesterfield will be responsible for the distribution of Elastollan TPU in Southern, Western and Central Europe. This collaboration expected to perfectly position BASF’s Elastollan TPU in the European market.

Elastomers Market

Historical & Forecast Period

Our study analyzed each market segment during the period of 2016 to 2026 with 2017 as the base year. Forecast period between 2018 and 2026 considered for the CAGR calculation.

Report Scope

The report enlightens the thorough outline of global elastomers market by categorizing the market in different segment given below:

Research Period  2016-2026
Base Year 2017
Forecast Period  2018-2026
Historical Year  2016
Unit  USD Billion

 By Product Segment (2016–2026; Kilo Tons, US$ Bn)
 • Thermoplastic Elastomers
     o Styrene Block Co-polymer
     o Thermoplastic Polyolefins (TPO)
     o Thermoplastic Polyurethane (TPU)
     o Thermoplastic Vulcanizates (TPV)
     o Others (thermoplastic co-polyester, thermoplastic polyamides, etc.)
 • Thermoset Elastomers
     o Natural Rubber
     o Synthetic Rubber
          Styrene Butadiene Rubber
          Butyl Rubber
          Butadiene Rubber
          Nitrile Rubber
          Ethylene Propylene Rubber
          Others (choloprene rubber, isoprene rubber, etc.)

 By End-use Industry (2016–2026; Kilo Ton, US$ Bn)
 • Automotive
 • Healthcare
 • Consumer Goods
 • Construction
 • Oil & Gas
 • Others (electrical & electronics, paints & coatings, etc.)

 Geography Segment (2016–2026; US$ Bn)
 • North America (United States and Canada)
 • Europe (U.K., Germany, France, Rest of Europe)
 • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
 • Latin America (Brazil, Mexico, Rest of Latin America)
 • Middle East and Africa (GCC, Rest of MEA)

This research report describes leading continents and their major countries, along with profiles of key players operating in overall market and their planned developments. Our report further defines the overall market dynamics such as drivers, challenges, and opportunities prevalent in the market to understand global elastomers market more explicitly. Our in-depth quantitative and quantitative analysis of each segment up to country level highlights revenue pockets and investment opportunities in the market.

Key questions answered in this report

  • Who are the major distributors, dealers and traders operating in the elastomers market?
  • What are the largest product type, end-use industry segments in the market during the forecast period from 2018-2026?
  • What are the fastest growing segments in the market for the forecast period?
  • What are the current market trends in the elastomers market and valuable opportunities for the players?
  • How are the regulatory frameworks affecting the global as well as regional markets?
  • Which are the key players operating in the global market and what are the strategies adopted by them?
  • What are the revenues, business strategy and product portfolio of the top manufacturers operating in the elastomers market?
  • What is the market size and trend in emerging and developed markets?
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Published Date:  Aug 2018
Category:  Advanced Materials
Report ID:   59287
Report Format:   PDF
Pages:   120
Rating:    4.4 (60)
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