Selbyville, DE – Global Market Insights, Inc., suggests that the performance elastomers market may grow over $14 billion by 2024. Strict government regulations pertaining to fuel consumption have led to multiple automotive weight reduction initiatives, driving the demand for performance elastomers in recent years. Performance elastomers are superior to the normal elastomers as they help in the development of overall product competence. They have superior properties such as strong molecular bonds and temperature resistance which are fueling their adoption in several important end-use sectors.
The need to enhance overall efficiency of machineries used in power generation, mining and oil exploration activities may have a positive impact on the performance elastomers market share. Increasing efforts of automakers to design and manufacture more efficient, compact and lightweight vehicles has supported the demand for superior quality performance elastomers.
Considering rising consumer preference for high quality, lightweight materials, manufacturers of performance elastomers are designing new products and technologies. In 2018, Dow DuPont launched the AHEAD initiative that drives the use of high performance elastomers, adhesives, engineered thermoplastics and other superior quality materials to develop automotive solutions like battery pack components and powertrains.
Based on product, the performance elastomers market is divided into thermoplastic, silicone, acrylate, chlorinated, nitrile, fluoroelastomers and others. Of these, the silicone elastomers segment is anticipated to record over $6.5 billion, and more than an 8 percent CAGR over the forecast period. The fluoroelastomers segment being the fastest growing is likely to garner over $1.5 billion owing to the product’s high resistance to temperature and chemicals.
In terms of end-use, the performance elastomers market is divided into building and construction, electrical and electronics, consumer goods, food and beverages, automotive and transportation, industrial machinery and others. Out of these, product application in the automotive and transportation sector is expected to exceed $8 billion over the coming years owing to extensive usage in hoses, gaskets, seals and belts in place of the conventional metal parts primarily to reduce weight.
Geographically speaking, Asia Pacific is expected to hold over 55 percent of the performance elastomers market share by 2024. This growth can be attributed to the establishment of a mature automobile landscape that is witnessing significant development and growth in sales.
While on a global scale, major companies like Dow Corning, Mitsui Chemical, Dow DuPont, 3M, Zeon Chemicals, Daikin, Shin-Etsu Chemical, Arlanxeo, Solvay, Tosoh Corporation, Momentive Performance Materials, ExxonMobil and Wacker Chemie are dominating the performance elastomers market. These firms are adopting various business strategies such as new product and technology developments. For example, in 2017, Zeon Chemicals announced the launch of Nipol nitrile elastomers to provide optimal performance for a range of specialty applications.