Wilmington, Delaware, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hyperelastic material market is expected to reach a value of US$ 25.1 Bn by the end of 2031, as per a research report by Transparency Market Research (TMR). In addition, the research report finds that the market for hyperelastic material is expected to grow at a CAGR of 4.89% during the forecast period, from 2022 to 2031.
In the automotive industry, hyperelastic materials are being utilized in the production of superior-quality tires owing to their different properties, including low-rolling resistance and heat resistance. The tires manufactured using hyperelastic materials are being increasingly adopted globally as they can assist in decreasing the CO2 emission levels in the environment and provide a comfortable riding experience to the vehicle drivers. Hence, the expansion of the automotive industry is likely to drive the business opportunities in the global hyperelastic material market during the forecast period, note analysts at TMR.
Players in the hyperelastic material market are expected to gain sizable business opportunities in Asia Pacific during the forecast period. The growth of the Asia Pacific market is ascribed to factors such as the existence of several emerging economies and expansion of the automotive industry in the region, note analysts of a TMR review report.
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Hyperelastic Material Market: Key Findings
- Hyperelastic materials are gaining traction in the aeronautical and automotive industries owing to their ability to help in reducing the components size. Thus, a surge in the product demand from the aerospace, railway, and automobile industries is bolstering the market. Moreover, the market is prognosticated to gain notable growth opportunities in the near future owing to many factors including increase in the spending power of people from varied nations and surge in the understanding pertaining to the environmental benefits of these materials, notes TMR’s global market study on hyperelastic material industry.
- The government bodies of several nations have introduced stringent policies pertaining to the application of hyperelastic materials. These factors are expected to create lucrative prospects for the hyperelastic material market manufacturers in the near future. This aside, several nations such as the U.K., the U.S., Japan, and Germany are offering incentives and programs that promote the utilization of hyperelastic material. Such factors are projected to help in the overall growth of the hyperelastic material market size during the forecast period, state analysts at TMR.
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Hyperelastic Material Market: Growth Boosters
- Increase in the product use by automobile manufacturers is projected to boost the demand of hyperelastic material market during the forecast period
- Surge in urbanization across many emerging economies across the globe is expected to fuel the growth prospects in the global market for hyperelastic material
- Rise in demand for butadiene rubber owing to their improved tensile strength and high resilience is creating notable business prospects in the market
Hyperelastic Material Market: Competition Landscape
- Players are using different strategies such as partnerships, acquisitions, and joint ventures in order to expand their businesses
- Major companies operating in the hyperelastic material market are investing heavily in R&Ds in order to improve the quality of products they offer
Hyperelastic Material Market: Key Players
Some of the key players profiled in the report are:
- Dow
- Exxon Mobil Corporation
- Sumitomo Chemical Co. Ltd.
- LG Chem
- REPSOL S.A.
- Braskem
- LyondellBasell Industries Holdings B.V.
- CLARIANT AG
- BASF SE
- MITSUI CHEMICALS AMERICA, INC.
- LANXESS
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Hyperelastic Material Market Segmentation
- Type
- Ethylene Vinyl Acetate
- Thermoplastic Polyurethane
- Butadiene Rubber
- Silicone
- Others
- Application
- Home Bedding
- Construction
- Aerospace
- Railway
- Automobile
- Oil and Gas
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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