Global performance elastomer market forecast with 7.9 percent growth rate through 2032
Chicago, IL – Global Performance Elastomer Market is valued approximately at USD 18.19 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 7.29% over the forecast period 2024-2032 according to ReportOcean.com. Performance elastomers are a unique class of polymers characterized by their remarkable flexibility and resilience, allowing them to revert to their original shape upon the removal of deforming forces.
These elastomers are composed of long chains of atoms, primarily hydrogen, oxygen, and carbon, and are extensively used in various industries due to their superior properties such as resistance to heat, weathering, and chemicals. Furthermore, ongoing advancements in the development of high-performance elastomers and the increasing adoption of these materials in various industries present significant growth opportunities during the forecast period 2024-2032.
The increasing production of vehicles in both developed and developing countries is a major driver for the performance elastomer market. As per the International Organization of Motor Vehicle Manufacturers, global vehicle production increased from 77 million units in 2020 to 80 million units in 2021, significantly boosting the demand for performance elastomers in automotive components. The superior characteristics of performance elastomers, including their resistance to aging and their durability and flexibility, are anticipated to drive market growth during the forecast period. However, the high production costs associated with performance elastomers, particularly silicone elastomers, pose a significant challenge. The cost of raw materials, energy-intensive production processes, and environmental concerns regarding non-biodegradable fluoroelastomers could hinder market growth.
The key regions in the Global Performance Elastomers Market include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, Asia-Pacific dominate the global performance elastomers market, and is projected to grow at a fastest rate during the forecast period. The region’s growth is driven by increasing demand from the automotive and construction industries, supported by consistent GDP growth, urbanization, and industrialization. The region’s burgeoning economies, such as China, India, and Southeast Asian countries, drive substantial demand for performance elastomers in diverse sectors including automotive, construction, electronics, and consumer goods. Favorable government policies supporting industrial growth, coupled with increasing investments in advanced manufacturing technologies, further boost the market. Additionally, the presence of key elastomer producers and a growing focus on sustainability and innovation in materials contribute to Asia-Pacific’s significant influence over the global performance elastomers market.
Major market players included in this report are: 3M Company; BASF SE; Daikin Industries Ltd.; Dow; DuPont de Nemours, Inc.; Exxon Mobil Corporation; Mitsui Chemicals Inc.; Solvay S.A.; Wacker Chemie AG; Zeon Chemicals L.P.