Elastomers Market Stroked by Efficient, Lightweight Vehicles Trend

According to a new market research report from IndustryARC, the global elastomers market size was around $71,017 million in 2018, and the demand is estimated to grow at a CAGR of 5.28% during the forecast period 2019-2025. This information is taken from an IndustryARC report titled, “Elastomers Market: By Type (Thermoplastic & Thermoset Elastomers); By Process (Extrusion, Injection Molding, Blow Molding, Compression Molding, Others); By End Use (Automotive, Aerospace, Appliance, Footwear, Photovoltaic, Electrical & Electronics, Others) & Geography - Forecast (2019-2025).”

 

Continues invention in chemistry and the polymer physics coupled with research and development are creating significant opportunities for the growth of ecofriendly polyurethane elastomers. The air-conditioner industry is one of the eye-catching arcade for the elastomers marketplace with increasing use of heating, ventilation, and air-conditioning (HVAC) technology.

The analyst of the report identifies that the automotive industry holds a major share in the elastomers market and is projected to grow with a CAGR of around 5.24% during the forecast period. The rise in demand for hybrid and electric vehicles are increasing the growth for thermoplastic elastomers, and increasing adoption of elastomers by automotive manufacturers to shoot up the demand for the coatings. TPEs are increasingly being used as a replacement for vulcanized rubber and flexible polyvinyl chloride (PVC) as it reduces vehicle weight, improves fuel efficiency, lowers carbon gas emissions, and achieves greater recyclability to provide environmental sustainability. 

Based on the geographical elastomers market analysis, APAC held the largest share in 2018 at more than 59% of the overall demand. Due to the increasing automotive and manufacturing industries in countries such as China, India, and Thailand coupled with increasing adoption of soft touch thermoplastic elastomers by consumer electronics industries in Japan, Taiwan, and South Korea, the region is anticipated to retain its dominance over the forecast period. 

BASF SE, DowDupont, Covestro, Kuraray and Huntsman Corp., Zeon Corporation, Lanxess AG are some of the major companies considered in this research report.

BASF SE – It is the world’s leading chemical company which provides chemical products such as intermediates and monomers. Their solutions contribute to conserve resources, ensure nutrition, and improve quality of polymers. On November 17, 2018 – BASF and the R&D Development Center of Guangzhou Automobile Group Co. Ltd. (GAC) introduced three co-developed electric concept cars named 2US, 2U, and 2ALL. These cars are designed by GAC R&D center with advanced prototyping support from designfabrik along with use of BASF’s innovative materials and solutions to enhance the drivers comfort. BASF Ultramid is used in 2US to rotate 90 degrees horizontally in-and-out of the car cabin, to improve the driving comfort of the drivers. In 2017, BASF introduced a new material LS24 of Cellasto from microcellular polyurethane elastomers. Its lower dynamic stiffening performance has made it an ideal choice for top mounts, NVH (noise, vibration, and harshness) powertrain, and chassis applications. 

DowDupont – On July 5, 2018 Mobike, the world’s largest bike-sharing company, launched a new e-bike by using tires. “The foamed integrated Dow’s INFUSE Olefin Block Copolymer (OBC) tire can reduce tire weight by 20-30%, a significant contributor to the overall weight reduction efforts.” With its superior weather-ability performance, the OBC tire can withstand a wide range of harsh climates and its good resilience brings better cushioning to enable a more enjoyable riding experience. 

An elastomer is a synthetic polymer, its low cost and high efficiency properties are adding value to the end products.  Increasing use of TPEs in automotive industry and commercial and residential sectors will attribute the growth of the elastomers market in the near future.

Thermoplastic Elastomers Market: By Type (Carbon Thermoplastic Elastomers, Stainless Thermoplastic Elastomers, Alloy Thermoplastic Elastomers, Tool Thermoplastic Elastomers and Others), By End-User (Construction, Machinery, Automotive and Transportation, Kitchenware and Domestic Appliances, Electrical and Electronics, Healthcare, Energy and Others) and By Geography Forecast (2018 2028)

Polyurethane Elastomers Market: By Type, By Processing Methods, By Raw Material, By Additives, By Applications, By End User Industry, By Geography - Forecast (2018-2023)