The global performance elastomers market is estimated to reach USD 16.75 Billion by 2022, at a CAGR of 7.5% from 2017 to 2022
The performance elastomers market has witnessed significant growth in the recent years, due to the excellent properties of performance elastomers, such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, huge variety, chemical resistance, and oil & gas resistance. The superior properties of performance elastomers over standard elastomers drive the global performance elastomers market.
The main types of performance elastomers are nitrile-based elastomers, fluoroelastomers, and silicone elastomers. Based on type, the silicone elastomers segment led the performance elastomers market in 2016 because of the use of silicone elastomers in several applications. This segment is estimated to grow at the highest CAGR, during the forecast period, because of the increasing adoption of silicone elastomers in variety of end-use industries such as automotive and transportation, building and construction, and medical, owing to their excellent properties and distinct varieties. The demand for general purpose silicone elastomers is high in all regions because of its superior performance and high disposable income of consumers.
Performance elastomers are used in various end-use industries such as automotive and transportation, healthcare, industrial machinery, building and construction, and electrical and electronics. Among the end-use industries, the automotive and transportation industry is projected to lead the performance elastomers market during the forecast period. 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. For this the vehicle manufacturers require a performance elastomer. This demand ultimately drives the performance elastomers market.
North America, Europe, Asia-Pacific, Middle East & Africa, and South America have been considered as key markets for performance elastomers in the report. Asia-Pacific is estimated to lead the performance elastomers market because of the rising demand for performance elastomers from the automotive and transportation industry. The population in Europe is the second-largest consumers of performance elastomers globally. In addition, increasing disposable income and increasing demand from the automotive and transportation industry are fueling the demand for performance elastomers in various applications.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insight
5 Market Overview
6 Performance Elastomers Market, By Type
7 High Performance Elastomers, By End-Use Industry
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