Growing automotive & transportation sector, growing demand for high-performance SUVs and growing demand for production of seals & gaskets, to drive the Global Performance Elastomer 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 Elastomer 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 categorized 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., and E. I. du Pont de Nemours and Company, among others.
Moreover, the growing demand for silicone elastomers from the automotive industry coupled with the increasing demand for 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 for Performance Elastomers by 2023.
Based on the end-use industry, the market has been categorized 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 the execution of stringent environmental regulations and growing demand for lightweight and more efficient vehicles.
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The Major Competitors of the Global Performance Elastomer Market
- 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.
The 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 for performance elastomers like silicone elastomers due to their versatile properties such as strong molecular bonds, heat resistance, durability, flexibility, chemical resistance and a 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 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 Elastomer 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 to conduct thorough investment appraisals. 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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