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Performance Elastomers Market Growth Statistics & Regional Forecast, 2019-2024

Author : Rahul Varpe | Published Date : 2019-11-22 

The latest trending report on global performance elastomers market research offered by Global Market Insights, Inc is an informative study covering the market with detailed analysis, the report will assist reader with better understanding and decision making.

Growing consumer preferences and rising stringent government legislation on fuel consumption is resulting in several automotive weight reduction initiatives. Automakers are designing and manufacturing vehicles that are more efficient, lightweight, and compact to improve their operational features by using superior materials such as performance elastomers. Rise in the overall automotive sales, especially in the developing countries of Asia Pacific region, will foster the performance elastomers market demand in the forthcoming years.

Constant industrial development around the world to increase machine efficiencies in mining and oilfield exploration, power generation, etc. will also have a significant impact on the industrial growth in the forecast period, thereby fueling the performance elastomers market.

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Superior properties of performance elastomers provide them with an upper hand over the normal elastomers as they help in developing the overall product competence, thereby occupying a stronger position in the industry. These properties such as the temperature resistance and strong molecular bonds lead to the product usage in various critical end-user industries related to emission controls and fuel systems. These factors will propel the performance elastomers market in the next seven years.

Exorbitant cost associated with manufacturing of the product acts as a restraining factor for the performance elastomers market. The product cost increases owing to the processing treatment which provides the desired chemical and heat resistance. These aspects will reflect a negative impact on the performance elastomers market in the forecast period.

Performance elastomers market is segmented on the basis of product as silicone, thermoplastic, nitrile, fluoroelastomers, acrylate, chlorinated, and others. The silicone elastomers segment is further segmented into heat cured/high consistency rubber, fluoro-silicone rubber, and others. The thermoplastic elastomers are further classified into thermoplastic copolyester elastomers, thermoplastic vulcanizate, thermoplastic polyamide elastomers, and others. Nitrite based elastomers include nitrile butadiene rubber and hydrogenated nitrile rubber.

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The silicone elastomers segment will surpass USD 6.5 billion by the end of the forecast period with a CAGR of over 8%. Fluoroelastomers being the fastest growing product segment is said to cross USD 1.5 billion by the end of the forecast timeframe due to its superior properties of high resistance to chemicals and temperature.

Based on end-user, the performance elastomers market is segmented into seven major segments mainly, automotive and transportation, building and construction, industrial machinery, electrical and electronics food and beverages, consumer goods and others.

Performance elastomers market is said to witness exceptional growth owing to extensive product application in the transportation and automotive industry. These products find usage in the manufacturing of gaskets, seals, hoses, belts which replaces the conventional metal parts leading to weight reduction. The automotive & transportation segment is said to surpass USD 8 billion by 2024 and subjugate the entire performance elastomers market during the forecast span.

Asia Pacific holds a major share in the total performance elastomers market and will surpass 55% by the end of the forecast span. Presence of a significantly developing and mature automobile industry is said to augment the performance elastomers market in coming years.

Prominent players operating in the performance elastomers market include Dow Corning, 3M, ExxonMobil, Dow Dupont, Arlanxeo, Mitsui Chemical, Zeon Chemicals, Tosoh Corporation, Daikin, Momentive Performance Materials, Shin-Etsu Chemical, Wacker Chemie, and Solvay to name a few.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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