From the tires on our roads to the seals in our smartphones, the elastic heart of modern manufacturing is beating stronger than ever, as evidenced by the global elastomer market surging from $61.5 billion in 2023 toward a projected $84.2 billion by 2030.
Key Takeaways
- Global elastomer market size reached USD 61.5 billion in 2023, projected to grow to USD 84.2 billion by 2030 at a CAGR of 4.6% driven by automotive and construction sectors
- Synthetic elastomers accounted for 72% of the total elastomer market revenue in 2022, valued at approximately USD 44.3 billion
- The thermoplastic elastomer (TPE) segment is expected to grow at the highest CAGR of 6.2% from 2024 to 2030, reaching USD 22.1 billion by 2030
- World synthetic rubber production reached 15.3 million metric tons in 2023, up 2.8% from 2022
- Natural rubber production totaled 14.1 million metric tons globally in 2023, with Thailand leading at 4.8 million tons
- China produced 5.2 million metric tons of synthetic rubber in 2023, representing 34% of global output
- World consumption of natural rubber was 14.5 million metric tons in 2023, exceeding production by 0.4 million tons
- Synthetic rubber consumption reached 15.6 million tons globally in 2023, with tires taking 72%
- Asia-Pacific consumed 10.2 million tons of elastomers in 2023, 52% of global total
- Tires represent 75% of elastomer use in automotive industry in 2023 globally
- Automotive sector accounts for 45% of global elastomer demand, primarily tires and seals
- Construction applications consumed 15% of elastomers in 2023, mainly roofing membranes and sealants
- Asia-Pacific elastomer market share was 48% in 2023, valued at USD 29.5 billion
- China imported 2.8 million tons of natural rubber in 2023, 55% of global trade volume
- US elastomer exports reached USD 4.2 billion in 2023, mainly to Mexico and Canada
The elastomer market is growing globally, driven by strong demand from automotive and construction industries.
Applications & End-Uses
- Tires represent 75% of elastomer use in automotive industry in 2023 globally
- Automotive sector accounts for 45% of global elastomer demand, primarily tires and seals
- Construction applications consumed 15% of elastomers in 2023, mainly roofing membranes and sealants
- Tire industry uses 47% natural rubber and 53% synthetic in passenger car tires globally
- Medical devices utilize 22% silicone elastomers in seals and tubing, 2023 data
- Consumer goods like footwear account for 12% of TPE consumption worldwide
- Oil & gas sector uses 18% of NBR elastomers for O-rings and gaskets
- Electronics industry employs 30% of liquid silicone rubber for keypads and insulators
- Aerospace applications require 25% fluoroelastomers for fuel seals due to high temp resistance
- Industrial hoses and belts comprise 28% of EPDM usage globally
- Wire & cable insulation uses 15% of silicone rubber production
- Packaging sector adopted 8% of TPE for flexible closures in 2023
- Truck and bus tires use 35% BR for tread wear resistance
- Vibration dampers in automotive use 40% natural rubber compounds
- Roofing membranes account for 45% of construction EPDM demand
- Surgical gloves consume 60% of medical nitrile rubber
- Phone cases and grips use 25% TPE in consumer electronics
- Off-road tires employ 22% butyl rubber for air retention
- HVAC seals in buildings use 18% chloroprene rubber for weather resistance
- Sports equipment like grips uses 15% HNBR for durability
- Conveyor belts account for 32% of industrial SBR usage
- Baby products like pacifiers use 28% silicone elastomers for safety
- Marine hoses require 20% NBR for oil resistance
- Bicycle tires use 40% natural rubber for grip
- Furniture foams incorporate 12% elastomer blends for cushioning
- Power transmission belts use 25% HNBR for heat resistance
- Food contact seals employ 35% FDA-approved silicone
Applications & End-Uses Interpretation
If tires are the undisputed kings of the automotive kingdom, commanding three-quarters of its rubber and nearly half of the world's entire elastomer supply, then every other industry—from life-saving medical devices to bouncy furniture foams—is effectively jostling for the royal scraps in a spectacularly diverse and purpose-driven court.
Consumption & Demand
- World consumption of natural rubber was 14.5 million metric tons in 2023, exceeding production by 0.4 million tons
- Synthetic rubber consumption reached 15.6 million tons globally in 2023, with tires taking 72%
- Asia-Pacific consumed 10.2 million tons of elastomers in 2023, 52% of global total
- Automotive sector consumed 8.9 million tons of rubber in 2023, up 3.1% YoY
- Tire industry global rubber consumption was 11.2 million tons in 2023, natural rubber 47%
- Construction industry elastomer demand was 2.1 million tons in 2023, growing 4.8%
- Electronics sector consumed 0.85 million tons of silicone elastomers in 2023, up 6.2%
- Healthcare elastomer consumption reached 1.4 million tons in 2023, driven by gloves and seals
- China elastomer consumption totaled 8.7 million tons in 2023, synthetic 82%
- US rubber consumption was 3.2 million tons in 2023, with replacement tires at 65%
- Europe consumed 3.8 million tons of synthetic rubber in 2023, down 2% due to slowdowns
- India rubber demand hit 2.4 million tons in FY2023, tires 70%
- SBR consumption worldwide was 8.1 million tons in 2023, tires primary use
- BR consumption grew to 6.7 million tons in 2023, automotive 68%
- EPDM demand reached 1.7 million tons in 2023, automotive roofing 35%
- NBR consumption was 1.0 million tons globally in 2023, oil & gas 42%
- Silicone rubber demand hit 1.3 million tons in 2023, medical 25%
- TPE consumption reached 5.1 million tons in 2023, consumer goods 40%
- Fluoroelastomer consumption was 92,000 tons in 2023, aerospace 28%
- Recycled rubber demand grew to 1.5 million tons in 2023, mats and flooring 55%
- Natural rubber consumption in tires was 6.6 million tons in 2023, PCR tires 55%
- Footwear industry consumed 1.2 million tons of elastomers in 2023, Asia 85%
- Industrial goods sector elastomer use was 2.8 million tons in 2023, hoses 32%
- Belts and hoses consumed 0.95 million tons of rubber in 2023, replacement market 60%
- Wire and cable sector used 0.42 million tons of EPDM in 2023
- Per capita elastomer consumption in US was 9.5 kg in 2023, highest globally
- Automotive tires used 52% of total synthetic rubber consumption in 2023
- Global seals and gaskets demand for elastomers was 1.8 million tons in 2023
Consumption & Demand Interpretation
The world is riding, building, and sealing its future on a mountain of rubber, with the tire's insatiable appetite driving a global industry where every sector—from hospitals to highways—is under pressure to perform.
Market Size & Growth
- Global elastomer market size reached USD 61.5 billion in 2023, projected to grow to USD 84.2 billion by 2030 at a CAGR of 4.6% driven by automotive and construction sectors
- Synthetic elastomers accounted for 72% of the total elastomer market revenue in 2022, valued at approximately USD 44.3 billion
- The thermoplastic elastomer (TPE) segment is expected to grow at the highest CAGR of 6.2% from 2024 to 2030, reaching USD 22.1 billion by 2030
- North American elastomer market was valued at USD 12.8 billion in 2023, with a projected CAGR of 4.1% through 2032
- Asia-Pacific elastomer market dominated with 45% share in 2023, valued at USD 27.7 billion, growing at 5.3% CAGR
- Global natural rubber market size was USD 22.4 billion in 2022, forecasted to reach USD 31.6 billion by 2030 at 4.4% CAGR
- Specialty elastomers market projected to grow from USD 18.9 billion in 2024 to USD 26.7 billion by 2032 at 4.4% CAGR
- Automotive elastomer demand drove 35% of market growth in 2023, contributing USD 21.5 billion to global revenues
- Elastomer market in construction sector valued at USD 9.2 billion in 2023, expected to hit USD 13.4 billion by 2030
- Silicone elastomer market size was USD 8.7 billion in 2022, projected to USD 12.9 billion by 2030 at 5.0% CAGR
- Global EPDM rubber market reached USD 4.2 billion in 2023, growing to USD 5.8 billion by 2031 at 4.1% CAGR
- Nitrile rubber market valued at USD 2.1 billion in 2023, forecasted to USD 3.0 billion by 2032 at 4.0% CAGR
- Butyl rubber market size stood at USD 2.6 billion in 2022, expected to reach USD 3.5 billion by 2030
- Fluoroelastomer market grew to USD 1.8 billion in 2023 from USD 1.6 billion in 2022, at 12.5% CAGR projected
- Thermoset elastomer segment held 68% market share in 2023, valued at USD 41.8 billion globally
- Elastomer additives market size was USD 5.3 billion in 2023, projected to USD 7.2 billion by 2030 at 4.5% CAGR
- Recycled elastomer market valued at USD 2.4 billion in 2022, growing at 6.8% CAGR to USD 4.1 billion by 2030
- High-performance elastomer market reached USD 10.2 billion in 2023, forecasted to USD 15.6 billion by 2032
- Global rubber elastomer market size estimated at USD 55.7 billion in 2024, with 4.2% CAGR to 2031
- Liquid silicone rubber market was USD 2.9 billion in 2023, projected to USD 4.5 billion by 2030 at 6.4% CAGR
- Styrene-butadiene rubber (SBR) market valued at USD 17.8 billion in 2022, to reach USD 24.2 billion by 2030
- Polybutadiene rubber market size USD 11.4 billion in 2023, growing to USD 15.9 billion by 2032 at 3.8% CAGR
- Chloroprene rubber market stood at USD 1.2 billion in 2023, expected USD 1.6 billion by 2030
- Acrylonitrile butadiene rubber (NBR) market USD 2.3 billion in 2022, to USD 3.2 billion by 2031 at 3.7% CAGR
- Hydrogenated nitrile butadiene rubber (HNBR) market valued at USD 0.45 billion in 2023, growing to USD 0.68 billion by 2030
- Global elastomer market CAGR averaged 4.3% from 2018-2023, with revenue increasing from USD 50.2 billion to USD 61.5 billion
- Bio-based elastomers market size was USD 1.1 billion in 2023, projected 7.5% CAGR to USD 2.0 billion by 2030
- Elastomer foams market reached USD 6.8 billion in 2022, to USD 9.4 billion by 2030 at 4.2% CAGR
- Medical grade silicone elastomer market USD 3.2 billion in 2023, growing to USD 4.9 billion by 2032
- Tires accounted for 52% of global elastomer consumption in 2023, driving market value addition of USD 31.9 billion
Market Size & Growth Interpretation
The world's economy is quite literally being built, driven, and cushioned on a bed of synthetic bounce, as the relentless stretch from automotive tires to construction seals proves that flexibility is the new cornerstone of industrial growth.
Production Statistics
- World synthetic rubber production reached 15.3 million metric tons in 2023, up 2.8% from 2022
- Natural rubber production totaled 14.1 million metric tons globally in 2023, with Thailand leading at 4.8 million tons
- China produced 5.2 million metric tons of synthetic rubber in 2023, representing 34% of global output
- US elastomer production capacity stood at 2.1 million tons in 2023, with utilization rate of 87%
- Europe produced 3.4 million tons of synthetic elastomers in 2023, down 1.2% from prior year due to energy costs
- SBR production worldwide was 7.8 million metric tons in 2023, with Asia contributing 5.1 million tons
- BR (polybutadiene rubber) global production hit 6.5 million tons in 2023, led by China at 2.9 million tons
- EPDM production reached 1.6 million tons in 2023, with North America at 0.42 million tons
- NBR production totaled 0.95 million metric tons globally in 2023, up 3.5% YoY
- Silicone rubber production was 1.2 million tons in 2023, growing 5.1% driven by electronics demand
- Thailand natural rubber output was 4.8 million tons in 2023, 92% from smallholder plantations
- Indonesia produced 3.1 million tons of natural rubber in 2023, second largest globally
- Vietnam's natural rubber production reached 1.15 million tons in 2023, up 4% from 2022
- India's synthetic rubber production was 0.28 million tons in FY2023, focusing on tire grades
- Japan produced 1.1 million tons of synthetic rubber in 2023, with high focus on specialty types
- South Korea's elastomer production totaled 1.45 million tons in 2023, 78% synthetic
- Brazil natural rubber production was 0.42 million tons in 2023, mainly for domestic tires
- Global fluoroelastomer production capacity expanded to 85,000 tons per year by end-2023
- HNBR global production reached 35,000 tons in 2023, up 8% due to automotive seals demand
- Liquid silicone rubber (LSR) production grew to 250,000 tons in 2023, Asia 60% share
- TPE production worldwide hit 4.8 million tons in 2023, with styrenic block copolymers at 1.2 million tons
- Recycled rubber production from tires reached 1.3 million tons globally in 2023
- China's natural rubber production was 0.85 million tons in 2023, supplemented by massive imports
- EU-27 synthetic rubber production fell to 2.9 million tons in 2023 from 3.0 million in 2022
- Malaysia natural rubber output declined to 1.0 million tons in 2023 due to aging trees
- Global capacity for bio-based elastomers increased to 150,000 tons by 2023
- US SBR production was 1.2 million tons in 2023, 85% capacity utilization
Production Statistics Interpretation
While synthetic rubber has narrowly outpaced its natural counterpart globally, Asia's dominant and growing production—led by a China responsible for over a third of synthetics—sits in stark contrast to Europe's energy-cost-induced decline and underscores a fundamental shift: the industry's resilience now stretches more from chemical plants than from trees.
Regional & Trade Data
- Asia-Pacific elastomer market share was 48% in 2023, valued at USD 29.5 billion
- China imported 2.8 million tons of natural rubber in 2023, 55% of global trade volume
- US elastomer exports reached USD 4.2 billion in 2023, mainly to Mexico and Canada
- Europe imported 1.9 million tons of synthetic rubber in 2023, Germany top at 0.65 million tons
- Thailand exported 4.2 million tons of natural rubber in 2023, generating USD 7.1 billion revenue
- India natural rubber imports totaled 0.52 million tons in FY2023, from Indonesia 48%
- Japan imported 1.1 million tons of synthetic rubber in 2023, SBR 45%
- Brazil exported 0.38 million tons of natural rubber in 2023, to Europe 60%
- Middle East elastomer market grew 5.8% in 2023, UAE hub for oilfield grades
- Africa natural rubber production share 6% globally in 2023, exports up 12%
- South Korea imported 1.3 million tons of rubber in 2023, natural 35%
- Global natural rubber trade volume was 10.2 million tons in 2023, RSS grades 28%
- EU elastomer self-sufficiency rate 75% in 2023, imports fill specialty gaps
- Vietnam rubber exports hit 1.8 million tons in 2023, USD 3.2 billion value
- Mexico imported 0.45 million tons of synthetic rubber from US in 2023
- Russia elastomer production/import mix 60/40 in 2023 due to sanctions
- Indonesia natural rubber exports 2.9 million tons in 2023, China 70% destination
- Canada elastomer imports USD 2.1 billion in 2023, 80% from US
- Australia consumed 0.12 million tons imported rubber in 2023, tires 65%
- Turkey synthetic rubber imports 0.28 million tons in 2023, tire manufacturing rise
- Global SBR trade volume 2.1 million tons in 2023, Asia exports dominant
- Latin America elastomer market share 7% in 2023, Brazil 60% regional
- Singapore rubber trade hub handled 1.5 million tons in 2023, re-exports 90%
- Iran natural rubber imports 0.15 million tons in 2023 despite sanctions
Regional & Trade Data Interpretation
The global elastomer industry reveals a landscape where regional self-sufficiency is a relative concept, best illustrated by China’s insatiable appetite for natural rubber, Europe’s reliance on imported synthetics, and the Americas' intimate trade triangle, all while sanction-riddled nations still find a way to keep the wheels turning.
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