The Performance Elastomers market will grow at a faster pace than standard elastomers due to technological advancement in rubber goods. These products are modified by different functional groups such as halogens, nitrile group, silicone group, ethylene group, etc. to enhance the performance of the elastomers.
Performance Elastomers Market Size is likely to grow at a steady rate from 2016 to 2024 due to unique product performance such as oil & gas resistance, chemical resistance, wear-off resistance, flexibility, anti-aging property, durability, etc.
The Performance Elastomers have wide range of operating environment varying from subzero to extreme temperature. Other advantages of the product include oil resistance, anti-aging property, chemical resistance, outstanding mechanical properties, etc. which increases durability as well as life span of rubber products. The ease of modification of the product by compounding, advancement in processing technologies, and new application of the product such as in laser printing, will create ample growth opportunities for the Performance Elastomers market. Availability and price of raw material is expected to hinder the market growth during the forecast timeframe.
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The Performance Elastomers market is segmented on the basis of products such as ethylene based, silicone based, flouro based, and others such as polyurethanes, epichlorohydrin, polyester, nitrile based, etc. Performance Elastomers will witness significant growth rate in the next few years driven by its extensive application in adhesives, PVC films, conveyor belts, semiconductor wafer fabrication, automotive, aerospace, pharmaceuticals, food packaging applications, etc. Silicone based elastomers finds its application in bakeware, exhaust hangers, membrane, fuel system valves, power train application, rollers, textile coating etc. This segment will account for a substantial share of the overall market growth owing to excellent wear off and ozone resistance, resistance against bacteria, fungi, and temperature stability.
Based on end-user industries the market is segmented as automobile & transportation, industrial application, medical & healthcare, electrical & electronics, building & construction, and others such as food packaging, printing, sport goods, etc. Automobile & transportation is likely to lead this segment in forthcoming years. Inability of standard elastomers to meet the physical demand from the automotive, railways, and aerospace industries owing to superior quality as well as safety & environment norms will boost the product demand in the overall transportation sector. It reduces the requirement of standard rubber component in automobile industry and is used from subzero to extreme temperatures. New technological adaptation for manufacturing compact, light-weighed, and efficient. vehicle components are going to drive the market development. In general, Performance Elastomers are used in manufacturing sealants, diaphragms, gaskets, O-rings, boots, etc. Industries like oil & gas, petrochemical, and chemical use Performance Elastomers product to prevent fugitive emission, leakage and spillage. Stringent rules by many national governments regarding emission of primary pollutant emitted by industries, vehicles etc. will compel the use of performance elastomers. Electrical and electronics end-user is also likely to escalate the growth of the industry as these products are recognized with outstanding electrical properties combined with high temperature resistance
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Asia Pacific is likely to be a fast-growing regional market and will consume a significant volume of Performance Elastomers owing to rapid growth in the automobile & transportation sector. The growth in chemical processing, food packaging, as well as building & construction industries in developing economies such as Japan, China, South Korea, India, etc. will propel the market growth. North America will be the second largest region after Asia Pacific followed by Europe which is likely to propel the Performance Elastomers market growth. The U.S. is likely to share a significant amount of global market in the forecast period.
3M company, Arlanxeo, E.I Du Pont de Nemours and Co., Momentive Performance Materials Inc., are among the prominent players of the industry. Some other notable participants include Daikin Industries, Tosoh Corporation, Showa Denko K.K, Reiss Manufacturing Inc., Mitsui Chemicals Inc., Exxon Mobil Corporation, JSR Corporation, Flexan LLC, Kraiburg TPE GmbH & Co. Kg, Polycomp, James Walker, Kaco GmbH + Co. Kg, Wacker Chemie, Zeon Chemicals, Solvay S.A., Shin-Etsu Chemical Co. Ltd.
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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.