Global Specialty Elastomer Market Overview
The Specialty Elastomer Market is estimated to be valued at over 38,000-kilo tons and is projected to grow with 6.50% CAGR during the forecast period, 2022-2030.
The term elastomer is commonly used for rubber, especially in terms of the vulcanizates. Elastomers are the elastic polymers that exhibit viscoelasticity, i.e., both elasticity and viscosity, at the same time, along with a low Young's modulus and high failure strain compared to other materials. Additionally, the elastomers are an amorphous polymer, which exists above its glass transition temperature. This enables considerable movement of the material and helps it retain the softness at ambient temperature. The specialty elastomers possess excellent resistance to various chemicals and high temperature, high tensile strength with low shrinkage and better design flexibility. On account of these beneficial physical properties, the specialty elastomers are majorly used in adhesives and sealants and molded flexible parts in the automotive, construction, and consumer goods industries. Generally, all the elastomers are thermoset, which can be converted into thermoplastic through vulcanization to improve the stability, durability, and viscosity of the rubber. Automotive is one of the most significant applications, which consumes over 35% of the overall elastomer production across the globe. In addition, these types of elastomers are also used in numerous applications such as electronic equipment, medical devices, and footwear, among others.
The primary factor favoring rapid market growth for the specialty elastomers is surging demand for the product in the major end-use industries such as automotive, construction, and consumer goods. In addition, the greater adaptability of specialty elastomers in a wide range of applications and its high recyclability are driving the market growth during the forecast period. According to MRFR analysis, the global elastomer market is expected to grow at a considerable CAGR of more than 5% during the forecast period, which is expected to fuel the demand for specialty elastomer during the forecast period. Moreover, the increasing use of specialty elastomers in manufacturing rigid foams and rapidly increasing construction activities around the world is likely to boost the demand for the product during the forecast period. There is a growing demand for lightweight, yet durable elastomeric materials with high resistance to impact, heat, and chemicals, in the automotive industry. The medical industry is another major consumer of the specialty elastomers, which is projected to grow at a robust CAGR during the review period. This mainly attributed to increasing demand for the product in manufacturing safety equipment and protective gloves.
However, the stiff competition from green or biodegradable elastomers and volatile raw material prices may hamper the market growth in the coming years.
Regional Analysis
The Specialty Elastomer Market has been segmented into five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
In 2018, the market in Asia-Pacific accounted for the largest market share of more than 45% owing to high demand for the product in the major end-use industries such as automotive, consumer goods, construction, and medical. Additionally, the favorable government policies for infrastructure development, healthcare sector, and small & medium scale industries may favor the market growth for specialty elastomers in this region. The North American market is projected to grow at a healthy CAGR during the forecast period on account of increasing reconstruction activities and surging demand for the elastomeric materials in the well-established automotive and aerospace and defense industries in this region. Europe is another substantial market for specialty elastomers. This can be attributed to the increasing demand from the automotive industry, along with the medical sector. The market for specialty elastomers in the Middle East & Africa and Latin America is estimated to grow at a considerable CAGR owing to high investment potential and steady growth of almost all the major end users of the specialty elastomers such as construction, automotive, and other industrial applications.
Segmentation
The Specialty Elastomer Market has been segmented based on Type, Application, and Region.
Based on Type, the global market has been divided into thermoplastic elastomers (TPE) and thermosetting elastomer (TSE). The TPE segment is further classified into thermoplastic olefin (TPO), thermoplastic polyurethane (TPU), thermoplastic vulcanizate (TPV), styrene block copolymer (SBC), and others. The TSE segment is further classified into styrene-butadiene rubber (SBR), butyl rubber, polybutadiene rubber (PBR), nitrile rubber, ethylene-propylene rubber (EPM), and others.
Based on Application, the Specialty Elastomer Market has been categorized into automotive, medical, consumer goods, building & construction, electrical & electronics, industrial, and others. The global specialty elastomer market has been studied with respect to five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
List of Key Players in the Specialty Elastomer Market
The prominent players operating in the Specialty Elastomer Market are
- BASF SE (Germany),
- Dow (US),
- JSR Corporation (Japan),
- LANXESS AG (Germany),
- LG Chem. (South Korea),
- Zeon Corporation (Japan),
- KURARAY CO., LTD (Japan),
- PJSC "Nizhnekamskneftekhim" (Russia),
- Covestro AG (Germany),
- Teknor Apex (US)
- Exxon Mobil Corporation (US).
Recent Development News
July 2021 - Celanese and ExxonMobil Chemical have entered an agreement, which will see the former acquiring the other company’s thermoplastic vulcanizate business. TPVs find applications in various end sectors, such as construction, automotive, medical, industrial, and appliance. This acquisition is expected to strengthen Celanese’s current specialty elastomers range, allowing it to bring an extensive series of functionalized and advanced solutions to targeted areas, such as medical, sustainability, and future mobility.
May 2021 - Trinseo is set to sell its entire synthetic rubber business to Synthos for a total of USD 491 million. This deal will be over by 2022. The deal should cover Trinseo's manufacturing facility in Schkopau, Germany, coupled with the research-and-development units. The products manufacturers will be solution styrene butadiene rubber (SSBR) along with emulsion styrene butadiene rubber (ESBR). The facility also produces neodynium PBR (Nd-PBR), and nickel polybutadiene rubber (Ni-PBR).
Intended Audience
- Specialty elastomer manufacturers
- Traders and distributors of specialty elastomer
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
| Report Attribute/Metric |
Details |
| Market Size |
2030 : Significant value |
| CAGR |
6.50%(2022 to 2030) |
| Base Year |
2021 |
| Forecast Period |
2022 to 2030 |
| Historical Data |
2019 & 2020 |
| Forecast Units |
Value (USD Million) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type and Application |
| Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors |
BASF SE (Germany), Dow (US), JSR Corporation (Japan), LANXESS AG (Germany), LG Chem. (South Korea), Zeon Corporation (Japan), KURARAY CO., LTD (Japan), PJSC Nizhnekamskneftekhim (Russia), Covestro AG (Germany), Teknor Apex (US), and Exxon Mobil Corporation (US) |
| Key Market Opportunities |
Increasing reconstruction activities and surging demand for the elastomeric materials in the well-established automotive and aerospace and defense industries |
| Key Market Drivers |
Surging demand for the product in the major end-use industries such as automotive, construction, and consumer goods. The greater adaptability of specialty elastomers in a wide range of applications and its high recyclability |
Specialty Elastomers Market Highlights:
Frequently Asked Questions (FAQ) :
The global specialty elastomers market had a total volume of 38,000 kilotons in 2018.
The global specialty elastomers market is expected to exhibit a strong 6.50% CAGR over the forecast period from 2022-2030. By value, the market is expected to exhibit a solid 6.50% CAGR over the forecast period.
The automotive industry is the leading end user of specialty elastomers, and accounted for a 35% share in the global market in 2018.
Asia Pacific is the leading regional market for specialty elastomers due to the growing consumption of the product in the automotive, consumer goods, construction, and medical industries.
Leading players in the specialty elastomers market include BASF, Dow, JSR Corporation, Lanxess, LG Chem, Zeon Corporation, and Kuraray, among others.
