The market for elastomers – materials with the strength of plastic and the elasticity of rubber - is expected to reach $87 billion by 2022, according to Industry Arc.

The use of elastomers is growing in the automotive, medical, construction and footwear industries.

The escalating construction industry, coupled with rapidly expanding market for footwear in emerging countries, is anticipated to propel the demand for elastomers to a compound annual growth rate of 5.28 percent, and thermoplastic elastomers, which become moldable at certain temperatures, are expected to grow at a higher rate.

Prominent players include Covestro AG, Dow DuPont, BASF SE, Celanese Corporation and DSM NV. Covestro AG is the leading supplier, with nearly 19 percent of overall revenue.