DUBLIN–(BUSINESS WIRE)–The “India Elastomers Market, By Type, By Application, By Region, Competition, Forecast & Opportunities, 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
India elastomers market is expected to grow at CAGR of 8.41% until 2028 to reach USD2519.16 million by 2028.
This can be ascribed to the growing utilization of elastomers in automotive industry due to its characteristic properties such as high-performance and light weight. Increasing sales of automobile are driving the vehicle production which in turn is positively influencing the demand of the elastomer in the country.
Over the forecast period, the market is expected to rise due to rising consumer demand for cost-effective and durable materials to maintain demand-supply of elastomers in India. Reliance Industries Ltd. has started trading of Ethyl Vinyl Acetate (EVA) to Indian market. Indian manufacturers are importing Ethyl Vinyl Acetate from China and selling the material after branding, this is to meet the industry demand and trail to understand market and behavior of end use industry before producing Ethyl Vinyl Acetate (EVA) in India.
Furthermore, product application in a variety of industries, including tire, automotive components, Sports Wear, Conveyor Belts and others, is likely to drive market in the upcoming years. The properties offered by these products, such as low temperature flexibility, hardness, aging, and elongations are likely to boost their demand during the forecast period.
The market is strongly reliant on demand and shifting customer preferences, particularly in the tire and automotive components industries. Over the forecast period, rising usage of strong, durable, and flexible products for various land and air adventure sports applications made up of elastomers is likely to boost the market growth.
Most industry players are using recycling, and advanced technology approaches. It involves the use of antimicrobial composites made from recycled secondary raw materials derived from synthetic rubber waste. As a result of growing environmental and health concerns around the world, this trend is likely to continue during the forecast period.
Rising Automotive Industry to Propel Elastomer Demand
Because of the increased consumer preference for lightweight vehicles with excellent performance, plastic innovation in the automobile industry is a major driving force. As a result, the need for elastomers has increased to manufacture innovative and fuel-efficient automobiles. Compared to thermosets, the product has low fabrication costs, a quicker processing time, and more design flexibility, resulting in widespread acceptance.
Elastomers are in More Demand than Natural Rubber
Natural Butadiene rubber has been replaced by elastomers, which have elastic qualities and can be processed like plastic. Elastomers can also be utilized to replace PVC in recreational and toy equipment, making it more eco-friendly. Because of their thermoplastic nature, elastomers may be recycled, making them a “green” offering to the planet.
Manufacturers are scrambling to use elastomers in a variety of applications as demand for the polymer grows quickly. The usage of elastomers in toy production is likely to increase in the future years, from sports plastics to leisure toys like flying discs.
Demand from Various Sectors
Elastomers are expected to grow significantly in the next years, thanks to rising demand from a variety of end-use industries, including mining, automotive and transportation, equipment, medical, and oil and gas. Elastomers can be molded into a variety of durometer hardness to satisfy the needs of a particular application.
Hot polyurethane elastomers are utilized extensively in the mining sector for mineral processing applications such as separating screens, conveyor scrapers, and other components. Polyurethane elastomers’ high load-bearing capacity, abrasion resistance, resilience, and impact strength qualities enable mining equipment function better and endure longer. The elastomers market will also benefit from rising output in the mining industry.
Market Segmentation
Styrene Butadiene Rubber (SBR) dominated the market in terms of type, owing to an increase in demand from diverse applications in tire, Conveyor Belts and Sports Wear, as well as expanding population, changing lifestyles, economic expansion, and rising per capita income. Based on Application market is segmented into Tires, Automotive Components, Conveyor Belts, Sports Wear and Others. Based on region west dominated the market because of broad use and acceptance of Elastomers.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India Elastomers Market
Report Scope:
India Elastomers Market, By Type:
India Elastomers Market, By Application:
India Elastomers Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/v3bc9u
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