New product launches, mergers & acquisitions, collaborations & joint ventures, agreements, and expansions were the key strategies adopted by key industry players to achieve growth in the elastomers market between 2016 and 2021. Factors such as industrial advancements, technological upgradations, and demand for efficient elastomers with excellent physical properties, such as resistance to oil, grease and ozone, impact strength, flexibility at low temperature, and good resilience have led to the rising adoption of elastomers across applications. Elastomers are used in several industries, mostly automotive and medical.
Companies operational in the elastomers market adopted strategies, such as new product launches, expansions, mergers & acquisitions, and agreements to achieve growth in the market. Some of the key players, including BASF SE (Germany), The Dow Chemical Company (U.S.), JSR Corporation (Japan), E. I. du Pont de Nemours and Company (U.S.), Lanxess AG (Germany), Zeon Corporation (Japan), Kuraray Co. Ltd. (Japan), Covestro AG (Germany), Nizhnekamskneftekhim PJSC (Russia), and Teknor Apex Company (U.S.) have adopted these strategies to develop their businesses, globally.
Lanxess AG (Germany) is a leading player in the global elastomers market. As part of its growth strategy, in April 2016, the company entered into a joint venture with Saudi Aramco (Saudi Arabia) to form Arlanxeo (Netherlands) for the production of elastomer and synthetic rubber to expand its product portfolio.
Teknor Apex (U.S.) is another major manufacturer of elastomers in the U.S. and one of the largest producers across the globe. As a part of its business strategy, Teknor Apex focuses on new product development and research. The company focuses on the manufacturing of high quality products by employing state-of-the-art technology, and improving the efficiency of its operations. In November 2016, it introduced a new product in its Sarlink series, Sarlink ML-2355B, which can deliver less viscosity for better moldability. Teknor Apex is focusing on expanding its business globally, through new product development in the elastomers market.
Elastomers Market by Type (Thermoset (Natural Rubber, Synthetic Rubber (SBR, IIR, PBR, NBR, ACM, EPM)), and Thermoplastic (PEBA, SBC, TPO, TPU, TPV)), Application (Automotive, Consumer Goods, Medical, and Industrial) - Global Forecast to 2021
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