Advanced Materials and Chemicals

Elastomers Market is Expected to Reach USD 144.86 Billion by 2031

Jun 2024

Advanced Materials and Chemicals

As per the report published by Kings Research, the global Elastomers Market was valued at USD 96.96 billion in 2023 and is projected to reach USD 159.39 billion by 2031, growing at a CAGR of 5.23% from 2024 to 2031.

The elastomers market is poised to witness sustained growth and innovation in the foreseeable future. With increasing industrialization and urbanization worldwide, demand for elastomers across diverse sectors such as automotive, construction, and consumer goods continues to rise. Moreover, increased awareness of environmental sustainability is fueling the development and adoption of bio-based elastomers, aligning with regulatory mandates and consumer preferences for eco-friendly products.

Technological advancements, including the emergence of smart elastomers with responsive properties, offer novel solutions to industry challenges and open up new avenues for market expansion. Additionally, the growing emphasis on quality standards and regulatory compliance underscores the importance of product integrity and safety, thereby enhancing consumer trust and market credibility.

While challenges such as raw material price volatility persist, strategic collaborations and investments in research and development are anticipated to mitigate risks and unlock growth opportunities. Overall, the elastomers market presents a dynamic landscape abundant with possibilities for innovation, market penetration, and sustained profitability for industry players who are poised to capitalize on evolving trends and consumer demands.

Key Insights

  • Based on nature, the thermoplastic segment held the largest market share of 39.43% in 2023
  • Based on type, the general purpose segment generated the highest revenue of USD 66.77 billion in 2023
  • Based on application, the automotive segment is anticipated to generate a value of USD 35.41 billion in 2031
  • On the basis of region, Europe to experience highest CAGR of 6.55% over 2024-2031

Hexpol Completes Acquisition of Star Thermoplastic Alloys and Rubbers to Strengthen Industry Foothold

November 2023- Hexpol, a Swedish company, successfully completed the acquisition of Star Thermoplastic Alloys and Rubbers, an American thermoplastic elastomers (TPE) compounder. The acquisition, which amounted to $26.5 million, was finalized by Thomas A. Dieschbourg, the founder of the company established in 1993. Following the acquisition, Dieschbourg will continue to serve as the president of Star Thermoplastic Alloys and Rubbers.

Increasing Demand of Elastomers Across Electronics Sector to Augment Elastomers Market Growth

Elastomers are essential in electronics manufacturing for applications such as sealing, insulation, and vibration dampening. With the proliferation of electronic devices across various sectors including consumer electronics, telecommunications, and automotive electronics, there is a growing need for elastomers to ensure the reliability, durability, and performance of these devices. As technology advances and electronic devices become more complex and compact, the demand for specialized elastomers with tailored properties, such as thermal conductivity and electromagnetic interference shielding, is expected to rise, thereby driving the growth of the elastomers market.

Innovative Development of Smart Elastomers to Offer Substantial Opportunities for Market Expansion

The development of smart elastomers presents an exciting opportunity for market expansion. Smart elastomers, also known as stimuli-responsive or intelligent elastomers, exhibit dynamic changes in their properties in response to external stimuli such as temperature, light, pH, or mechanical stress. These materials find applications in various fields, including biomedical devices, robotics, sensors, and actuators. By incorporating functionalities such as self-healing, shape memory, or stimuli-triggered release, smart elastomers offer innovative solutions to complex engineering challenges. Investing in research and development to further explore the potential of smart elastomers and commercializing novel products based on these materials can open up new avenues for growth and differentiation in the elastomers market.

Europe to Experience the Highest CAGR of 6.55% Through the Projected Period Due to Pioneering Growth through Technological Advancements

Europe is anticipated to witness substantial growth in the forthcoming years, generating a value of USD 39.43 billion by 2031. A significant factor supporting this growth is the region's growing emphasis on technological advancements and innovation. European countries are at the forefront of research and development in elastomer technology, focusing on enhancing product performance, sustainability, and eco-friendliness. Investments in advanced manufacturing processes such as additive manufacturing and nanotechnology are driving the development of high-performance elastomers with tailored properties to meet specific industry needs. Furthermore, stringent environmental regulations and consumer preferences for eco-friendly products are prompting manufacturers to develop bio-based elastomers and adopt sustainable practices, thereby driving market growth in Europe.

Market Leaders Concentrate on Collaborations and Acquisitions to Sustain Growth

The global elastomers market is fragmented with key players such as Dow Inc., BASF SE, Exxon Mobil Corporation, LANXESS AG, DuPont de Nemours, Inc., Mitsui Chemicals, Inc., Sinopec Corporation, LG Chem Ltd., Kuraray Co., Ltd., Bridgestone Corporation, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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