Elastomeric Coupling Market REPORT OVERVIEW
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The global elastomeric coupling market size is expected to grow from USD 1714.6 million in 2022 and market is projected to touch USD 3150.44 million by 2031, at a compound annual growth rate (CAGR) of 7.0% during the forecast period.
Elastomeric couplings made from synthetic materials and polymers like polyurethane are required to meet the rising demand for power transmission. The great displacement tolerance and vibration attenuation offered by elastomeric couplings make them useful. As requested by the client, elastomeric couplings can also be purchased with unique design options for specialized uses. Elastomeric couplings have been demonstrated to prolong the life of connected equipment in contrast to conventional couplings.
Elastomeric couplings are a critical component that must be installed in gearbox and conveyor units, which are needed for manufacturing equipment in the automotive and industrial sectors. Sales of elastomeric couplings are anticipated to be driven either directly or indirectly by growth in industrial regions and an increase in automotive volume in low-income nations.
COVID-19 Impact: Disrupted Supply Chains Lead to Lower the Market Demand
Covid badly affected the elastomeric coupling market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand.
LATEST TRENDS
"Use in Supermarkets to Decrease Thefts to Augment the Market Demand"
Strong elastomeric coupling sales are anticipated throughout the projected period because to the demand for HVAC, industrial motors, and production-related gear. One of the main factors driving demand for elastomeric couplings is probably their non-lubricated, variable shaft, non-sparking, indoor and outdoor activities, as well as their capacity to be installed both horizontally and vertically. Over the course of the predicted period, it is anticipated that demand for elastomeric couplings will increase due to the development of couplings with a wide range of torsional stiffness and high torque transmission. Due to its widespread use as a coupling and availability in a variety of shaft gaps, the jaw-type coupling has helped the development of large elastomeric couplings.
Elastomeric Coupling Market Segmentation
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- By Type Analysis
By type, market is segmented into jaw type, gear type, tire type, dowel pin type and other type. The jaw type segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into pumps, fans/blowers, compressors, mixers, conveyors, dynamo, ship, mining, transportation and other type. The pumps segment will lead the global share through 2031.
DRIVING FACTORS
"Low Maintenance and Demand in Automotive Industry to Push the Market"
The market's key driver of elastomeric coupling sales is its superiority over metal couplings. More flexible than any metal connection, elastomeric couplings give greater flexibility. Elastomeric couplings are in high demand due to their distinctiveness from other metal couplings in terms of varying degrees of torsional softness.
Low maintenance is required thanks to elastomeric couplings' provision of frictional wear between parts. Sales of elastomeric couplings are becoming more and more popular in the industries due to their excellent endurance and minimal maintenance requirements. Due to the critical need for accuracy, quality, and dependability in operating processes in the upcoming years, it is also anticipated that the automotive industry will contribute to the demand for elastomeric couplings. This will create the necessary opportunity for the growth of the elastomeric couplings market share.
"Demand in Heavy Equipment Sector to Boost the Market Demand"
Because they effectively isolate high-frequency noise between the engine and downstream components, elastomeric couplings are particularly in demand in the heavy equipment sector. The principal use of elastomeric couplings is in the transfer of power to industrial machinery such compressors, pumps, blowers, conveyors, and mixers, which is also driving rising demand for them.
RESTRAINING FACTORS
"Inability to Withstand Fluctuating Temperature to Hamper the Market"
Elastomeric materials lose strength as a result of the quick rise in temperature. The need for elastomeric couplings is somewhat constrained by the fast rise in temperature. One of the reasons that is anticipated to restrain the market growth for elastomeric couplings is their inability to withstand fluctuating temperature fluctuations, as end users may choose more affordable alternatives.
Elastomeric Coupling Market REGIONAL INSIGHTS
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"Asia Pacific Region to Grow Exponentially over the Period of Time"
A significant portion of the worldwide market for elastomeric couplings is expected to be accounted for by the Asia Pacific region because of the expanding car markets in China and India. Due to the expansion of export businesses in the Asia Pacific area, elastomeric coupling sales have surged in those nations.
Since Europe is thought of as an industrial powerhouse with a wide range of sectors, it is predicted that the area would experience substantial growth in the worldwide market. With the existence of important producers, North America is predicted to have a large increase in the global sales of elastomeric couplings. The worldwide elastomeric couplings market is anticipated to develop strongly in the Middle East, Africa, and Latin America.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Siemens (Germany)
- Regal Rexnord (U.S.)
- Dodge (U.S.)
- Altra Industrial Motion (U.S.)
- KTR (India)
- SKF (Sweden)
- VULKAN (India)
- Voith (Germany)
- LORD (U.S.)
- The Timken (U.S.)
- REICH (Germany)
- KWD (Kuwait)
- John Crane (U.S.)
- Renold (UK.)
- Tsubakimoto Chain (Japan)
- R+W Coupling (U.S.)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1714.6 Million in 2022 |
Market Size Value By |
US$ 3150.44 Million by 2031 |
Growth Rate |
CAGR of 7% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the elastomeric coupling market expected to touch by 2031?
Over the research period, the elastomeric coupling market will be reaching USD 3150.44 million in 2031.
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What CAGR is the Elastomeric Coupling Market expected to exhibit by 2031?
The Elastomeric Coupling Market is expected to exhibit a CAGR of 7.0% by 2031.
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Which are the driving factors of the Elastomeric Coupling Market?
Low maintenance and demand in automotive industry and demand in heavy equipment sector are the driving factors of the Elastomeric Coupling Market.
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Which are the top companies operating in the Elastomeric Coupling Market?
Siemens, Regal Rexnord, Dodge and REICH are some of the top companies operating the Elastomeric Coupling Market.