The Global Elastomers Market size was valued at USD 79.2 billion in 2021 and is expected to reach USD 109.9 billion by 2028, at a CAGR of 4.8% during the forecast period 2022 to 2028. Some of the key factors influencing the market growth include increasing demand from the automotive industry, growing population and per capita income levels, cost effectiveness and adaptability of thermoplastic elastomers in major end-user. However, fluctuating prices and availability of cheap products are hampering the market growth. The major challenge of the market is high production and maintenance cost of the product. Because of this issue, the elastomers market is facing a sluggish growth in the emerging nations. Moreover, the availability of cheaper products furthers restricts the market growth. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global elastomers market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities).
Key Development :
In May 2021, Avient launched three proprietary, thermoplastic elastomer (TPE) formulations that contain antimicrobial additives to its GLS™ TPE portfolio. These additives protect molded plastic parts by inhibiting bacterial growth and resisting fungal and mold growth.
In December 2021, Pexco LLC, a leading North American specialty plastics extruder acquired Performance Elastomers Corporation (PEC) to expanding the silicone and thermoplastic elastomer products and broadening its capabilities