Elastomers Market Value and Growth Analysis-2021
Elastomers Market overview:
The worldwide elastomersmarket size is predicted to be $ 92.510 billion by 2025, with a CAGRof 4.8% between 2020 and 2025, in value terms. Elastomers are long chainpolymers with low intermolecular forces between them. These elastic polymersexhibit reversible extension with minimal stress. Elastomers are widely knownfor their superior properties, such as excellent chemical resistance, hightensile strength, and good elasticity. Thus, they present high levels ofperformance in terms of flexibility and durability in multiple applications.Elastomers are elastic, slightly cross-linked, amorphous polymers with a glasstransition temperature. The main factors driving the studied market are theadvancement in the processing industry and the increase of HVAC industryapplications.
Impact of Covid 19 on the ElastomersMarket:
Unpredicted changes in worldwide markets due to the suddenoutbreak of the COVID-19 virus have caused many major and minor tremors inindustries of all sizes, including the high performance thermoplastic filmmarket. Before this unforeseen outbreak, the market for high performancethermoplastic films was predicted to reach US $ 802.8 million in 2025. However,the gradual decline in industries will undoubtedly place limits on the expansionrate previously predicted 2020 is likely to be a heavy year due to the recentoutbreak of the novel coronavirus (COVID-19), which has already started tohamper 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 developingsectors. Escalating worldwide call from the medical industry is also drivingthe use of elastomers. In addition, due to their durability and properties suchas flexibility, they are employed in the manufacture of gloves, gaskets andmolding products. On the other hand, market expansion is limited by itsnegative effect on the environment. Another factor that regulates expansion isthe strict regulatory laws for manufacturers. The fluctuation in the price ofelastomer is also a major concern for production. Market expansion and call forsports accessories and automotive manufacturing is one of the biggestopportunities for the elastomers market. Escalating call for key applicationareas along with advancements in processing technologies are likely to drivemarket expansion over the foreseen period. Elastomers are in high call in theautomotive industry due to the growing need for lightweight, high-performancematerials in automotive production. The main driver of market expansion is the escalatingcall for elastomers for various automotive applications due to theirflexibility and durability. The reorientation towards bio-based productdevelopment and its increased application in the manufacture of medicalinstruments are likely to present opportunities.
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Report segmented as:
By type:
· Thermoset
· Thermoplastic
By application:
· Automotive
· Consumer goods
· Medical
· Industrial
Geographical analysis:
Asia-Pacific is believed to dominate the elastomer market,due to the growing call for elastomers driven by their increased use in theautomotive and medical industries. North America is the second largest consumerof elastomers in the world. The market in this region is mainly driven by the expansionof the automotive industry. The elastomer market is predicted to experiencesignificant expansion in the coming years. However, factors such as the highprice of raw materials and the increased cost of production can hamper market expansion.The Asia-Pacific region has dominated the worldwide elastomers market. This expansionis mainly attributed to growing call from various end-use sectors such aselectronics and electricity, industrial equipment and the automotive industry,among others. The Asia Pacific region is also predicted to be the fastestgrowing market. Asia-Pacific was followed by the North America and Europeregion. In recent years, China has become the world's largest market forstyrene block copolymers. China is the world's largest shoe producer, followedby India. The footwear industry consumes significant amounts of rubber andelastomers, including styrenic block copolymers.
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The Scope of the report:
This reportoffers the current product and services market evaluation and the futureestimation of the market. It helps us understand the market better through sizeanticipation and CAGR calculation to estimate the next market. It has a broadersegmentation for better understanding of the enterprising of the market at alow level by segregating the market into smaller sectors.
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