Global Elastomers Market to Reach USD 34.73 Billion in 2021: Frost & Sullivan
LONDON, UK -- New analysis from Frost & Sullivan, Analysis of the Global Elastomers Market, finds that Global Elastomers total market was worth $21.52 billion in 2014 and is expected to grow to $34.73 billion in 2021.Compared to synthetic elastomer (SE) the thermoplastic elastomers (TPE) segment is expected to grow faster.
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.
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.
“Meanwhile, OEMs are also making a beeline for non-latex solutions due to escalating environmental concerns and biohazard and skin sensitization issues in the medical and hygiene industry,” said Frost & Sullivan Chemicals, Materials & Food Research Analyst Shubhayan Sarkar. “This bodes well for SE compounds, as they offer superior flexibility and tactile sensitivity.”
Despite the vibrancy of the market, it is facing competition from alternative materials such as polyvinyl chloride (PVC) and specialty plastics. The market can
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