Segmentation:
Global Specialty Elastomer Market Forecast is segmented on the basis of Product, Application and Region.
Based on basis of Product, the market is characterized into thermoplastic elastomers (TPE) (thermoplastic olefin (TPO), thermoplastic polyurethane (TPU), thermoplastic vulcunizate (TPV), styrene block copolymer (SBC), and others) and thermosetting elastomer (TSE) (styrene butadiene rubber (SBR), butyl rubber, polybutadiene rubber (PBR), nitrile rubber, ethylene propylene rubber (EPM), and others).
On the basis of Application, the market is segmented into automotive, medical, consumer goods, building & construction, electrical & electronics, industrial, and others.
Geographically, the Global Specialty Elastomer Market is spanned across Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Among these, Asia Pacific is holding a major share of the market.
Global Top 10 Key Players:
The prominent players in the Global Specialty Elastomer Market are BASF SE (Germany), The DOW Chemical Company (U.S.), JSR Corporation (Japan), LG Chem. (South Korea), LANXESS AG (Germany), Zeon Corporation (Japan), KURARAY CO., LTD. (Japan), Covestro AG (Germany), Teknor Apex (U.S.), and Exxon Mobil Corporation (U.S.), among others.
Regional Analysis:
Asia Pacific is the largest and the fastest growing region in the Global Specialty Elastomer Market. It accounted for over 45% share of the global market in 2016. The region has undertaken expansion of its infrastructural projects and mulling to revive the footwear making industry, which is anticipated to fuel the demand for Specialty Elastomer in this region. Additionally, constantly rising automotive industry and electronic industry in this region is projected to favor the growth of the regional market in the forecast period.North America is following Asia Pacific to be the second most significant region in the Global Specialty Elastomer Market.
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Growing end users in various applications such as automotive sector, reconstruction activities, and emerging use of specialty elastomer is the major factors driving the growth of regional Specialty Elastomer Market.Europe is another substantial region in the Global Specialty Elastomer Market. The automobile industry in this region drives the demand for the elastomers.Middle East & Africa is estimated to grow at a considerable CAGR owing to high investment potential and growing end user industries such as construction and sports. Latin America holds least share of the Global Specialty Elastomer Market.
Market Overview:
Elastomers are the Polymers that shows rubber-like elasticity such viscosity and elasticity; it has low Young’s modulus and high failure strain compared to other materials. Apart from these properties, Specialty Elastomers are resistance to chemical and high temperature; they have high tensile strength with low shrinkage and better design flexibility. They are an amorphous polymer existing above the glass transition temperature, which facilitates its considerable segmental motion. The Specialty Elastomers are primarily used in sealants, adhesives, and molded flexible parts of different objects. Elastomers are used in numerous applications and they also cover diverse segments such as tires, automotive, medical, electronic equipment, construction, consumer goods, and footwear making, among others.
Since Specialty Elastomers are majorly used in almost all emerging industries such as automotive, construction and electronics, their demand is likely to increase in the coming years. From the past few years, the Global Elastomer Market has been growing at higher rate due to its greater adaptability in wide range of applications and recyclability, which favors sustainability principle. The Global Elastomer Market, wherein specialty elastomer holds significant share, is expected to grow at a considerable CAGR of ~5% during the forecast period, which is projected to fuel demand for Specialty Elastomer in the coming years. Numerous construction activities around the world is driving the demand for the product and growing application in the manufacturing of rigid foams is expected to help the Specialty Elastomer Market to grow further. Increasing demand for durable and impact resistant materials in the automotive and electronic applications is the key drivers of the Global Specialty Elastomer Market during the review period. Medical is an emerging segment of the Global Specialty Elastomer Market with increasing use of the product in safety equipment and protective gloves.
However, some concerns such as the strong competition from green or biodegradable elastomers, volatility in the prices of raw materials of Specialty Elastomers, and increasing research in the field of development of eco-friendly and innovative products by the leading players may hamper the market growth over the given period. Nevertheless, the cost-effectiveness of the specialty may keep the demand for Specialty Elastomer up and likely to help for propelling the market growth during the forecast period.
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