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Performance Elastomers Market growth outlook with industry review and forecasts 2017-2024

Press Release   •   Jan 24, 2018 06:21 EST

Performance Elastomers Market will likely cross USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc.

Superior characteristics of performance elastomers provide the niche sector an additional edge over regular elastomers as it helps in increasing the overall efficiency of the product where it is applied. Several research & development works along with patent filings by different corporate giants shows the enormous capacities of the performance elastomers market in the future. These products have very strong molecular bonds, providing resistance to extreme temperature, highly reactive chemicals, potentially dangerous gases such as ozone, as well as fuel and other aliphatic and aromatic hydrocarbons. These properties make it ideal for use in critical application sectors such as aerospace fuel systems, auto fuel emission controls, etc. giving a significant boost to the global performance elastomers market.

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Volatility in the raw material prices may adversely affect the global performance elastomers market in coming years as many manufacturers will find it difficult to maintain a regular supply. The global demand-supply dynamics, crude oil price fluctuations and its consequent impact on the prices of the synthetic substitutes, as well as the variations in the exchange rates of major synthetic elastomer trading countries will significantly restrain the market development in coming years.

The key performance elastomers studied in this report include silicone, thermoplastic, nitrile based, fluoroelastomers, acrylate, and chlorinated elastomers. Minor products such as etheylene vinyl acetate (EVA) elastomers, ethylene propylene copolymers (EPDM), polysulfide rubber, etc. have been considered in the others segment.

Silicone elastomers will generate revenue worth more than USD 6.5 billion in 2024, witnessing growth at over 8% CAGR in the forecast years. Fluoroelastomers is the fastest developing product segment and is likely to be worth more than USD 1.5 billion by the end of the forecast spell driven by its high resistance to temperature and chemical reactions.

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High performance elastomers such as fluoroelastomers, fluoro-silicone rubber, and Hydrogenated Nitrile Rubber (HNBR) are among the costliest product segments, having strong influence on the market revenue in spite of low volumetric demand.

Performance elastomers are most extensively used in the automotive & transportation industry due to its capability to withstand extreme heat inside engine blocks, exhaust systems, and fuel systems. They are used for the production of seals and gaskets, O-rings, belts, hoses, diaphragms, etc. replacing metal components, thus reducing the overall vehicle weight.

This sector will account for more than USD 8 billion by the end of 2024, thus dominating the total performance elastomers industry through the forecast timeframe. Growing demand for high performance SUVs and sports cars, shifting focus towards increasing the efficiency of military, passenger, and commercial aircrafts, and developing trends of space travel will drive the overall industry in the coming years.

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Asia Pacific will be the largest performance elastomers market over the forecast years with more than 55% of the overall industry by 2024. Prevalence of a highly mature and developing automotive industry in this region will augment the regional market significantly in the next few years.

Key performance elastomers market participants include 3M Company, Arlanxeo, Dow Corning, Momentive Performance Materials, Daikin, Exxon Mobil, Dow Dupont, Solvay, Shin-Etsu Chemical, Tosoh Corporation, Zeon Chemicals, Mitsui Chemical, and Wacker Chemie. High entry barriers restrict small and medium enterprises from entering the industry, but the presence of several multinational companies characterizes the overall competitive landscape.

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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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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.