Press release
Rising automotive sales may foster Performance Elastomers Market size by 2024
Performance Elastomers Market
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.
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