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.
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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.
- 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 ElastomersMarket.
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.
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“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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