Elastomers Market overview:
The worldwide elastomers market size is predicted to be $ 92.510 billion by 2025, with a CAGR of 4.8% between 2020 and 2025, in value terms. Elastomers are long chain polymers with low intermolecular forces between them. These elastic polymers exhibit reversible extension with minimal stress. Elastomers are widely known for their superior properties, such as excellent chemical resistance, high tensile strength, and good elasticity. Thus, they present high levels of performance in terms of flexibility and durability in multiple applications. Elastomers are elastic, slightly cross-linked, amorphous polymers with a glass transition temperature. The main factors driving the studied market are the advancement in the processing industry and the increase of HVAC industry applications.
Impact of Covid 19 on the Elastomers Market:
Unpredicted changes in worldwide markets due to the sudden outbreak of the COVID-19 virus have caused many major and minor tremors in industries of all sizes, including the high performance thermoplastic film market. Before this unforeseen outbreak, the market for high performance thermoplastic films was predicted to reach US $ 802.8 million in 2025. However, the gradual decline in industries will undoubtedly place limits on the expansion rate previously predicted 2020 is likely to be a heavy year due to the recent outbreak of the novel coronavirus (COVID-19), which has already started to hamper various industries with a colossal negative impact on economic expansion.
Market drivers and restraints:
Elastomers are finding greater call in automobiles, pharmaceuticals, electrical and electronics, construction, and other developing sectors. Escalating worldwide call from the medical industry is also driving the use of elastomers. In addition, due to their durability and properties such as flexibility, they are employed in the manufacture of gloves, gaskets and molding products. On the other hand, market expansion is limited by its negative effect on the environment. Another factor that regulates expansion is the strict regulatory laws for manufacturers. The fluctuation in the price of elastomer is also a major concern for production. Market expansion and call for sports accessories and automotive manufacturing is one of the biggest opportunities for the elastomers market. Escalating call for key application areas along with advancements in processing technologies are likely to drive market expansion over the foreseen period. Elastomers are in high call in the automotive industry due to the growing need for lightweight, high-performance materials in automotive production. The main driver of market expansion is the escalating call for elastomers for various automotive applications due to their flexibility and durability. The reorientation towards bio-based product development and its increased application in the manufacture of medical instruments are likely to present opportunities.
To know more, click on the link below:
Report segmented as:
- Consumer goods
Asia-Pacific is believed to dominate the elastomer market, due to the growing call for elastomers driven by their increased use in the automotive and medical industries. North America is the second largest consumer of elastomers in the world. The market in this region is mainly driven by the expansion of the automotive industry. The elastomer market is predicted to experience significant expansion in the coming years. However, factors such as the high price of raw materials and the increased cost of production can hamper market expansion. The Asia-Pacific region has dominated the worldwide elastomers market. This expansion is mainly attributed to growing call from various end-use sectors such as electronics and electricity, industrial equipment and the automotive industry, among others. The Asia Pacific region is also predicted to be the fastest growing market. Asia-Pacific was followed by the North America and Europe region. In recent years, China has become the world's largest market for styrene block copolymers. China is the world's largest shoe producer, followed by India. The footwear industry consumes significant amounts of rubber and elastomers, including styrenic block copolymers.
View a sample and decide:
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
Market Data Forecast