Analysis of the Global Elastomers Market
The global elastomers market is all set to usher in an era of innovation with original equipment manufacturers (OEMs) increasingly demanding high-performance materials. Owing to the profusion of choice, customers are likely to base their purchase decisions on performance metrics such as durability, product finish, and flexibility of use. This, in turn, compels smaller companies to focus on product development to stay competitive.
New analysis from Frost & Sullivan, Analysis of the Global Elastomers Market, finds that the total market was worth USD 21.52 billion in 2014 and is expected to grow to USD 34.73 billion in 2021. Compared to synthetic elastomer (SE), the thermoplastic elastomers (TPE) segment is expected to grow faster.
Currently, the TPE segment is the torchbearer for technological advancements. Its primary focus is on improving processing attributes and enhancing design flexibility, while the product’s inherent advantage of high recyclable content makes it the material of choice for sustainable solutions. As TPE enables a wide range of applications, it is rapidly attracting business from a diverse range of end-user markets, especially the fast-growing consumer electronics market.
Despite the vibrancy of the market, it is facing competition from alternative materials such as polyvinyl chloride (PVC) and specialty plastics. The market can take heart from OEMs’ evident desire to replace these materials in several applications. This has opened up the market to elastomers vendors that are able to substitute PVC and metals with competing plastic compounds as well as reinforced and composite materials.
The global market for elastomers is expected to thrive even with the saturation of the manufacturing bases in North America and Western Europe, as the burgeoning of end industries in Asia-Pacific and Rest of the World has restored balance to the market. Still, factors such as the declining demand of solid wire and cable in external insulation and the high cost of switching to TPE can dampen the growth of the elastomers market.
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