Proliferating use of Performance Elastomers Market across automotive sector

In an era that demands industrial products to mandatorily exhibit the properties of durability, flexibility, and reliability, performance elastomers market has indeed traversed a lucrative growth path. Generally deployed in products that require higher resistance to extreme pressure and temperature, performance elastomers boast of vivid applications across the automobile and aerospace domains, given the fact that these sectors call for temperature resistant and pressure enduring components.

In this regard, it is safe to declare that despite an expansive end-use spectrum of performance elastomers market, spanning domains like electrical and electronics, industrial machinery, construction, F&B, and consumer goods, the automotive and aerospace sectors are likely to emerge as the most profitable growth avenues for the business space.

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A report by Global Market Insights, Inc., predicts that the global performance elastomers market size may hit a valuation of USD 14 billion by the end of 20204, in terms of revenue.

Notable applications across the automotive industry

The global automotive industry has been witnessing substantial growth all over the globe over the past few years, especially across the developing nations of the Asia Pacific. In fact, as per OICA statistics, the region accounted for nearly more than 49 million passenger vehicles production in 2019, subject to rising disposable incomes of people, and growing urbanization. This, in consequence is poised to majorly influence the revenue graph of performance elastomers industry. The growth is attributable to the use of these elastomers in various parts of automobiles like turbocharger hoses, airducts, gaskets, sealants, and chassis suspension.

Several automakers, over the years, have been displaying intense keenness in making automobiles highly fuel efficient in accordance to the zero-emission criteria. This has ultimately led to the launch of vehicle engines developed with extremely high performance, deployed with chemicals and aggressive gases that act under high heat and pressure, proving to be of utmost advantage for performance elastomers industry.
Above that, performance elastomers have also been proved efficient in reducing the weight and costs of automobiles to an extent that the metal counterparts have failed to achieve, further stimulating the performance elastomers market expansion.

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Unveiling competitive trends across automobile applications

Innovation and advancements stand as a need of the hour for every industry across the globe today. Companies operational in the performance elastomers vertical have also been reinforcing expertise with various innovative strategic initiatives to bolster their market position and enhancing the product portfolio.

A gist of the contribution by some of the players has been mentioned:

• Kraiburg TPE

A pioneer in thermoplastic elastomers- Kraiburg TPE, in 2019, announced launch of an advanced new technology platform for TPE hybrids (THE) to decrease the performance gap between conventional thermosetting elastomer compounds and thermoplastic elastomers. As per official sources, the new technology platform is expected to offer advanced TPE materials with a hardness range from 55 to 80 Shore A, along with massively improved performance based on vivid combinations of thermoplastics and elastomers.

• Mitsui Chemicals

In 2018, Mitsui Chemicals declared extending its Tafmer polyolefin plastomers and elastomers production capacity in Singapore. Reports suggest the company added 25,000 tons per year of capacity at its Singapore facility, thus expanding the current capacity of 200,000 tonner annually at 2 lines to 225,000 tons per year, tentatively by July this year. However, the operation of plant remains uncertain today on the grounds of ongoing COVID-19 pandemic spread.

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