WELLESLEY, Mass, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Due to the high demand for silicone elastomers for automobile parts, the rapid growth in the semiconductor and electronics industries, and the growing purchasing power in developing countries, the global market for elastomers is expected to top 42 kilotons over the next five years, according to a new report from BCC Research.
In 2018, the global market for elastomers was worth 34.7 kilotons. BCC Research estimates that it will reach a value of 42.3 kilotons by 2023, indicating a compound annual growth rate (CAGR) of 4.1%, according to Elastomers: Applications and Global Markets.
The Philippines, Malaysia and Indonesia are observed to be the emerging markets in Southeast Asia region. The countries are observed to invest heavily in new infrastructure projects, supported by private investment.
Research Highlights
- Restraints facing the global elastomers market include environmental issues and government regulations.
- Opportunities that await the industry include rising construction activities in the Asia-Pacific region and BIO-TPEs, which is an emerging segment that is promising significant growth.
- There are two types of basic elastomers available and consumed in the market: thermoset elastomers and thermoplastic elastomers. The types of elastomers vary depending upon the distribution and degree of chemical bond.
“In the construction industry, elastomers are used in the form of adhesives in day-to-day operations,” the report notes. “The product is also used for filling crack and gaps throughout the building process. The demand for elastomers in the construction industry in Asia-Pacific region is projected to increase at a rapid rate during the forecast period. Construction industry demands are expected to boost the sales of elastomers in the region during the forecast period.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.