Santoprene Market Size To Grow At A CAGR Of 6% In The Forecast Period Of 2023-2028"
The ‘Global Santoprene Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global santoprene market, assessing the market on the basis of its segments like constituent polymer, method of production, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Santoprene Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6%
The growing construction industry is supporting the expansion of the global santoprene market. The major factors driving the growth of this market include the surging demand for superior engine performance, easy maintenance of automotives, and the rising sales of passenger cars. The highly durable nature and ease of manufacturing of santoprene is further expanding this market. The unique characteristics of drug absorption of santoprene is increasing its demand for manufacturing blood bags and disposable gloves. Automotive end uses of santoprene are likely to register steady growth in the forecast period owing to the burgeoning demand for santoprene for windshields, glass run channels, wiper systems, grips and handles.
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Household appliances and electrical components end uses of santoprene are also forecasted to grow rapidly in the future due to the increased applications of santoprene in washing machines, dishwashers, dryers and as watertight seals and cable insulations. Injection moulding method of production is likely to witness robust growth in the projected timeline owing to the various advantages of this method including higher productivity and reduced requirement of labour. The polypropene constituent polymer is also likely to expand the santoprene market due to its mechanical and thermal properties.
Santoprene Industry Definition and Major Segments
Santoprene is a high-performing thermoplastic vulcanizate (TPV), which possesses the qualities of rubber and is made by breaking EPDM rubber into particles and further encasing in a polypropene matrix. The material is melt-processible like thermoset rubber and has a high tensile strength as a result of the homogenous dispersion of rubber in small particle-sized forms.
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On the basis of constituent polymer, the market is segmented into:
• Polyacrylate Rubber
• Butadiene Rubber
Based on method of production, the market is classified into:
• Injection Moulding
• Flame Retardant
• Compression Moulding
• Blow Moulding
On the basis of end use, the market is categorised into:
• Household Appliances
• Electrical Components
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Santoprene Market Trends
The growing applications of santoprene are leading to the expansion of the global santoprene market. The key trends observed in this market include increasing car purchases and the rising investments in phasing out old structures. The recyclability of santoprene and its ability to be moulded and reused is surging its demand worldwide in line with the rising awareness regarding sustainability. The emerging development of super TPVs, that can withstand high temperatures, and the rising initiatives of various governments to promote the use of santoprene is bolstering the growth of this market.
The rising prevalence of electric vehicles and the surging demand for durable lightweight products has enhanced the growth potential of the santoprene market. The increasing trend of replacing metals with lightweight materials like santoprene and the growing focus on the research and development activities is projected to accelerate this market in the forecast period. The emergence of bio-based santoprene is adding to the market growth since these are considered to be sustainable alternatives for traditional petroleum-based polymers. The growing demand for products with superior ergonomic functionality and consumer goods with soft textures are leading to the incorporation of santoprene by consumer goods manufacturers.
Key Market Players
The major players in the global santoprene market report are:
• Exxon Mobil Corporation
• Sherwood Industries, Inc.
• Kent Elastomer Products, Inc.
• Canada Rubber Group, Inc.,
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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