PUNE, India, August 10, 2017 /PRNewswire/ --
According to a new market research report "Performance Elastomers Market by 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 - Global Forecast to 2022", published by MarketsandMarkets™, the global market is estimated to grow from USD 11.69 Billion in 2017 to USD 16.75 Billion by 2022, at a CAGR of 7.5% from 2017 to 2022.
Browse 68 Market Data Tables and 35 Figures spread through 136 Pages and in-depth TOC on "Performance Elastomers Market"
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Globally, people are opting for the products that deliver outstanding performance and have a long life cycle. Performance elastomers are used as a replacement for standard elastomers because of their unique set of properties such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, huge variety, chemical resistance, and oil & gas resistance. These factors ultimately increase the demand for performance elastomers globally.
Automotive and transportation industry is estimated to lead the performance elastomers market during the forecast period
Performance elastomers are used in o-rings, gaskets, performance seals, turbocharger hoses, oil-filter gaskets, air filters, fan couplings, radiator hoses, spark plug boots, and connector seals. Among the end-use industries, the automotive & and transportation industry is expected to lead the performance elastomers market between 2017 and 2022, followed by the industrial machinery industry. Because of the implementation of stringent environmental regulations regarding emission levels, the design of vehicles has changed drastically over the past few decades. The manufacturers are designing vehicles to be compact, lightweight, and more efficient. This requires various under-the-hood components to be in close proximity with each other, resulting in increased heat levels. The vehicle manufacturers require a performance elastomer that can operate under such rough conditions.
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Among various types, the silicone elastomers segment is expected to lead the performance elastomers market during the forecast period. Silicone elastomers are known for their excellent properties such as outstanding resistance to weathering and ozone, good compression set, high physiological inertness, resistance to bacteria and fungi, and high temperature stability. Owing to these properties and ease of handling, silicone elastomers are used in a wide variety of applications, including automotive & transportation, electrical & electronics, footwear, and sportswear.
Asia-Pacific is the largest and the fastest growing market for performance elastomers
Asia-Pacific is estimated to be the largest market for performance elastomers. China is estimated to be the largest market for performance elastomers, whereas, India is estimated to be the fastest growing market for performance elastomers in the Asia-Pacific region. Low manufacturing costs, high economic growth rate, and large population with growing middle class lifestyles are the major factors that have led to the growth of the performance elastomers market in this region. The demand for performance elastomers from the automotive and transportation industry is expected to grow in Asia-Pacific because of rapid industrialization and increasing number of application industries in the region.
Major players in the global Performance Elastomers Market 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.).
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