Segmented By Type (Nitrile-Based, Silicone-Based, Fluoroelastomers, Others), By End Use (Automotive & Transportation, Building & Construction, Others), By Region and Competition.
New York, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Performance Elastomers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" - https://www.reportlinker.com/p06379492/?utm_source=GNW
Global Performance Elastomers is expected to grow impressively due to the growing demand from the building & construction industry through 2028. In 2021, the Japanese rubber manufacturer JSR Corporation sold elastomers worth approximately USD 744.9 million.
The market’s demand for Performance Elastomers is rising due to rapid industrialization across several areas.They are widely utilized in the gas and oil industries for exploration and production as modifiers for plastic and adhesive raw materials.
Moreover, Performance elastomers such as neoprene and silicone are widely used in the electronic and food & beverage sectors due to their exceptional abrasion, impact, water, and flame resistance, as well as their outstanding UV, ozone, and weather resistance capabilities.With the increasing demand for specialty products like hoses, seals, gaskets, and diaphragms, the demand for performance elastomers has increased globally.
These factors will drive the global performance elastomers market in the upcoming years.
Growing Awareness Regarding Superior Properties of Performance Elastomer
Performance elastomers displace standard elastomers due to their distinct characteristics, including greater durability, flexibility, heat resistance, chemical resistance, aging resistance, a wide range of oil & gas resistance, enhanced performance, and a long-life cycle.Performance elastomers such as silicone elastomers enhance heat resistance over 300°C by using polysiloxane additives.
With respect to these properties, the demand for performance elastomers increases globally in the building & construction sectors. These characteristics will drive the performance elastomers market in the forecast period.
Moreover, Althan Quartier starts construction of USD 507 million, which includes the construction of hotels, commercial facilities, and more using performance elastomers in the fourth quarter of 2021.
Rising demand from Automotive Industry
Key properties such as flexibility, strength, and high strength allow varied applications of elastomers in the automotive industry, such as manufacturing wires & cables, puncture-resistant seals, and providing impact resistance in vehicle interiors.Widespread adoption of EV vehicles, which seek to lower costs and boost efficiency, has coincided with the rise in petroleum prices.
Due to their lightweight nature and vast design flexibility for interior and exterior components, performance elastomers have seen an increase in vehicle application due to the growing demand for automobiles.
For instance, according to European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. Additionally, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, increasing vehicle production has boosted performance elastomers’ use; consequently, the demand for the global performance elastomers market will increase in the upcoming years.
Development of eco-friendly high-performance elastomers
A prominent trend gaining traction in the performance elastomer market is the development of environmentally friendly high-performance elastomers.The rise in environmental awareness drives the need for eco-friendly elastomer goods.
Products made of sustainable and bio-based elastomers are essential for accomplishing these goals. To improve their market position, several businesses that deal with performance elastomers are creating eco-friendly and secure elastomers for their customers.
ENGAGE REN, a plant-based high-performance polyolefin elastomer produced by Dow Inc. used in sustainable footwear. Using this elastomer, the footwear industry reduces its carbon footprint and produces sustainable products with the same quality. Therefore, the performance elastomers market will grow globally during the forecast period.
• In May 2022, a novel high-performance polyolefin elastomer (POE) made from plant-based feedstock was introduced by Dow Inc.
• Performance Elastomers Corporation (PEC) was purchased by Pexco LLC, a top specialty plastics extruder in North America, in December 2021.
• Huntsman Chemical acquired Gabriel Performance Products in January 2021 to expand its specialty chemicals portfolio.
• In December 2019, for the production of thermoplastic elastomer (TPE), SirmaxSpA unveiled a new compounding facility situated in Poland.
Global Performance Elastomers Market is segmented based on type, end use, and region.Based on the type, the market is categorized into nitrile-based, silicone-based, fluoroelastomers, and others.
Based on the end use, the market is fragmented into automotive & transportation, building & construction, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa, By Company.
Pexco LLC, DuPont de Nemours, Inc., Celanese SO.F.TER.Corp., 3M Co., Zeon Chemicals L.P., Solvay S.A., Momentive Performance Materials Inc., Polycom GmbH, Wacker Chemie AG, Mitsui Elastomers Singapore Pte Ltd are some of the key players of the Global Performance Elastomers Market.
In this report, global performance elastomers market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Performance Elastomers Market, By Type:
• Performance Elastomers Market, By End Use:
o Automotive & Transportation
o Building & Construction
• Performance Elastomers Market, By Region:
o North America
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global performance elastomers market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06379492/?utm_source=GNW
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