Elastomers Industry Procurement Intelligence Day One Analysis Report, 2021 – 2027
Procurement Outlook
Elastomer, any rubbery material composed of long chainlike molecules, or polymers, that are capable of recovering their original shape after being stretched. Elastomers can be categorized into two major types; Thermoset elastomers and Thermoplastic elastomers.
- Thermoset elastomers: Thermoset elastomers are vulcanized (cured) to produce a degree of crosslinking between the polymer chains. The cross-linking is irreversible, unlike with thermoplastic elastomers which will soften and flow above a given temperature. Some examples of these elastomers are bromobutyl, chlorinated polyethylene, chlorobutyl, fluorocarbon, hydrogenated nitrile, isoprene, styrene butadiene, tetrafluoroethylene propylene, etc.
- Thermoplastic elastomers: Thermoplastic elastomers have many of the physical properties of vulcanized rubbers but can be processed like thermoplastics. They are used in applications as diverse as adhesives, footwear, medical devices, automobile parts, and asphalt modification. Some examples of these elastomers are thermoplastic urethane elastomers, polyester amide elastomers, copolyether ester elastomers, styrenic block copolymers, etc.
Elastomers are gaining high demand in automotive, pharmaceuticals, electrical & electronics, building & construction, and other developing sectors. Elastomers in vehicle manufacturing industries act as a replacement for PVC and other materials to increase fuel efficiency and performance.
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Demand Outlook
The global elastomers market was valued at USD88 billion in 2020 and it is expected to grow at a CAGR of 5% from 2021 to 2027 due to rising demand in the automotive industry for high-performance and lightweight materials in vehicle production. More than 40% of all elastomers are used in the automotive and transportation industry. APAC is the leading market with ~50% market share. Countries like China and India are considered automotive manufacturing hubs. Hence, the demands of elastomers from these countries are the major driving factor behind the growth of the global elastomers industry.
Cost Drivers
The process of elastomers manufacturing holds the key in determining the cost driver of the same. Though the fixed cost of machinery and equipment are the most important aspects of the elastomers manufacturing cost structure, the molding process including injection moulding and transfer moulding accounted for more than one-third of the overall cost of operations. Moreover, post moulding operation costs like trimming costs, post-curing costs, product testing costs, and etching costs hold major cost shares in elastomers manufacturing operation.
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A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions.
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