LONDON—Smaller elastomers manufacturers must concentrate on product development to stay competitive in a global market, according to a new study by growth strategies firm Frost & Sullivan.
“The global elastomers market is all set to usher in an era of innovation with original equipment manufacturers increasingly demanding high-performance materials,” Frost & Sullivan said about the study, “Analysis of the Global Elastomers Market,” which it released May 27.
“Owing to the profusion of choice, customers are likely to base their purchasing decisions on performance metrics such as durability, product finish and flexibility of use,” the London-based consulting firm said.
The total global elastomers market was worth $21.52 billion in 2014 and is expected to grow more than 50 percent, to $34.73 billion, by 2021, according to the study.
Currently, the thermoplastic elastomer segment is the torchbearer for technological advancements in elastomers, the study said. The high recyclable content of TPEs makes it the material of choice for sustainable solutions, it said.
OEMs are also making a beeline for non-latex elastomers, thanks to environmental, biohazard and sensitization concerns, according to the study.
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