PUNE, India, January 31, 2017 /PRNewswire/ --
The report "Elastomers Market by Type (Thermoset (Natural Rubber, Synthetic Rubber (SBR, IIR, PBR, NBR, ACM, EPM)), and Thermoplastic (PEBA, SBC, TPO, TPU, TPV)), Application (Automotive, Consumer Goods, Medical, and Industrial) - Global Forecast to 2021", published by MarketsandMarkets, the market is estimated to grow from USD 73.93 Billion in 2016 to USD 92.36 Billion by 2021, at a CAGR of 4.6% from 2016 to 2021.
Browse 74 market data Tables and 43 Figures spread through 141 Pages and in-depth TOC on "Elastomers Market"
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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.
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Asia-Pacific: The Largest Market for Elastomers
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.
Automotive segment: estimated to lead the elastomers market
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.
Natural Rubber: widely used type of elastomers
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.
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The major players in elastomer market are BASF SE (Germany), The Dow Chemical Company (U.S.), JSR Corporation (Japan), E. I. du Pont de Nemours and Company (U.S.), Lanxess AG (Germany), Zeon Corporation (Japan), Kuraray Co. Ltd. (Japan), Covestro AG (Germany), Nizhnekamskneftekhim PJSC (Russia), and Teknor Apex Company (U.S.).
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