North America Elastomers Market is foreseen to register a considerable annual growth rate in the foreseen period between (2023-2028)
North America, especially the USA is badly plagued by coronavirus during the major parts of 2020. Amidst this, the USA has prepared them for the search for vaccines. 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 has led to delays in raw materials, interrupted financial flows, and a decrease in morale among production workers have encouraged aircraft and automobile manufacturers to function at zero capacities. This has led to a reduction in demand for elastomers, which is expected to recover from 2021 onwards.
The stringent policies regarding the environment have made it difficult for plastics and opened doors for the growth of the elastomers market in North America. The ease of handling of non-utilized plastic material is also a driving factor in this region. PE-based elastomers are the highest contributor in the North American 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 which helps in the growth of the local industry.
The elastomers market in North America is mainly affected by fluctuations in the prices and easy availability of alternatives. The North American region is one of the largest markets of the Elastomers market, but the business is likely to shift more towards the Asia Pacific region with the easy availability of raw materials and cheap labor.
Thermoset Elastomers
Thermoplastic Elastomers
Automotive
Consumer Goods
Medical
Industrial
Electrical and Electronics
The automotive industry has the largest share of the Elastomers market in terms of volume.
The transport industry also has a big share. This is because various industries have to comply with the corporate average fuel efficiency (CAFE) standards and minimize the Carbon dioxide emissions.
The packaging industry is also estimated to develop huge growth, which has proven to be an excellent growth opportunity for the elastomers industry.
The glass fiber market has the largest share in the market as compared to other categories. This is because they have low cost and superior properties.
North America is one of the largest markets for Elastomers thanks to the huge investments in the pharmaceutical sector. The USA has invested a lot in healthcare facilities. The rising importance of safe packaging has increased and plastics are becoming second choices to elastomers and bio-based composites. The chemical synthetics market has grown in the US and wood plastic elastomers became the highest remerging market.
Axion International, a company based in Ohio, USA, has filed bankruptcy because of its failure to attract investors or external credit.
Purolite launched a new level in the innovation of the Elastomers market resin simulation platform. This is called the Purolite Resin System modeling platform.
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