With a CAGR of 5.4%, the elastic laminates market is anticipated to grow significantly between 2022 and 2028, reaching US$ 8.4 billion by that year.
The demand for high-performance and long-lasting materials in a variety of end-use industries, including the construction, automotive, and industrial sectors, is fueling the industry’s rapid growth. Elastic materials, such as rubber or elastomers, are bonded together in numerous layers with other materials, such as cloth, metal, or plastics, to create composite laminates, also referred to as elastic laminates. These laminates are ideal for a variety of applications because they combine qualities including high strength, outstanding durability, and good flexibility.
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The construction industry is one of the major end-use industries for elastic laminates, as they are widely used in the production of roofing and flooring materials, insulation, and weatherproofing. The automotive industry also uses elastic laminates in the production of car parts, such as tires, hoses, and gaskets, which require high strength and durability. The industrial sector also utilizes elastic laminates for the production of conveyor belts, seals, and gaskets, which are used in various industrial processes.
The industry of end-use, such as construction, automotive, industrial, and others, is another factor used to segment the market. The largest end-user of elastic laminates is the construction sector, followed by the automotive sector. The market is also predicted to experience considerable expansion in the industrial sector due to the rising need for high-performance and long-lasting materials in various industrial processes.
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Geographically, the global elastic laminates market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is the largest market for elastic laminates, followed by Europe and North America. The growth in the market in the Asia-Pacific region is driven by the increasing demand for high-performance and durable materials in the construction and automotive industries.
In conclusion, the global elastic laminates market is expected to witness significant growth in the forecast period, driven by the increasing demand for high-performance and durable materials in various end-use industries such as construction, automotive, and industrial. The market is also expected to witness significant growth in the Asia-Pacific region, driven by the increasing demand for high-performance and durable materials in the construction and automotive industries.
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