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Performance Elastomers Market is expected to witness exceptional growth by 2024

Author : Rahul Varpe | Published Date : 2019-06-05 

Global market Insights add Performance Elastomers market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving revenue growth and profitability.

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 market during the forecast span.

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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.

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.

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
  • Solvay

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Performance Elastomers Market in Asia Pacific holds a major share in the total 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 market in coming years. The market will surpass USD 14 billion by 2024; according to a new research report.

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.

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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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