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Performance Elastomers Market Size, Analysis, Trends, Opportunities And Strategies 2024-2033
Performance Elastomers Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Performance Elastomers Market 2024 Key Insights:
• 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%.
• Driving Growth In The Performance Elastomers Market Automotive And Transport Industry Demand Surge
• Rising Trend In Eco-Friendly High-Performance Elastomers Innovations And Environmental Sustainability In The Elastomers Market
• Asia-Pacific was the largest region in the performance elastomers market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
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Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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