Performance Elastomers Global Market Report 2024 by The Business Research Company |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 Corpo

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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Performance Elastomers Market Major Segments
The performance elastomers market covered in this report is segmented -

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

Key Driver - Driving Growth In The Performance Elastomers Market Automotive And Transport Industry Demand Surge

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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Prominent Trend - Rising Trend In Eco-Friendly High-Performance Elastomers Innovations And Environmental Sustainability In The Elastomers Market

The development of eco-friendly high-performance elastomers is a key trend gaining popularity in the performance elastomer market. Due to the increased environmental concern, the elastomers market is witnessing the need for eco-friendly elastomer products. Sustainable and bio-based elastomers products are a critical component for achieving these objectives. Many companies operating in performance elastomers are developing eco-friendly and safe elastomers for their clients to strengthen their market position. For instance, in May 2022, Dow, a US-based chemical and plastics manufacturer, developed ENGAGE REN, plant-based high-performance polyolefin elastomers used in sustainable footwear. This advancement ENGAGE REN polyolefin elastomers (POEs) are made from renewable energy and plant-based feedstock such as used cooking oil, allowing the footwear industry to reduce its carbon footprint while producing more sustainable products with the same outstanding quality, such as lightweight foams with equivalent hardness, improved abrasion resistance, and polymer consistency.

Performance Elastomers Market Players
Major companies operating in the performance elastomers market include 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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the performance elastomers market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the performance elastomers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Performance Elastomers Market Report Structure
3. Performance Elastomers Market Trends And Strategies
4. Performance Elastomers Market - Macro Economic Scenario
5. Performance Elastomers Market Size And Growth
…..
27. Performance Elastomers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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