The elastomer is an elevated molar mass polymeric material with elasticity characteristics, allowing the material to regain its original shape after deformation. According to BlueQuark Research & Consulting, the global Elastomer market is expected to witness significant growth during the forecasted period. Factors such as rising transportation activities and a rise in the sales of electric vehicles, coupled with the rising need for high-performance and lightweight materials in vehicle production, are expected to drive the global Elastomer market in the forecasted period. Further, the growing demand for medical devices and the healthcare sector has played a significant role in the market due to increasing healthcare expenditures, technological development in medical science, growing aging population, and chronic diseases further drive the demand for Elastomers globally. Furthermore, increasing demand for elastomers from the ventilation, heating, and air conditioning (HVAC) industry and rising demand for elastomers for manufacturing construction industry materials like adhesives, tubes, coatings, and others are expected to drive the market's growth are expected to drive the global Elastomer market in the forecasted period. However, thermoplastic-type elastomers tend to lose their elasticity at high temperatures. They also tend to undergo creep, i.e., deform under the influence of temperature and sustained pressure limiting their market growth in high temperatures applications. This can pose a hampering factor for the global market growth of elastomers.

Elastomer is extensively worn in the automotive industry due to its properties such as resistance to oil, grease, ozone, impact strength, and good resilience. It is mainly used in the interior design of vehicles. Thermoset elastomers are extensively used in the production of tire rubbers, and thermoplastic elastomers are used in manufacturing sealants, hoses, and tubes by injection molding. 

Elastomers are witnessing augmented global demand from the automotive industry because of the massive demand for high-performance, lightweight materials. Fundamental properties such as flexibility, strength, and high durability allow varied applications of elastomers in the automotive industry, such as manufacturing wires & cables, puncture-resistant seals, and providing impact resistance in vehicle interiors. Thus, these unique properties of elastomers are likely to push the overall market growth throughout the forecasted period. Elastomers are used in belts and hoses, bellows, gaskets, sound management inside the car, floors, and instrument panel skins. Moreover, outside the vehicle, it can be used in tires (base tire, sidewalls, treads), wire, cables, and coatings in almost all car parts. Advancement in the automotive is moderately a result of enhanced car builds and polypropylene consumption per car. Compounded Thermoplastic polyolefin products are being stimulated to replace flexible PVC in instrument panel coverings and other interior applications. Due to properties like lightweight, ease-of-processing, greater design freedom, versatility, and ability to be recycled, thermoplastic elastomers (TPEs) are predominantly utilized in the automotive and transportation sector. About 40% of all TPE products consumed globally are worn in vehicle manufacturing. Therefore, the growth of the automotive and transport sectors and their parts, components, and OEM suppliers is an essential indicator for future TPE demand. The growing demand for lightweight materials in the automotive industry to provide raised efficiency and design flexibility is primarily responsible for the development of the TPE market. High-performance thermoplastic elastomers provide manufacturers with the advantages of design and comparable strength to steel, which help reduce the overall weight and control greenhouse gas emissions. However, the development of electric vehicles is predicted to continue to gain momentum in the future, especially in Europe and China. Government programs promote the move away from fossil fuels due to various environmental concerns, thus, prompting designers in all automotive fragments to discover new possibilities. The lightweight material research has been rising to reduce the weight of electric vehicles further, driving the market.

Asia Pacific is expected to lead the market due to a large manufacturing base in China, India, Japan, Thailand, and Indonesia. Moreover, other countries such as India, Malaysia, and others are expected to witness increased demand for electronics products and consumer durables mainly due to increasing disposable income. The growing middle-class population contributes to the high demand for used products. Increasing Demand for Styrenic Block Copolymers is expected to drive the market. Styrenic block copolymers are high-performance materials that are more rubber-like than other thermoplastic elastomers. In terms of volume, these constitute the most prominent family of thermoplastic elastomers (TPE). In 2019, China became one of the largest styrenic block copolymer markets worldwide. The country is one of the leading footwear producers in the world, followed by India and other Asia-Pacific countries. The footwear industry consumes many rubber and elastomers, including styrene block copolymers (especially SBS). Thus, this will likely increase the market demand over the forecast period. Thermoset elastomer provides high thermal stability, well-defined microphase-separated morphology, superior and tunable mechanical strength, and controlled hydrolytic degradability was systematically investigated compared to the triblock prepolymers. The complex domain crosslinked thermoset elastomers with tunable mechanical strength and degradation capability can be practical candidates for sustainable elastomers to satisfy specific and high-performance applications. They are cost-effective materials, offer excellent aesthetic appearance and aid in improving the mechanical properties of materials by enhancing the structural integrity and heat and chemical resistance. The footwear industry extensively uses elastomers to produce soles that can be molded as units or directly on the shoe. Polyurethanes are utilized in footwear to provide high abrasion resistance, which is suitable for hardwearing shoe soles, with excellent long-term mechanical properties. Elastomers find their use in a broad spectrum of footwear types, from sports and trekking enhance to business and fashion shoe soles, without restraining the design potential. Thermoplastic elastomer are gaining wide adoption in the medical industry owing to their extensive applications in manufacturing medical devices. The most excellent thermoset replacement has been observed in the medical sector. Due to their superb molding and high insulation properties, TPEs have substituted nearly all medical stoppers and gaskets. TPEs are moldable and can fill gaps, and their utmost flexibility has created a greater demand for these products. TPE's rising replacement of ethylene propylene diene monomer in construction equipment will likely fuel the product market. Major automotive OEMs are shifting their manufacturing bases to these markets due to low operational costs and surging demand for passenger cars. This factor is expected to drive the product demand in the forecasted period.

In the year 2019, the market was found to be highly fragmented. Some of the key players in the market are BASF SE, JSR Corporation, Lanxess AG, Huntsman International LLC, and The Dow Chemical Company.

In December 2019, PolyOne introduced new bio thermoplastic elastomers for over-molding. The product portfolio has new grades highlighting easy color ability, an essential requirement for cosmetics packaging, personal care products, and consumer electronics.

Global Elastomers Market report provides deep insight into the current and future state of the Elastomers market across various regions. The study comprehensively analyzes the Elastomers market by segmenting based on geography, Product type (Thermoset, Thermoplastic), By End-user (Industrial, Automotive, Medical, Consumer goods, and Others). The report examines the market drivers and restraints influencing the growth in detail. The study covers & includes emerging market size, trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.