The Europe Elastomers Market is anticipated to develop with a CAGR of about 5% over the foreseen period from 2023-2028
The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the Elastomers market in Europe. The ease of handling of non-utilized plastic material is also a driving factor. PE-based Elastomers are the highest contributor in the European region, thus PE-based composites add to the overall growth of the industry.
The usage of Elastomers in aerospace, and wind energy turbines is growing, and these options often come cheap as compared to their counterparts that help in the growth of the industry. The demand for lightweight materials is also increasing in Europe which allows growth opportunities for the European Elastomers market. Environmental concerns have also raised the production of carbon-based elastomers. The fluctuations in prices and availability of alternatives are mainly impeding the elastomer's business in Europe.
Europe was the early hotspot for the virus in early 2020, and it had a severe impact on major European economies as most of them were shut. It has negatively affected the demand for Elastomers across various end-use industries such as aerospace & defense, automotive & transportation, wind energy, construction & infrastructure, and others. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers have compelled aircraft and automobile manufacturers to operate at reduced capacities. This has led to a reduction in demand for Elastomers. However, the demand from the packaging industry increased in this period which led to more production of Elastomers. The market is expected to recover from 2021 onwards.
Europe Elastomers Market-On the basis of Type:
Automotive
Consumer Goods
Medical
Industrial
Electrical and Electronics
The thermosetting segment held a dominant market share of 71% and is likely to account for the major share of the regional market in the future.
The automotive industry witnessed huge growth in the local market, and this has proved to be offering an excellent growth opportunity for the Elastomers industry in Europe. The aerospace industry is emerging strongly in the European region triggering high demands for lightweight and rigid materials, where these elastomers come in handy as it solves both problems at an affordable price. The automotive and transportation segment is also likely to dominate the regional market in the future with advantages such as fuel savings etc.
Europe is one of the largest markets for the Elastomers industry thanks to the huge investments in the pharmaceutical sector. The UK has invested a lot in healthcare facilities. The importance to safe packaging has increased and plastics are becoming second choices to Elastomers and composite materials in Europe.
Germany has invested a lot in its automotive and wind energy industries, and this has led to an increase in demand for the Elastomers market. European regulations are forcing OEMs to reduce the emissions of CO2 by vehicles and further regulations are expected towards fuel products in the coming years.
Toray is set to supply Carbon fiber composite material for the all-electric air vehicle of Lilium. The Munich-based company will be able to deliver clean regional air mobility by 2026.
Hexcel supplies composite materials to every aircraft manufacturer in the world including honeycomb, carbon fiber, and engineered core.
CM Technologies opened a new state-of-the-art Elastomers market regeneration facility in Gardena, CA in the South Bay section of Los Angeles. This new plant enables customers on the West Coast to send in their spent Elastomers market for regeneration and subsequent reuse improving the supply chain of the products.
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