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Market and Markets latest report “Advanced Elastomers Market by Type (Thermoplastic Elastomers, Silicon Elastomers), Application (Insulations, Implants), End-Use Industry (Medical, Industrial, Aerospace & Defense), Region- Global Forecast to 2029”, size is projected to grow from USD 6.0 billion in 2024 to USD 7.8 billion by 2029, registering a CAGR of 5.3% during the forecast period. The advanced elastomers market is driven by several key factors, including increasing global focus on sustainability, technological advancements, expanding applications, economic incentives, and growth in demand are the global trend towards lightweighting, most notably in the electrical & electronics and aerospace sectors.

The medical elastomer market is driven by the growing demand of medical devices fueled by expansion of healthcare technologies. Medical devices such as surgical instruments and diagnostic tools need components which are durable, flexible and biocompatible. The medical elastomers offer these properties. Additionally, the increased elderly population across the globe is enhancing the demand for devices such as catheters, syringes, and prosthetics where medical elastomers are crucial in order to ensure patient comfort and improved performance. Furthermore, the advancement in wearable medical devices and remote monitoring systems is also driving the demand for medical elastomers as such materials offering durable and comfortable designs. The globally risen healthcare expenditure as well as the continuous innovation and R&D is further increasing the demand for medical elastomers.

The Global Injection Molding Market size was valued at USD 274.37 Billion in 2022 and is poised to grow from USD 287.54 Billion in 2023 to USD 418.39 Billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031) according to SkyQuest.

The global polyacrylate rubber market is on the cusp of substantial growth, projected to rise from an estimated value of USD 7.68 billion in 2023 to a remarkable USD 18.7 billion by 2033 according to Future Market Insights. This impressive growth translates to a compound annual growth rate (CAGR) of 9.3% over the forecast period from 2023 to 2033.

According to projections by Persistence Market Research, the global conductive silicone rubber market is poised for robust growth. The market is expected to rise from USD 7.13 billion in 2024 to a remarkable USD 11.60 billion by 2031, achieving a compound annual growth rate (CAGR) of 7.2% during the forecast period of 2024 to 2031. This growth is fueled by increasing demand across industries, particularly with the rollout of 5G technology and the rise of electric vehicles (EVs). These sectors require advanced materials with superior conductivity, flexibility, and durability, making conductive silicone rubber an ideal solution.

The global industrial rubber market is expected to grow at a CAGR of 5.8% from 2024 to 2031, increasing from US$ 25.2 billion in 2024 to US$ 37.5 billion by 2031 according to the Persistence Market research. Key drivers include rising demand from the automotive, construction, and healthcare industries, along with innovations in product quality and manufacturing technologies. In the U.S., the manufacturing sector contributed over US$ 2.4 trillion to the economy in 2022, highlighting the sector’s robust growth potential. Electric vehicles (EVs) are also fueling the demand for industrial rubber, with EV production reaching 1.6 million units in the U.S. in 2023.