Specialty Elastomer is a Polymeric material synthesized by joining number of organic units in a linked manner. Specialty Elastomer is a polymer based synthetic rubber. They are either thermoset based or thermoplastic based, wherein most of the Specialty Elastomers in the market are based on thermoplastic polymers. The product exhibit various properties such as long durability, high impact resistance and failure strain, low shrinkage, and better design flexibility. The Specialty Elastomer is used in numerous applications such as automotive, construction, electronic appliances, footwear making, and medical equipment, among others. Automotive industry, building & construction industry, and footwear making industry are the major end users of the Specialty Elastomer. The market is witnessing a high growth due to infrastructural expansion undertaken by both developing and developed countries and increasing demand from automotive sector.
The Global Elastomer Market is estimated to grow at a CAGR of ~5% to reach about USD 95 billion by the end of 2023, which is projected to boost the demand for Specialty Elastomer in the coming years.
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Key players in the Global Specialty Elastomer Market are BASF SE (Germany), The DOW Chemical Company (U.S.), JSR Corporation (Japan), LG Chem. (South Korea), LANXESS AG (Germany), Zeon Corporation (Japan), KURARAY CO., LTD. (Japan), Covestro AG (Germany), Teknor Apex (U.S.), and Exxon Mobil Corporation (U.S.), among others.
The Global Specialty Elastomer Market is segmented based on Product, Application, and Region.
On the basis of the Product, the market is divided into thermoplastic elastomer (TPE) (thermoplastic olefin (TPO), thermoplastic polyurethane (TPU), thermoplastic vulcunizate (TPV), styrene block copolymer (SBC), and others) and thermosetting elastomer (TSE) (styrene butadiene rubber (SBR), butyl rubber, polybutadiene rubber (PBR), nitrile rubber, ethylene propylene rubber (EPM), and others). The available Specialty Elastomers in the market are majorly based on TPE due to its vast applications starting from building and construction industry to footwear making industry. Within TPE, SBC is the largest segment and is projected to grow at the highest CAGR due to its applicability in high pressure-complex industrial process and better mechanical properties compared to its counterparts. On the other hand, thermoplastic based Specialty Elastomers are commercially suitable for a small range of applications.
Based on Application, the market is categorized into automotive, medical, consumer goods, building & construction, electrical & electronics, industrial, and others. Among these applications, the automobile industry is estimated to hold a major share of the market during the forecast period. Additionally, increasing demand for light weight vehicle and advent of electric vehicle are the favoring the growth of this segment. Yet, the medical segment is projected to grow at the highest CAGR among other applications on account of its increasing usage in syringe tips, peristaltic tubes, seals, gaskets, gloves, and grips.
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Geographically, the Global Specialty Elastomer Market is divided into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Among these regions, Asia Pacific is holding 48% share of the global market in terms of market size. China and India are leaders in the regional market owing to rising construction activities and reviving footwear making industry in these countries.
North America is a significant region in the Global Specialty Elastomer Market following the Asia Pacific. Reconstruction projects undertaken by countries namely the U.S. and Canada are anticipated to boost the growth of the regional Specialty Elastomer Market.
Europe is a substantial region in the Global Specialty Elastomer Market. The demand for Specialty Elastomer in the automobile industry, for making interior of luxury cars, is propelling the growth of the regional Specialty Elastomer Market. Countries namely Germany, France and the U.K. are the major contributors to the regional market growth.
Other Regions in the Global Specialty Elastomer Market are the Middle East & Africa and Latin America, wherein the Middle East & Africa is comparatively growing at higher rate. Huge investment potential and availability of raw material are estimated to push the growth of the market in this region. Latin America is expected to join the hand with the leading regions in the coming years.
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