Market Overview

The market for elastomers is expected to grow at a CAGR of more than 5% during the forecast period. Major factors driving the market studied is advancement in the processing industry, and increasing application from the HVAC industry

  • Shifting focus toward the development of bio-based products, and increasing application in fabrication of medical instruments is likely to act as an opportunities.
  • Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.



Key Market Trends

Increasing Demand for Styrenic Block Copolymers (TPS)

  • Styrenic block copolymers (TPS) are high-performance materials, which are more rubber-like than other thermoplastic elastomers. In terms of volume, styrenic block copolymers constitute the largest family of thermoplastic elastomers (TPE).
  • TPS have rubber-like properties, however, they process as thermoplastics. As with other thermoplastic elastomers, styrenic block copolymers are characterized by their ability to be processed as thermoplastic materials, while possessing the physical and mechanical properties that are characteristics of filled vulcanized elastomers.
  • In addition, the scrap generated is re-processable. These factors combine to reduce the production costs of finished articles, based on these materials, as compared to vulcanized rubber.
  • Though styrenic block copolymers exhibit good elastic qualities, they display lower elastic recovery than standard rubbers. In addition, they demonstrate good flexibility at lower temperatures. However, owing to their relatively low softening points, their use is limited at higher temperatures.
  • There are three major types of SBCs are Styrene-butadiene-styrene (SBS) blocks, Styrene-isoprene-styrene (SIS) block copolymers, and Hydrogenated styrenic block copolymers (HSBC)
  • In recent years, China has become the largest styrenic block copolymers market worldwide. China is the leading footwear producer in the world, followed by India. The footwear industry consumes significant quantities of rubber and elastomers, including styrenic block copolymers (especially SBS).
  • All the factors are likely to increase the demand for the market over the forecast period.



Asia-Pacific to Dominate the Market

  • Asia-Pacific is projected to lead the market due to growing automotive production and sales through different countries, such as China, India, Taiwan, Thailand, and Indonesia.
  • China is the leading market regarding consumption of elastomers in the construction, automotive, electrical & electronics and footwear industries.
  • Increased Public-Private Partnership (PPP) initiatives have further led to the growth of the Chinese construction industry.
  • Regions, such as ASEAN countries, India, Taiwan, and Pacific Islands, among others with emerging economy have witnessed increased demand for automotive, consumer durables and electronics products mainly due to increasing disposable income and a growing middle class contribute to the high demand for used products.
  • Overall, the market for TPE in Asia-Pacific is expected to witness a significant growth rate during the forecast period.



Competitive Landscape

The elastomers market is partially consolidated. Some of the Major Players include BASF SE, Dow, Covestro AG, Kuraray Co. Ltd, and Huntsman International LLC., among others.

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