Rubbastics are polymers possessing both rubbery (elastomer) and thermoplastic characteristics under experimental conditions. They are prepared by the incorporation of ionic groups in to the elastomers by chemical methods, followed by the neutralization of the resultant polymer using suitable metal ions. The ionic groups which act as crosslinks at ambient temperatures, become thermally labile at elevated temperature. The modified elastomers, therefore, possess the properties of both rubbers and thermoplastic elastomers. These heat fugitive ionic crosslinked elastomers, popularly known as ionomers, can be used in industry as an alternative to vulcanized rubber and thermoplastic elastomer.