HYDERABAD, India and WILMINGTON, Delaware, January 10, 2018
HYDERABAD, India and WILMINGTON, Delaware, January 10, 2018 /PRNewswire/ --
The report "Elastomers Market: By Type of Plastics (Thermosetting and Thermoplastics); By Vehicle Type (Passenger and Commercial); By Application (Automotive, Consumer Goods, Consumer Electronics and Others); & By Geography - Forecast (2017-2022)" published by IndustryARC, estimates the market to reach $20 billion by 2021.http://industryarc.com/Report/18133/elastomers-market.html
Usage of elastomers in automotive, medical and footwear industry will increase the elastomers market and is estimated to reach $87 billion by 2022.
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Elastomeric materials have the strength of the plastic with the elasticity of rubber. Elastomers refer to the special set of rubber which have light weight and have excellent mechanical properties like elevated elongation toughness, flexibility (even at low temperatures) and tensile strength, good abrasion resistance, compression strength, resistance to light, ozone and oxidation, low gas permeability and chemical resistance. Various engineering applications are likely to increase the demand for enhanced materials that features the property of metals, plastics, ceramics and more. As a result, extensive developments are taking place along with the adoption of synthetic rubbers comprising of elastomers to numerous applications at a higher extent. The key segmentations for elastomers market includes by type, by application and by geography.
Escalating construction industry coupled with rapidly expanding market of footwear in the emerging countries is anticipated to propel the demand for elastomers
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The global elastomers market is estimated to grow with a CAGR of 5.28% during the forecasted period and will reach $87 billion in 2022. Continued inputs by the government in terms of investments in polyurethane production and support by encouraging regulations which is likely to contribute towards growth of the market. According to type, the global elastomers market has been categorized into thermosetting and thermoplastic elastomers. Thermoplastic elastomers are estimated to grow at a higher CAGR in 2017-2022 and this segment is projected to remain dominant in the elastomers market for the next five years. Escalating demand for automobiles is propelling the growth of cast polyurethane market. Numerous parts manufactured from this material is preferred in automobile industry over conventional rubbers owing to its excellent mechanical properties.
The market has been segmented into the Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2015, APAC is the prominent region for elastomers market and is estimated to grow with CAGR of 6.35% during the forecast period. The growth in China is attributed to the increasing construction activities and the presence of largest producer of foot wears across the globe. However, considerable elastomers demand in European along with the Middle East countries is likely to boost the overall market.
The Prominent Players in this Market Include
Covestro AG is the leading supplier in the elastomers market contributing to nearly 19% of overall revenue. Covestro through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the market. Covestro AG, Dow (DuPont) Chemical Co., BASF SE, DSM NV and some more are other companies that are prominent in elastomers market in 2015. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining market shares in the industry.
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