Lewes, DE -- (SBWIRE) -- 08/06/2015 -- Due to the increased demand from automotive industry, advancement in processing industry and increasing purchasing power in the developing economies are the key drivers of the elastomers market, global elastomers market is expected to grow at a compound annual growth rate (CAGR) of 6.1% and reach US$36 billion by 2022 from $22.37 billion in 2014.

Among the elastomers, the thermoplastic elastomers are likely to grow due to the diverse range of its applications and increasing R&D efforts. Whereas Volatality of crude oil prices and product commoditization are hampering the market growth.

Elastomers Market is segmented by product, by application and by geography. Depending on the various products, the market is segmented into Thermo set Elastomers and Thermoplastic Elastomers. Based on applications, the market is categorized into Tire Elastomers, Automotive Component, Elastomers, Architecture, Sports Products and Medical Products. By geography , the market is segmented into North America, Europe,Asia-Pacific and Rest of the World. China accounted for one-fourth of the Elastomers market share in 2014. The Asia-Pacific region being the largest market is expected to grow at a faster rate.

The key players in the Elastomers Market include Ashland, DuPont , Goodyear Tire & Rubber Co, Japan Synthetic Rubber Co. Ltd., Kraton Polymers, Lcy Chemical Corp., Michelin, Nantong Huili Rubber Co. Ltd., Sibur and Zeon.

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