The Global Specialty Elastomers Market is growing significantly mainly due to the vast demand the product perceives across some of the burgeoning industries such as automotive, medical, construction, and electrical & electronics. Simultaneously, factors such as the greater adaptability in a range of applications alongside the convenience of recyclability these elastomers offer, act as a tailwind to the market growth.
Acknowledging the accruals, the market is garnering currently Market Research Future (MRFR) in its recently published study report, asserts that the market growth of the Global Specialty Elastomers Market will ascend enormously by 2023 registering a 5% CAGR during the review period (2017 to 2023).
Advantageous properties of Specialty Elastomers are the key factor influencing the market growth pervasively. Moreover, the growing number of construction projects, worldwide, along with the increasing applications in the manufacturing of rigid foams is boosting the demand for specialty elastomers. Augmented demand for lightweight automobiles has fueled the demand for these elastomers extensively, making them as one of the key components for durable and impact resistant materials.
Additional factors propelling the market growth include; growing population coupled and improving economic conditions worldwide, that is fostering consumer’s purchasing power. Furthermore, the trend of lightweight products has also influenced aircraft manufacturing industry, augmenting the demand & uptake of these elastomers in the burgeoning aerospace sectors.
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On the other hand, factors such as the emergence of biodegradable elastomers and the volatility in the prices of raw materials required in the production of Specialty Elastomers are expected to obstruct the market growth over the forecast period. Nonetheless, the medical sector which is the emerging application area of Specialty Elastomers is expected to foster the market growth to an extent, witnessing the increasing uses of the product in safety equipment and protective gloves.
The market leaders profiled in the MRFR analysis include The DOW Chemical Company (US), BASF SE (Germany), JSR Corporation (Japan), LANXESS AG (Germany), LG Chem. (South Korea), Zeon Corporation (Japan), Covestro AG (Germany), KURARAY CO., LTD. (Japan), Exxon Mobil Corporation (US), and Teknor Apex (US).
Industry/ Innovation/ Related News:
August 29, 2018 – Evonik Industries AG (Germany), the largest specialty chemicals company announced the innovation (development) of the new flexible plastic material for 3D printing based on Polyether Block Amide (PEBA).
PEBA is a thermoplastic elastomer material well-known for its high-performance characteristics and is widely used as a replacement material for common elastomers like polyester elastomers, thermoplastic polyurethanes, and silicones due to its superior mechanical properties, lower density, flexibility, fatigue resistance, and high impact.
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Developed in collaboration with EOS (Germany), a global technology and quality leader for high-end additive manufacturing solutions, the new development is considered as the world’s first flexible plastic material specially designed for 3D printing. This new high-performance powder will be used in various powder-bed fusion technologies.
Global Specialty Elastomers Market – Regional Analysis
The Asia Pacific region accounts for the largest market for Specialty Elastomers, globally. Factors substantiating the market growth include the growing sectors of automotive and aerospace tire manufacturing in the region.
The continuous rise of specialty industry in this region is projected to continue fetching major demand for these elastomers in this region. Additionally, expansion of infrastructural projects alongside the constantly rising electronic sector in this region is expected to impact the market growth positively over the assessment period.
North America is closely following the Asia Pacific Specialty Elastomers Market, emerging as another lucrative market for the product. Growing demand from specialty industry is driving the growth of the market in the region. Aircraft and automotive sectors are the two key segments consuming a dominant share of the total demand for Specialty Elastomers.
The specialty elastomers in the North America region is growing significantly attributing to the increased consumption of low-density materials in electrical & electronics, medical, and others. Also, the growing investments transpired in the emerging application areas is likely to drive the market in the region during the forecast period.
Europe is another substantial market for Specialty Elastomers across the globe. The demand for these elastomers is majorly generated by the automobile industry in the region, primarily, for making lightweight auto products and tires. Besides, implementation of new rules and regulations proposed by the government to follow lightweight and resins in the industry has provided impetus to the market growth to an extent.
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