Global elastomers market to reach US$36 bln by 2022 at CAGR of 6.1%

24-Aug-15

The global elastomers market accounted for US$22.37 bln in 2014 and is poised to reach US$36 billion by 2022 at a Compound Annual Growth Rate (CAGR) of 6.1% during forecast period 2014 to 2022, as per Market Research Reports. The growing demand from automotive industry, advancement in processing industry and increasing purchasing power in the developing economies are the key drivers of the elastomers market. Among the elastomers, the thermoplastic elastomers are likely to grow due to the diverse range of its applications and increasing R&D efforts. Whereas Volatality of crude oil prices and product commoditization are hampering the market growth. Elastomers Market is segmented by product, by application and by geography. Depending on the various products, the market is segmented into Thermo set Elastomers and Thermoplastic Elastomers. Based on applications, the market is categorized into Tire Elastomers, Automotive Component, Elastomers, Architecture, Sports Products and Medical Products. By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. China accounted for one-fourth of the Elastomers market share in 2014. The Asia-Pacific region being the largest market is expected to grow at a faster rate.