Saudi Arabia Elastomers Market is projected to increase at a higher CAGR during 2020-2027 | Size, Share, Analysis & Forecast

The Saudi Arabia Elastomers Market is estimated to grow at a robust CAGR over the forecast period (2020-2027).

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The factors driving growth of the Saudi Arabia Elastomers Market includes increasing use of elastomers in the manufacturing of tires, gear knobs, interior door handles, expansion of the automotive industry, rising focus on reducing greenhouse gas emissions and improvements in the living standards. For instance, the revenue generated from the sales of passenger cars across Saudi Arabia is expected to reach USD 13 billion by the end of 2022, growing at a CAGR of 2.80% over the forecast period (2022-2026), which will accelerate the market growth in the approaching years. Moreover, Thermoplastic elastomer (TPE) provides resistance to extreme variables, safe for medical and beverage industry, cost-effective, responds well to color and dye and are environment friendly, are some of the features pushing the segment's growth. In addition, the increasing investments by major players on research and development, strategic partnerships, and collaborations between key industry leaders, rise in the launch of innovative products and growing adoption of advanced technologies, are some of the factors contributing to the market growth.

Based on Type, the Thermoset Elastomers segment is predicted to grow at a significant CAGR during the forecast period

Thermostat elastomers improves mechanical performance of material, provides resistance to heat and chemicals and are cost-effective, are some of the features augmenting growth of the segment. 

Based on End-User Industry, the Automotive segment is anticipated to expand at a remarkable CAGR over the forecast period

Increasing use of elastomers for manufacturing of automotive parts such as interior door handles, tires, and chassis spring seating, owing to its UV resistance, and enhanced mechanical performance, is propelling the segment's growth.

Key Developments

In 2020, BASF SE extended the application range of Ultrasim, a simulation tool of BASF, which is enabled to measure component concepts of elastomers from initial processing to the mechanical properties of the product.
In 2020, Sahara International partnered with Linde Plc in Saudi Arabia by signing initial terms to enhance the supply for meeting the growing demand from refining and chemical industries.

Market Segmentation

Segmentation by Type

Thermoset Elastomers
Natural Rubber
Synthetic Rubber
Thermoplastic Elastomers
Styrene Block Copolymer
Thermoplastic Polyurethane
Thermoplastic Polyolefins
Thermoplastic Vulcanizates
Thermoplasticpolyester Elastomers
Polyether Block Amide

Segmentation by End-User Industry

Automotive
Tire
Other Automotive
Consumer Goods
Footwear
Medical
Industrial
Wire & Cable
Others

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