Widespread Adoption due to Versatile Properties to Drive Global Performance Elastomers Market
Growing automotive
& transportation sector, growing demand for high performance SUVs and
growing demand for production of seals & gaskets, to drive the Global Performance
Elastomers Market through 2023
According to TechSci Research report, “Global Performance Elastomers Market, By Type
(Nitrile-Based Elastomers, Silicone Elastomers, Fluoroelastomers and Others),
By End-Use Industry (Automotive & Transportation, Building &
Construction, Healthcare, Industrial Machinery and Others), By Company and By
Geography, Forecast & Opportunities, 2023”, Global Performance Elastomers Market is projected to
reach USD 16.99 Billion by 2023, at a CAGR of over 7% from 2018 to 2023 owing
to its various properties such as heat resistance, weathering & ozone
resistance, aging resistance, huge variety, chemical resistance, flexibility,
durability and oil & gas resistance. Based on type, the market has been
categorised into Nitrile-Based Elastomers, Silicone Elastomers,
Fluoroelastomers and Others. In 2017, the silicone elastomers segment led the
performance elastomers market owing to increasing adoption in various end-user
industries like automotive & transportation and construction etc. The key
players in the global performance elastomers market are Arlanxeo, Shin-Etsu
Chemical Co. Ltd., Daikin Industries Ltd., E. I. du Pont de Nemours and
Company, among others.
Moreover,
the growing demand of silicone elastomers from the automotive industry coupled
with the increasing demand of elastomers from different end-use industries is
expected to drive the growth of the market during the forecast period. Additionally,
the technological advancements by automotive OEMs will propel the demand of Performance
Elastomers by 2023.
Based on end-use industry, the market
has been categorised into Automotive & Transportation, Building &
Construction, Healthcare, Industrial Machinery and Others. The automotive and
transportation industry is projected to dominate the market over the next five
years owing to execution of stringent environmental regulations and growing demand
for light weight and more efficient vehicles.
E. I. Du Pont De Nemours and Company, 3M Company, The DOW
Chemical Company, Zeon Chemicals L.P, Polycomp etc, are major companies
operating in the Global Performance
Elastomers Market.
Asia-Pacific region leads the market in
2017 and is projected to maintain its position between 2018 to 2023, as well
owing to the growing demand of performance elastomers like silicone elastomers
due to their versatile properties such as strong molecular bonds, heat resistance,
durability, flexibility, chemical resistance and wide variety from various
end-use industries such as automotive & transportation, pharmaceutical and
medical devices etc in the region.
“Performance Elastomers have been gaining a lot of popularity
in the recent years due to their superior properties over other elastomers such
as heat resistance, strong molecular bonds, chemical resistance, flexibility
and variety. The growing adoption of performance elastomers across various
end-use industries is expected to drive the growth of the market during the
forecast period. Moreover, in compliance with the laws pertaining to the
manufacture of lightweight materials for vehicles, performance elastomers are
being adopted widely which is likely to drive the Performance Elastomers market
through 2023.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Performance Elastomers Market, By Type
(Nitrile-Based Elastomers, Silicone Elastomers, Fluoroelastomers and Others),
By End-Use Industry (Automotive & Transportation, Building &
Construction, Healthcare, Industrial Machinery and Others), By Company and By
Geography, Forecast & Opportunities, 2023” has evaluated the future growth
potential of Global Performance Elastomers market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Performance
Elastomers Market.
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