Global Elastomers Market - Segmentation by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The overall demand for elastomers is expected to grow at a healthy rate during the forecast period, 2018 - 2023, due to its flexibility in case of break or crack. The market is also driven by cost effectiveness and adaptability of elastomers in major end-user markets. Thermoplastic elastomers are expected to show more growth due to the diverse range of its applications and increasing R&D efforts.
Increasing Application from the HVAC Industry
Elastomers have found an increase in use in the heating, ventilation, and air conditioning (HVAC) industry in the recent years, in the form of thermoplastic elastomers (TPE), as they are cost-effective, highly functional, and adaptable. Unitary air conditioners comprise the largest share of total HVAC equipment demand. The high demand from both, commercial and residential, sectors, will promote the market for the same. TPE also finds application in HVAC systems in automobiles. Japanese auto parts manufacturer, Denso Corporation, used TPE produced by PolyOne for its HVAC system in a recent car model. Such applications have led to the growing use of TPE in HVAC applications. This, in turn, is driving the demand for elastomers market.
Automotive – The Fastest Growing Segment by Usage
Growing demand from automotive industry is the main driver for the elastomers market. It is primarily used in belts and hoses, bellows, gaskets, as instrument panels for soft touch. Around 40% of all products, consumed worldwide, are used in vehicle manufacturing. Therefore, the development of the automotive and transport industries, as well as, their parts, components and OEM suppliers, is an important indicator for the future TPE demand. Growing demand for lightweight and high-performance plastics in automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for growth of TPE market. High-performance thermoplastic elastomers also offer manufacturers advantage of design and comparable strength of steel, which help in reducing weight and controlling emission of greenhouse gases.
Asia-Pacific to dominate the Market
Asia-Pacific is projected to lead the market due to growing automotive production and sales through different countries, such as China, India, Taiwan, Thailand, and Indonesia. China is the leading market regarding consumption of elastomers in the construction, automotive, electrical & electronics and footwear industries. Increased Public-Private Partnership (PPP) initiatives have further led to the growth of the Chinese construction industry. Regions, such as ASEAN countries, India, Taiwan, and Pacific Islands, among others with emerging economy have witnessed increased demand for automotive, consumer durables and electronics products mainly due to increasing disposable income and a growing middle class contribute to the high demand for used products. Overall, the market for TPE in Asia-Pacific is expected to witness a significant growth rate during the forecast period.
September 2017: BASF’s polyurethane-based cushioning system powered the latest innovation for runners with the launch of the all-new Brooks Levitate with DNA AMP performance running shoe based on seven years of run research.
Major Players: BASF SE, DowDupont, Covestro, Kuraray and Huntsman Corp., among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
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