November 19, 2018
WELLESLEY, Mass., Nov 19, 2018 – Due to the high demand for silicone elastomers for automobile parts, the rapid growth in the semiconductor and electronics industries, and the growing purchasing power in developing countries, the global market for elastomers is expected to top 42 kilotons over the next five years, according to a new report from BCC Research.
In 2018, the global market for elastomers was worth 34.7 kilotons. BCC Research estimates that it will reach a value of 42.3 kilotons by 2023, indicating a compound annual growth rate (CAGR) of 4.1%, according to Elastomers: Applications and Global Markets.
The Philippines, Malaysia and Indonesia are observed to be the emerging markets in Southeast Asia region. The countries are observed to invest heavily in new infrastructure projects, supported by private investment.
“In the construction industry, elastomers are used in the form of adhesives in day-to-day operations,” the report notes. “The product is also used for filling crack and gaps throughout the building process. The demand for elastomers in the construction industry in Asia-Pacific region is projected to increase at a rapid rate during the forecast period. Construction industry demands are expected to boost the sales of elastomers in the region during the forecast period.”
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Elastomers: Applications and Global Markets( CHM056B )
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