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Rising automotive sales may foster Performance Elastomers Market size by 2024

05-20-2021 02:34 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: global market insights

Performance Elastomers Market

Performance Elastomers Market

Global Market Insights, Inc., suggests that the performance elastomers market may grow over USD 14 billion by 2024. Strict government regulations pertaining to fuel consumption has led to multiple automotive weight reduction initiatives, driving the demand for performance elastomers in recent years. Performance elastomers are superior to the normal elastomers as they help in the development of overall product competence. They have superior properties such as strong molecular bonds and temperature resistance which are fueling their adoption in several important end-use sectors.

The need to enhance overall efficiency of machineries used in power generation, mining and oil exploration activities may have a positive impact on performance elastomers market share. Increasing efforts of automakers to design and manufacture more efficient, compact and lightweight vehicles has supported the demand for superior quality performance elastomers.

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Considering rising consumer preference for high-quality, lightweight materials, manufacturers of performance elastomers are designing new products and technologies. In 2018, Dow DuPont launched the AHEAD initiative that drives the use of high performance elastomers, adhesives, engineered thermoplastics and other superior quality materials to develop automotive solutions like battery pack components and powertrain. With such advancements,

Based on product, the performance elastomers market is divided into thermoplastic, silicone, acrylate, chlorinated, nitrile, fluoroelastomers and others. Of these, the silicone elastomers segment is anticipated to record over USD 6.5 billion, and more than 8% CAGR over the forecast period. The fluoroelastomers segment being the fastest growing, is likely to garner over USD 1.5 billion owing to the product’s high resistance to temperature and chemicals.

In terms of end-use, the performance elastomers market is divided into building and construction, electrical and electronics, consumer goods, food and beverages, automotive and transportation, industrial machinery and others. Out of these, product application in the automotive and transportation sector is expected to exceed USD 8 billion over the coming years owing to extensive usage in hoses, gaskets, seals and belts in place of the conventional metal parts primarily to reduce weight.

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Geographically speaking, Asia Pacific is expected to hold over 55% of the performance elastomers market share by 2024. This growth can be attributed to the establishment of a mature automobile landscape that is witnessing significant development and growth in sales.

While on a global scale, major companies like Dow Corning, Mitsui Chemical, Dow DuPont, 3M, Zeon Chemicals, Daikin, Shin-Etsu Chemical, Arlanxeo, Solvay, Tosoh Corporation, Momentive Performance Materials, ExxonMobil, and Wacker Chemie are dominating the performance elastomers market. These firms are adopting various business strategies such as new product and technology developments. For example, in 2017, Zeon Chemicals announced the launch of NIPOL Nitrile Elastomers to provide optimal performance for a range of specialty applications.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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