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Performance Elastomers Market to depict an upward growth trend over 2019 - 2024

Author : Rahul Varpe | Published Date : 2019-08-22 

The growth of the performance elastomers market in Europe and North America has been forecast to be slightly moderate as compared to its growth in Asia and Latin America, not only due to the shifting base of manufacturing units, but also due to cheaper labor and relaxed governmental restrictions on operations in Asia and South America.

Asia Pacific, with its wide manufacturing base has been projected to be the most profitable growth ground for performance elastomers market, because the automotive industry has been expanding heavily across the emerging economies of this geography. APAC performance elastomers industry size, worth USD 4 billion in 2016, will continue to depict an upward growth trend over 2017-2024, subject to the emergence of the evolving middle class populace and the increase in the purchase parity of consumers.

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Performance elastomers are used to manufacture parts of the aircraft that have to withstand aggressive fluids, including jet fuels, hydraulic fluids, engine lubricating oils, oxidizers and rocket propellants. Aircrafts and aerospace engines also require highly stable elastomers that can withstand the effects of aggressive aerospace fuels and oxidizers. They are also used for both static and dynamic applications, as they exhibit excellent mechanical properties and are used as sealants in aircrafts, subsequently propelling performance elastomers industry size from the aerospace sector.

Speaking of harsh environments, performance elastomers market also finds wide applications in the mining, smelting, oil exploration, metalworking, and foundries machineries. In 2016 for instance, the industrial machinery sector accounted for USD 800 million of the overall performance elastomers market revenue.

Performance Elastomers Market by End-user:

  • Automotive & transportation
  • Building & construction
  • Industrial machinery
  • Electrical & electronics
  • Food & beverage
  • Consumer goods
  • Others

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The automotive industry has indeed witnessed significant growth all over the world in the last few decades, especially across the emerging economies of the Asia Pacific. This in consequence, would majorly influence the sales graph of performance elastomers market, given that high-performance elastomers are used in various parts of automobiles such as airducts, turbocharger hoses, chassis suspension, gaskets and sealants.

Some of the major players of the performance elastomers industry include Dow Dupont Inc, Momentive Performance Materials, Exxon Mobil, The 3M Company, Solvay, Zeon Chemicals, Mitsui Chemical, and Daikin. These companies have been continually involved in extensive research and development programs in order to bring forth major innovations in product designs and development, which would eventually impact the commercialization potential of performance elastomers market.

Related News: https://www.marketwatch.com/press-release/awp-rental-market-2019-study-by-industry-growth-regional-trends-to-2024-2019-08-22

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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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