Global Elastomers Market To Grow To US$92.36 Bln By 2021

Fueled by demand from medical industry, global elastomers market to grow to US$92.36 bln by 2021

01-Feb-17

The global elastomers market is estimated to grow from US$73.93 bln in 2016 to US$92.36 bln by 2021, at a CAGR of 4.6% from 2016 to 2021, as per MarketsandMarkets. The market growth of the market is fueled by the growing demand for elastomers from the medical industry owing to its unique properties, such as fungus resistance, low-temperature flexibility, tensile strength, acid/base resistance, fluid resistance, excellent hydrolytic stability, easy sterilization, and excellent translucency. These properties make elastomers suitable for various end-use industries, including automobile, medical, and consumer goods.

Asia-Pacific is estimated to be the largest market for elastomers. The U.S. is estimated to be the largest market for elastomers in North America. The increasing demand for high-quality consumer goods and industrial products and growing end-use industries have led to innovation and new product developments in the region, thus driving the growth of the elastomers market. The rising investments in the healthcare sector are expected to further boost the growth of the elastomers market in North America.
Elastomers are used in various applications, such as automotive, medical, consumer goods, industrial, and others. The automotive application segment is estimated to lead the elastomers market in terms of value as well as volume, followed by the consumer goods and medical segments in 2016. The demand of elastomers in the automotive industry is primarily driven by its excellent physical properties, such as whetherability, impact resistance, elasticity, softness, flexibility, superior optics, high heat resistance, thermal stability, and adhesive properties.

The natural rubber segment is expected to lead the Elastomers Market. Natural rubber is primarily used in the automotive industry, especially in the manufacturing of tires. Natural rubber possesses several physical properties, such as high tensile strength, excellent adhesion to metals, and excellent abrasion and tear resistance. It is used to manufacture components, including shock mounts, vibration isolators, gaskets, seals, rolls, and hoses & tubing.