New York, NY – The elastomers procurement category is projected to grow at a CAGR of 4.05% during 2021-2025. The prices are outlined to rise by 4%-6% during the forecast period and suppliers will have a moderate bargaining power in this market. BASF SE, Dow Inc., and JSR Corp. are a few of the key suppliers in elastomers market according to SpendEdge.
The pressure from substitutes and a moderate level of threat from new entrants has resulted in the moderate bargaining power of suppliers. The elastomers market will register an incremental spend of about $18.11 billion during the forecast period. However, only a few regions will drive the majority of this growth. Moreover, on the supply side, North America, Europe, and APAC will have the maximum influence owing to the supplier base. The growth is expected to be primarily driven by increasing demand and adoption of the category across those few regions.
The report from SpendEdge provides a complete drill-down on Global Elastomers spend outlook at a global as well as regional level. Current spend scenario, growth outlook, incremental spend, and other key information is available individually for North America, South America, Europe, Middle East and Africa, and APAC.