Press release
Performance Elastomers Market 2024 - By Size, Evaluating Share, Trends, Growth And Global Forecast To 2033
Performance Elastomers Market
The Business Research Company presents an extensive market research report on the Performance Elastomers Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The performance elastomers market size has grown rapidly in recent years. It will grow from $15.32 billion in 2023 to $17.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to automotive and transportation industry demand, growth in construction and infrastructure, advancements in material science, manufacturing and industrial expansion, oil and gas industry applications.
The performance elastomers market size is expected to see rapid growth in the next few years. It will grow to $25.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to sustainable and eco-friendly elastomers, increased demand for electric vehicles, adoption of elastomers in medical devices, 3d printing with elastomeric materials, infrastructure development in emerging markets. Major trends in the forecast period include bio-based and recyclable elastomers, hyperplastic materials for diverse applications, smart elastomers for iot devices, nanomaterial-enhanced elastomers, green building materials with elastomers..
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Key Market Players:
Du Pont de Nemours, Arlanxeo, Zeon Chemicals LP, Solvay S.A, Dow Corning Corporation, Momentive Performance Materials Inc, Shin-Etsu Chemical Co, LANXESS AG, Huntsman Corporation, Covestro AG, ExxonMobil Chemical, BASF SE, LG Chem Ltd, Kuraray Co, Sumitomo Chemical Co, Mitsubishi Chemical Corporation, Tosoh Corporation, Asahi Kasei Corporation, JSR Corporation, Arkema S, Evonik Industries AG, Cabot Corporation, Trinseo LLC, KRAIBURG TPE GmbH & Co, Teknor Apex Company, RTP Company, PolyOne Corporation are prominent players in the industry.
Market Drivers:
Increasing demand in the automotive and transport industry is expected to propel the performance elastomers market. Economies worldwide have been steadily growing, which has increased the standard of living, further increasing the purchasing power. The advent of the COVID-19 pandemic also resulted in individuals preferring a safer mode of transportation that promoted social distancing and thus boosted the growth of automobiles. With the increase in gas prices, there has also been wide adoption of EV vehicles that aim to reduce costs and increase efficiency. This increasing demand for automotive has led to a surge in the uses of performance elastomers in automobiles as they are lightweight and provides enormous design freedom for interior and exterior components. . For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. , Therefore, increasing vehicle production has led to a boost in performance elastomers' use, thus driving the performance elastomers market.
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https://www.thebusinessresearchcompany.com/report/performance-elastomers-global-market-report
Market Segments Include:
1) By Type: Nitrile-Based Elastomers, Fluoroelastomers, Silicone Elastomers, Other Types
2) By End-Use Industry: Automotive And Transportation, Healthcare, Industrial Machinery, Building And Construction, Electrical And Electronics, Other End-Use Industry
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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