“The growing demand for performance elastomers in the automotive and transportation industry is a key factor fueling the growth of the performance elastomers market”
The global performance elastomers market is estimated to reach USD 16.75 billion by 2022, at a CAGR of 7.5% from 2017 to 2022. The rapid growth of the automotive and transportation industry, coupled with the technological advancements in it, is the key factor driving the demand for performance elastomers. Moreover, increasing disposable income of the people and the superior properties of performance elastomers than standard elastomers, such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, huge variety, chemical resistance, and oil & gas resistance, are driving the demand for performance elastomers market. However, high manufacturing costs and a price-sensitive market are the key challenges faced by the manufacturers of performance elastomers.
“The silicone elastomers segment of the performance elastomers market is expected to grow at the highest CAGR during the forecast period”
Among various types of elastomers, the silicone elastomers segment of the performance elastomers market is expected to grow at the highest CAGR, during the forecast period. Silicone elastomers are being rapidly adopted in various applications because of outstanding resistance to weathering and ozone, good compression set, high physiological inertness, resistance to bacteria and fungi, and high temperature stability. These properties make it suitable for application in various end-use industries such as automotive and transportation, building and construction, and medical. Silicone elastomers offer enriched levels of low extract and purity, which makes it ideal for various applications such as food and drink, biomedical, and pharmaceuticals.
“The rising demand for use in various end-use industries is expected to drive the performance elastomers market in the Asia-Pacific region”
Asia-Pacific is expected to be the fastest-growing market for performance elastomers. Developing economies in the region, with rapidly growing automotive and transportation industry, are expected to increase the demand for performance elastomers in the region.
In addition, rapid technological advancements in the automotive and transportation industry and increasing disposable income are encouraging the use of performance elastomers in the region. China, India, Japan, South Korea, and Thailand are the key markets for performance elastomers in Asia-Pacific.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews is given below:
- By Company Type- Tier 1- 58%, Tier 2- 25%, and Others- 17%
- By Designation- C-level - 33%, Director-level - 42%, and Others - 25%
- By Region- North America - 9%, Europe - 27%, Asia-Pacific - 37%, South America - 18%, and the Middle East & Africa - 9%
Note 1: Others includes sales, marketing, and product managers.
Note 2: The tier of the companies is determined on the basis of revenues and the ownership of the companies.
Key companies profiled in this market research report are E. I. du Pont de Nemours and Company (U.S.), Arlanxeo (Netherlands), Zeon Chemicals L.P. (U.S.), Solvay S.A. (Belgium), Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (U.S.), 3M Company (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), Daikin Industries Ltd. (Japan), and The Dow Chemical Company (U.S.).
This report covers the performance elastomers market, in terms of volume and value, and forecasts the market size till 2022. The report includes the market segmentation based on type (nitrile-based elastomers, silicone elastomers, and fluoroelastomers), end-use industry (automotive and transportation, healthcare, industrial machinery, building and construction, and electrical and electronics), and region (Asia-Pacific, Europe, North America, Middle East & Africa, and South America). The regions have been further segmented based on key countries into the U.S., Canada, Mexico, Germany, the U.K., France, Spain, Italy, China, Thailand, Japan, India, South Korea, Saudi Arabia, South Africa, Brazil, and Argentina. The report also provides company profiles and competitive strategies adopted by the key players in the performance elastomers market.
The report will help market leaders/new entrants in the global performance elastomers market in the following ways:
- This report segments the performance elastomers market comprehensively and provides closest approximations of the revenue numbers for the overall market, and the sub-segments across different verticals and regions.
- It will help stakeholders to understand the pulse of the market and provide them information on key market drivers, challenges, and opportunities.
- It will help stakeholders to understand competitors and gain more insights, to improve their position in the business.
- The competitive landscape section includes new product launches, expansions, and agreements.