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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Elastomers market size was valued at US$ 86.7 billion in 2024 and is expected to reach US$ 137.4 billion by 2031, growing at a significant CAGR of 6.8% from 2025-2031. 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-users.However, fluctuating prices and the availability of cheap products are hampering the market growth. The major challenge of the market is the high production and maintenance cost of the product. Because of this issue, the market is facing sluggish growth in the emerging nations.
Moreover, the availability of cheaper products further 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 market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed the global market to better equip clients with possible investment opportunities across the regions (regional Investment hot spots) and market unmet needs (Product opportunities).
Study Period
2025-2031Base Year
2024CAGR
6.8%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
The automotive industry is the largest end-user for elastomers. Elastomers are primarily used for hoses and belts, gaskets, bellows. Implementation of elastomers reduces the vehicle weight considerably, which turns out to be an optimum step taken as it expands the fuel efficiency and reduces the carbon dioxide emissions. Rising adoption for hybrid and Electric Vehicles (EVs) is influencing the product demand in this application. High-performance elastomers are used in EVs for better fuel-efficiency and reduced carbon emissions. Elastomers have developed as the perfect substitute to PVC and vulcanized rubber which are widely used in the interiors as well as exteriors of a vehicle.
Asia Pacific accounted for larger revenue share in global market with considerable CAGR owing to growing automotive production in emerging countries like China, India, and Indonesia and increasing demand for high-quality consumer goods. Further, urbanization and industrialization in these countries is increasing construction and manufacturing industries which will further enhance the market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2024 |
US$ 86.7 billion |
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Market Size in 2031 |
US$ 137.4 billion |
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Market CAGR |
6.8% |
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By Product Type |
|
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By End User |
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By Region |
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The elastomers market size was valued at US$ 86.7 billion in 2024 and is expected to reach US$ 137.4 billion by 2031, growing at a significant CAGR of 6.8% from 2025-2031.
The market key players are: Bailey-Parks Urethane Inc. (U.S) API S.P.A. (Italy) BASF SE (Germany) Covestro (Germany) I. du Pont de Nemours and Company (U.S.) Huntsman Corp. (U.S) JSR Corporation (Japan) Lanxess AG (Germany) Miracll Chemicals Ltd (China) The Dow Chemical Company (U.S.)
The market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
| 1. Executive Summary |
| 2. Global Elastomers Market Introduction |
| 2.1. Global Elastomers Market Taxonomy |
| 2.2. Global Elastomers Market Definitions |
| 2.2.1. Type |
| 2.2.2. Process |
| 2.2.3. Application |
| 3. Global Elastomers Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Elastomers Market Dynamic Factors - Impact Analysis |
| 3.6. Global Elastomers Market Competition Landscape |
| 4. Global Elastomers Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 |
| 4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Elastomers Market, By Type, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.1. Thermoset |
| 5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Thermoplastic |
| 5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6. Global Elastomers Market Forecast, By Process, 2020 - 2024 and Forecast, 2025 - 2031 |
| 6.1. Extrusion |
| 6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Blow Molding |
| 6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Compression Molding |
| 6.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Injection Molding |
| 6.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Others |
| 6.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7. Global Elastomers Market Forecast, By Application, 2020 - 2024 and Forecast, 2025 - 2031 |
| 7.1. Consumer Goods |
| 7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Automotive |
| 7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Medical |
| 7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Industrial |
| 7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Others |
| 7.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8. Global Elastomers Market Forecast, By Region, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Elastomers Market - Opportunity Analysis Index, By Type, By Process, By Application and Region, 2024 - 2030 |
| 9. North America Elastomers Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 9.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Thermoset |
| 9.1.2. Thermoplastic |
| 9.2. Process Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Extrusion |
| 9.2.2. Blow Molding |
| 9.2.3. Compression Molding |
| 9.2.4. Injection Molding |
| 9.2.5. Others |
| 9.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Consumer Goods |
| 9.3.2. Automotive |
| 9.3.3. Medical |
| 9.3.4. Industrial |
| 9.3.5. Others |
| 9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Elastomers Market - Opportunity Analysis Index, By Type, By Process, By Application and Country, 2024 - 2030 |
| 9.6. North America Elastomers Market Dynamics Trends |
| 10. Europe Elastomers Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 10.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Thermoset |
| 10.1.2. Thermoplastic |
| 10.2. Process Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Extrusion |
| 10.2.2. Blow Molding |
| 10.2.3. Compression Molding |
| 10.2.4. Injection Molding |
| 10.2.5. Others |
| 10.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. Consumer Goods |
| 10.3.2. Automotive |
| 10.3.3. Medical |
| 10.3.4. Industrial |
| 10.3.5. Others |
| 10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Russia |
| 10.4.7. Poland |
| 10.4.8. Rest of Europe |
| 10.5. Europe Elastomers Market - Opportunity Analysis Index, By Raw Material Type, End -Use and Country, 2024 - 2030 |
| 10.6. Europe Elastomers Market Dynamics Trends |
| 11. Asia-Pacific Elastomers Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 11.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Thermoset |
| 11.1.2. Thermoplastic |
| 11.2. Process Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Extrusion |
| 11.2.2. Blow Molding |
| 11.2.3. Compression Molding |
| 11.2.4. Injection Molding |
| 11.2.5. Others |
| 11.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Consumer Goods |
| 11.3.2. Automotive |
| 11.3.3. Medical |
| 11.3.4. Industrial |
| 11.3.5. Others |
| 11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. Japan |
| 11.4.2. China |
| 11.4.3. India |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Elastomers Market - Opportunity Analysis Index, By Raw Material Type, End-Use and Country, 2024 - 2030 |
| 11.6. Asia-Pacific Elastomers Market Dynamics Trends |
| 12. Latin America Elastomers Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 12.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Thermoset |
| 12.1.2. Thermoplastic |
| 12.2. Process Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Extrusion |
| 12.2.2. Blow Molding |
| 12.2.3. Compression Molding |
| 12.2.4. Injection Molding |
| 12.2.5. Others |
| 12.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Consumer Goods |
| 12.3.2. Automotive |
| 12.3.3. Medical |
| 12.3.4. Industrial |
| 12.3.5. Others |
| 12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Argentina |
| 12.4.4. Rest of Latin America |
| 12.5. Latin America Elastomers Market - Opportunity Analysis Index, By Raw Material Type, End-Use and Country, 2024 - 2030 |
| 12.6. Latin America Elastomers Market Dynamics Trends |
| 13. Middle East and Africa Elastomers Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031 (Revenue, USD Mn) |
| 13.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Thermoset |
| 13.1.2. Thermoplastic |
| 13.2. Process Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1. Extrusion |
| 13.2.2. Blow Molding |
| 13.2.3. Compression Molding |
| 13.2.4. Injection Molding |
| 13.2.5. Others |
| 13.3. Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.3.1. Consumer Goods |
| 13.3.2. Automotive |
| 13.3.3. Medical |
| 13.3.4. Industrial |
| 13.3.5. Others |
| 13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. Israel |
| 13.4.3. South Africa |
| 13.4.4. Rest of MEA |
| 13.5. MEA Elastomers Market - Opportunity Analysis Index, By Raw Material Type, End-Use and Country, 2024 - 2030 |
| 13.6. MEA Elastomers Market Dynamics Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Feedstock Material & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. LG Chem. Ltd. |
| 14.2.2. Arkema, Inc. |
| 14.2.3. PolyOne Corporation |
| 14.2.4. Huntsman International LLC |
| 14.2.5. Covestro AG |
| 14.2.6. E. I. du Pont de Nemours and Company |
| 14.2.7. The Dow Chemical Company |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.