Boost to elastomers market

The global elastomers market is forecast to grow by more than 4% annually, reaching a value of US$147.35bln by 2032.

The analysis from SNS Insider reveals that the increasing demand comes from the automotive, medical and consumer goods industries. 

Companies like Dow and DuPont have ramped up elastomer production accordingly. In particular, biocompatible and biodegradable elastomers are gaining traction in medical and personal care sectors. While the US Department of Energy reports that the automotive sector alone accounted for 30% of elastomer consumption in 2023.

The report reveals the impact of regulations on market growth. These include stricter environmental regulations, particularly in automotive and industrial sectors, and policies encouraging recyclability and the reduction of carbon footprints. This has prompted a surge in investments in alternative elastomer technologies and the shift towards biodegradable and recyclable variants.

Meanwhile, SNS Insider forecasts that the advanced elastomer market is project to reach US$8.9bln by 2032, growing at an even faster rate of more than 6% annually from 2024 to 2032. 

The better elasticity, long-lastingness, and chemical and heat stability for which advanced elastomers are well characterised are critical for certain applications.

The increasing focus on fuel economy and lightweight structures in automotive and aerospace segments is driving growth in this area, alongside demand for advanced elastomers in medical tubing, catheters, and high-flexible wearables.