Elastomers market projected to reach $147.35 billion by 2032 with growth driven by various industries.
From GlobeNewswire: 2025-03-05 09:30:00
The Elastomers Market was valued at $97.80 billion in 2023 and is projected to reach $147.35 billion by 2032, with a CAGR of 4.23%. Growth is driven by demand in automotive, medical, and consumer goods industries, with key players like Dow and DuPont expanding production to meet market needs. The U.S. Department of Energy reports that the automotive sector accounted for 30% of elastomer consumption in 2023, highlighting the industry’s significance in various sectors.
Stricter environmental regulations globally are impacting the elastomers market, especially in automotive and industrial sectors. Policies promoting recyclability and sustainability have led to increased investments in eco-friendly elastomer technologies and the shift towards biodegradable variants.
In 2023, SBR (Styrene Block Copolymers) dominated the elastomers market with a 22% share, driven by its use in automotive applications like tires and seals. The automotive industry held a 42% market share in 2023, utilizing elastomers in components for improved performance and energy efficiency.
Asia Pacific led the elastomers market in 2023 with a 44% share, fueled by industrialization, automotive production, and economic growth in countries like China and India. North America emerged as the fastest-growing market, driven by demand from automotive, medical, and industrial sectors, with companies like Dow and DuPont investing in R&D.
Recent highlights include Arkema increasing Pebax elastomers production, Covestro planning an elastomer recycling pilot plant, and Dow introducing bio-attributed elastomers for flooring. The market’s growth is supported by innovations in sustainable materials and increasing demand in key sectors like automotive and consumer goods. The Elastomers Market is segmented by application, with a detailed regional analysis and company profiles included. Use cases and best practices are highlighted, leading to a comprehensive conclusion. For more information or customization, contact [email protected]. SNS Insider provides up-to-date market data and consumer insights globally, empowering informed decision-making.
Read more at GlobeNewswire: Elastomers Market to Reach USD 147.35 Billion by 2032