Global Elastomer Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Thermoset, Thermoplastic), By Material (Natural Rubber, Synthetic Rubber), By End-Use Industry (Consumer Electronics, Automotive, Construction, Packaging, Healthcare, Others), And By Geography - Forecasts From 2021 To 2026

The global elastomer market is projected to witness a CAGR of 3.74% during the forecast period to reach a total market size of US$90.185 billion by 2026, increasing from US$69.744 billion in 2019.

Introduction: Definition, Properties, and Application.

Elastomer is a rubbery material composed of long chainlike molecules, or polymers, that are capable of recovering their original shape after being stretched. They are elastic and flexible in nature, amorphous in structure. They play an essential and ubiquitous role in day-to-day life due to their prominent features. Some of their applications include automobiles, consumer products, construction, industrial products, wires and cables, and medical products.

What drives the market? - characteristics and uses.

Elastomers provide strong abrasion resistance and impermeability, due to which these are increasingly finding applications in the adhesive sector. These properties make them useful in capping distilled water, dairy products, fruit juices, sports drinks, beer, wine, and food, cosmetics, toiletries, and pharmaceutical packaging, sterilized closures, seals, and liners, syringe plungers, gaskets, grips, and bumpers.

Its unique properties and a vast range of applications in several industries create avenues for elastomers in several markets. They are a highly demanded product and thereby a large global market which is projected to grow over time. Moreover, innovations and new product launches make the market even more viable.

Geographically, the Asia-Pacific region is expected to capture the major market share due to the advancement in industrial production, especially the automobile industry. By end-user, the automotive industry will hold a larger share, while consumer electronics will be another significant sector. By materials used, synthetic rubber is more popularly used because of its availability and cost. However, as economies continue to make sustainable choices, the shift to natural rubber has been observed. By type, thermoplastic elastomers have the highest market share due to their properties and applications.

Growth Factors.

• Uses in Motor Industry.

The automobile industry is one of the biggest consumers of the elastomers market. It is used in the vehicle's interior, exterior, as a sealant, under the hood for gaskets, wires and pipes, decoration and protection, and most importantly, for manufacturing tires. It is one of the key raw materials of the industry. The demand is expected to surge up with innovations and the burst of the electronic vehicles market. Due to properties such as lightweight, ease-of-processing, greater design freedom, versatility, and ability to be recycled, they are predominantly used in the automotive industry. Their usage and versatility will fuel a high growth in the market.

• Other industrial applications.

Because of the viscosity and elasticity, elastomers have seeped their way into a varied range of applications. Synthetic elastomers made from petroleum products are used throughout the oil and gas industry including seals, hoses, wipers, custom rubber products, etc. Depending on the specific plant, elastomers are used in a wide range of industrial applications, like conveyor belts, insulations, coverings. Elastomers are used in the agriculture industry at every stage, from herd management to food production. For example, elastomers make up the gaskets, seals, hoses, and dampeners that are used in tractors and other agricultural vehicles. Healthcare facilities use a huge variety of elastomers at every level. Elastomers are often chosen for sterility, biocompatibility, and low leaching levels. Gloves, implants and prosthetics, catheters, tubes use elastomers. These applications help grow the elastomers market widely.

Restraints.

The shift to environmentally conscious products which are biodegradable in nature may hinder the market growth of elastomers. The synthetic elastomers are non-biodegradable which detrimentally affects the soil and air quality posing threats for animals, plants, and human beings. This has led to a shift to alternative products curbing the market growth. Moreover, the high cost of manufacturing synthetic rubbers also limits the market growth.

Impact of COVID–19 on the Global Elastomer Market

The pandemic has slowed down the growth of several industries like automobiles, electronics, consumer products, etc due to several restrictions and social distancing measures imposed. The elastomers market has seen a negative impact of the pandemic due to shortage of raw materials, unavailability of workers. The distribution channel has also been limited due to several international restrictions and quotas. The downturn of the automobile industry has had a harmful effect on the elastomer market.

But as the production of medical gears, protective kits, gloves, and masks increased by leaps and bounds during the current scenario, a new prospect of the market grew. Though it cannot be conclusively concluded if this will sustain in the long run.

Competitive Insights.

The market leaders for the Global Elastomer Market are Saudi Armco, Mitsui Chemicals, Inc, Covestro, LyondellBasell Industries Holdings B.V., INEOS, ATP Elastomers, AkzoNobel NV, Braskem S.A., Innospec, DuPont, and Grando. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,

• In 2020, Mitsui Chemicals Inc, acquired COTEC GmbH, an anti-reflective and hydrophobic maker.
• Covestro in 2021 acquired Resins & Functional Materials business (RFM) from the Dutch company Royal DSM. And also developed a sustainable cast elastomer solution that enables the offshore industry to reduce its environmental impact and carbon footprint in 2020
• LyondellBasell Industries Holdings B.V. signed a definitive agreement with Sasol in a joint venture in 2020. Through the JV, LyondellBasell will acquire 50% of Sasol's 1.5 MM ton ethane cracker, 0.9 MM ton low and linear low-density polyethylene plants along with associated infrastructure for $2 billion. The JV will be known as Louisiana Integrated PolyEthylene JV LLC.

Global Elastomer Market Scope:

Report Metric	Details
Market size value in 2019	US$69.744 billion
Market size value in 2026	US$90.185 billion
Growth Rate	CAGR of 3.74% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Billion
Segments covered	Type, Material, End-Use Industry, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	Saudi Armco, Mitsui Chemicals, Inc, Covestro, LyondellBasell Industries Holdings   B.V.,  INEOS, ATP Elastomers, AkzoNobel NV, Braskem S.A., Innospec, DuPont,   Grando Group
Customization scope	Free report customization with purchase

Segmentation:

• By Type
  • Thermoset
  • Thermoplastic
• By Material
  • Natural Rubber
  • Synthetic Rubber
• By End-Use Industry
  • Consumer Electronics
  • Automotive
  • Construction
  • Packaging
  • Healthcare
  • Others
• By Geography
  • North America
    • USA
    • Canadá
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • South Korea
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others

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Frequently Asked Questions (FAQs)

Q1. What is the size of the global elastomer market?
A1. Elastomer Market was valued at US$69.744 billion in 2019.

Q2. What will be the elastomer market size by 2026?
A2. The global elastomer market is projected to reach a total market size of US$90.185 billion by 2026.

Q3. What are the growth prospects for the elastomer market?
A3. The elastomer market is projected to witness a CAGR of 3.74% during the forecast period.

Q4. Who are the major players in the global elastomer market?
A4. The market leaders for the global elastomer market are Saudi Armco, Mitsui Chemicals, Inc, Covestro, LyondellBasell Industries Holdings B.V., INEOS, ATP Elastomers, AkzoNobel NV, Braskem S.A., Innospec, DuPont, and Grando.

Q5. Which region holds the maximum market share of the elastomer market?
A5. Geographically, the Asia-Pacific region is expected to capture the major share of the elastomer market due to the advancement in industrial production especially the automobile industry.

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