Hyper Elastic Material Global Market Report 2024

The hyper elastic material market size has grown strongly in recent years. It will grow from $16.19 billion in 2023 to $17.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to several factors, including medical applications, the production of sports and fitness equipment, manufacturing of consumer goods, heightened awareness of material properties, a focus on lightweight materials, and increased usage in elastomeric applications.

The hyper elastic material market size is expected to see strong growth in the next few years. It will grow to $21.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to the increasing demand in aerospace, applications in the construction industry, a trend towards customized product solutions, a heightened focus on sustainability, and the utilization of sustainable and eco-friendly materials. Major trends expected in the forecast period include advancements in 3D printing technology, the integration of smart materials, developments in soft robotics and human-machine interaction, an emphasis on customization and personalization, and ongoing research and development in material science.

The anticipated surge in smart city construction programs is poised to drive the growth of the hyper elastic materials market. Smart cities, characterized by the integration of information and communication technologies (ICT), aim to enhance operational efficiency, share information with the public, and elevate the quality of government services and citizen welfare. Hyper elastic materials, including rubber and rubber-such as substances, play a crucial role in the construction of smart cities, as well as in aerospace and engineering applications (such as rubber bearings, axle sleeves, and tires). A July 2021 article from the Organization for Economic Cooperation and Development (OECD) estimated that smart cities could generate a remarkable 20 trillion dollars in economic benefits by 2026. Additionally, cities embracing smart city solutions have the potential to improve their energy efficiency by 30% within 20 years. According to the Yonsei University Smart City Development Index, 33% of cities offer app- or web-based smart city services for public transportation, 23% for culture and tourism, and 8% for city administration. Consequently, the rise in smart city development initiatives is a significant catalyst for the hyper elastic materials market.

The hyper elastic materials market is also anticipated to benefit significantly from the growth of the global automotive industry. Encompassing the design, manufacturing, marketing, and sale of motor vehicles such as cars, trucks, and motorcycles, the automotive industry is a key driver for the adoption of hyper elastic materials. These materials, prized for properties such as low rolling resistance and heat resistance, are integral in the production of high-quality tires. Globally, the adoption of such tires not only contributes to a decrease in CO2 emission levels but also enhances the comfort of the driving experience. Forbes, an American business magazine, estimates a 4% increase in global auto sales in 2023, reaching 89.7 million units. Furthermore, the India Brand Equity Foundation (IBEF) projects the Indian automotive industry to achieve a valuation between $251.4 billion and $282.8 billion by 2026. The flourishing automotive sector, with its emphasis on superior tire manufacturing, is set to be a pivotal force propelling the hyper elastic materials market forward.

The hyper elastic materials market is poised for growth, driven by the increasing demand for butadiene rubber (BR). Butadiene Rubber is a synthetic elastomer known for its versatility, often used as a substitute for natural rubber (NR). Its application spans a wide range, owing to properties such as high resilience, tensile strength, tear resistance, and flexibility at low temperatures. Predominantly utilized in the production of tires, craft tubes, adhesives, roll covers, hoses, and gaskets, the heightened demand for butadiene rubber is a significant factor contributing to the expansion of the hyper elastic materials market. In 2020, butadiene rubber (BR) ranked as the world's 1121st most traded product, with a total trade value of $2.35 billion, representing 0.014% of the total world trade, as reported by OEC. Thus, the surge in demand for butadiene rubber is a key driver behind the growth of the hyper elastic materials market.

Another notable trend in the hyper elastic materials market is the emphasis on product innovation by major industry players. Leading companies are introducing innovative products to maintain their foothold in the hyper elastic materials market. In February 2023, Dimension Inx, a US-based advanced materials and biofabrication company, unveiled a groundbreaking product - the 3D-painted hyper elastic bone designed for orthopedics. This innovative 3D-painting materials design and manufacturing system enables the rapid 3D printing of various biomaterials. Hyper elastic bone can be swiftly 3D-printed at room temperature, creating structures - whether simple or complex - that are tailored to match individual patients or generically shaped. With 90% of the 3D-printed structure's weight being calcium phosphate, the same material found in human bones, this development showcases the potential of 3D printing in the hyper elastic materials market.

Major companies in the hyper elastic materials market are actively working on developing elastic materials resistant to gases and liquids. An elastic material impervious to gases and liquids offers both resilience and impermeability, allowing it to stretch and revert to its original shape while preventing the passage of gases and liquids. In February 2023, an international team of researchers introduced a novel technique utilizing liquid metal to create an elastic material impervious to both gases and liquids. The material, encased in an elastic polymer, has potential applications in packaging for high-value technologies requiring protection from gases, such as flexible batteries. The technique employs a eutectic alloy of gallium and indium (EGaIn), which remains liquid at room temperature. This advancement in developing impermeable elastic materials adds to the diverse applications within the hyper elastic materials market.

Major companies operating in the hyper elastic material market report are Exxon Mobil Corporation, Dow Inc., LuckyGoldstar Chem Ltd., Sumitomo Chemical Co. Ltd., Braskem SA, Repsol SA, Clariant AG, LyondellBasell Industries Holdings B.V., Mitsui Chemicals America Inc., Arlanxeo India Private Limited, BASF SE, Lanxess AG, Borealis AG, INspec Ethylene Oxide and Specialities company, Saudi Basic Industries Corporation, Huntsman Corporation, Wanhua Chemical Group Co. Ltd., Covestro AG, Momentive Performance Materials Inc., Tosoh Corporation, Kraton Corporation, Kuraray Co. Ltd., Zeon Corporation, The Lubrizol Corporation, The Goodyear Tire & Rubber Company, Cabot Corporation, The Chemours Company, Minnesota Mining and Manufacturing Company, The Yokohama Rubber Co. Ltd., The Cooper Tire & Rubber Company, Bridgestone Corporation, Continental AG, Michelin Group, Pirelli & C. S.p.A., Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Ltd..

Asia-Pacific was the largest region in the hyper elastic material market in 2023, and is expected to be the fastest-growing region in the hyper elastic material market report during the forecast period. The regions covered in the hyper elastic material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hyper elastic material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of hyperelastic materials include ethylene vinyl acetate, thermoplastic polyurethane, butadiene rubber, silicon, and others. Thermoplastic polyurethane is a melt-processable thermoplastic elastomer known for its high durability and flexibility. These materials, encompassing both metallic and non-metallic compounds, find applications in various industries such as construction, aerospace, railway, automobile, oil and gas, among others.

The hyper elastic materials market research report is one of a series of new reports that provides hyper elastic materials optical components market statistics, including hyper elastic materials optical components industry global market size, regional shares, competitors with a hyper elastic materials optical components market share, detailed hyper elastic materials optical components market segments, market trends and opportunities, and any further data you may need to thrive in the hyper elastic materials optical components industry. This hyper-elastic materials optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.