The
global Elastomers Market size is expected to reach USD
109.2 billion by 2025 expanding at a CAGR of 4.8%, according to a new study by Grand
View Research, Inc. The market is anticipated to be driven by rising demand
from several application areas including automotive, medical, consumer goods,
industrial, and others. Moreover, the development of biodegradable grades of
elastomers is anticipated to create lucrative growth opportunities for the
market. Automotive application segment is expected to lead the market during
the forecast period. Rising adoption for hybrid and Electric Vehicles (EVs) is
influencing the product demand in this application. High-performance elastomers
are used in EVs for better fuel-efficiency and reduced carbon emissions.
A
number of manufacturers are engaged in substituting steel to compete in terms
of operating range with internal combustion vehicles. In addition, various
battery charging stations are installed to improve the operating range of EVs.
Rising scale of automotive manufacturing coupled with increasing use of
modified plastics is expected to act as a key driver for the market over the
forecast period. Booming manufacturing sectors in China and India, particularly
in automotive and electronics industries, will drive the APAC regional market.
Thermoplastic Elastomers (TPEs) are fully recyclable and capable of
reprocessing, which is expected to boost development in the electrical and
electronics segments in packaging and wire and cable fields.
They
are also highly UV- and ozone-resistant, which increases their scope for
outdoor wiring applications. Major types of TPEs include Styrene Block
Copolymer (SBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Polyolefins
(TPO), Thermoplastic Vulcanizates (TPV), Copolymer Esters (COPE) and other
TPEs. Development of innovative TPEs is projected to boost product scope in
undiscovered applications and help increase the market share. Emphasis on waste
reduction is anticipated to foster the replacement of conventional raw
materials with recyclable and sustainable TPEs, which is also likely to boost
segment growth.
Browse
Details of Report @
https://www.grandviewresearch.com/industry-analysis/elastomers-market
https://www.grandviewresearch.com/industry-analysis/elastomers-market
Further key findings from the study suggest:
- Asia Pacific
led the global elastomers market and is also anticipated to witness the
fastest CAGR of 6.1% during the forecast period from 2018 to 2025
- China is the
fastest-growing country in the global market due to huge growth potential
as it is characterized by high demand, as well as production, of
elastomers; mainly TPEs
- The growth
of the elastomers market in China is majorly supplemented by high demand
from the footwear industry
- Extensive
R&D activities in the field of developing eco-friendly grades have led
to the creation of several improved product grades, which is expected to
help boost the market
- Recently,
PolyOne Corp. announced to initiate TPE production at its production
facility in Pune, India, which will allow the company to cater to the
domestic consumer needs
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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