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.
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.
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.
Grab your copy, or request for a free sample of the “Elastomers Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.
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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