Elastomers Market size, as of 2022 is expected close to USD 77,017.2 million, providing plenty of opportunities for market players. The market is foreseen to escalate at a positive CAGR of 7.15% throughout the forecast period of 2022 to 2027.

The market is growing because to the growing demand for ultra light but also high-performance products from the automobile sector. Over the projected period, the market is expected to rise due to the expanding vehicle industry, as well as the population boom & disposable income of individuals in emerging nations. Due to qualities like as tolerance towards oil, grease, and ozone, impact strength, and strong resilience, elastomers is widely utilized in the automobile sector. It is mostly employed in automobile interior design. In the automobile sector, TPU is by far the most often utilized elastomers. The automobile industry is the elastomers industry's fastest growing segment. Elastomers have really been developed as a suitable replacement for polyvinyl chloride and vulcanized rubber in both the interiors and exteriors of automobiles.

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The use of elastomers lowered total weight, which is important since it improves fuel economy and lowers hazardous emissions this indeed helping in the global market share. The global elastomers market is also expected to be driven by the medical market. Medical stoppers, gloves, & gasket all benefit from characteristics such as high sturdiness, stiffness, flexibility, and versatility. In addition, the growing demand for high-quality insulation and molding goods in the medical industry is fueling the market share. The extended characteristics of elastomers are well-known. These factors are contributing in the increase in consumption of elastomers with in medical and automotive industries, resulting in propelling the global elastomers ahead, resulting in the market having the highest global share.

Impact of COVID-19 on Global Elastomers market:

Because of the rigorous quarantine implemented by central governments throughout the world, the Corona virus has a range of repercussions on global enterprises, including impacting production and consumption, disrupting supply chains and marketplaces, and incurring enormous financial losses. COVID-19 posed a serious threat to a huge number of individuals. A few individuals were killed as a result of it. Governments understood this early on, which is why quarantines and lockdowns were implemented. COVID-19 had such a negative influence on the market. The downturn of the automotive sector, associated with both the temporary closure of construction as well as automobile assembly activities in several countries due to government-imposed lockdowns, has resulted in a drop in demand for elastomers used throughout the manufacturing process of automotive and construction materials such as adhesives, tires, plastics, gaskets, tubes, coatings, belts, and hoses, among other things

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Segmentation Analysis:

The global Elastomers Market segmentation includes:

By Type

Thermo set
Thermoplastic
Based on type, the global elastomers market is divided into thermo set and thermoplastic segments. The Thermosets category is expected to be the most notable sector, accounting for 70% of total sales. Due to its extensive applicability across a variety of industries, the industry is expected to maintain its dominance during the analyzed period. They are cost-effective composites that improve the mechanical characteristics of materials by increasing structural cohesion, heat and chemical repellence, and improving structural cohesion.

Application

Automotive
Consumer Goods
Medical
Industrial
Based on application, the global elastomers market is bifurcated into automotive, consumer goods, medical, and industrial categories. The Automotive industry category is having the highest CAGR with the largest share in the given categories. Elastomers are in great demand in the automobile industry. The worldwide elastomers market has a lot of room for growth, thanks to the rapidly developing global vehicle industry and rigorous emission regulations.

Regional Analysis:

North America
Europe
Asia Pacific
Latin America
Middle east and Africa
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