The Business Research Company’s report on the Performance Elastomers Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the performance elastomers market?
Increasing demand in the automotive and transport industry is expected to propel the performance elastomers market. Economies worldwide have been steadily growing, which has increased the standard of living, further increasing the purchasing power. The advent of the COVID-19 pandemic also resulted in individuals preferring a safer mode of transportation that promoted social distancing and thus boosted the growth of automobiles. With the increase in gas prices, there has also been wide adoption of EV vehicles that aim to reduce costs and increase efficiency. This increasing demand for automotive has led to a surge in the uses of performance elastomers in automobiles as they are lightweight and provides enormous design freedom for interior and exterior components. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase., Therefore, increasing vehicle production has led to a boost in performance elastomers’ use, thus driving the performance elastomers market.
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How has the performance elastomers market size evolved, and what are the latest forecasts for its expansion?
The performance elastomers market size has grown rapidly in recent years. It will grow from $16.96 billion in 2024 to $18.83 billion in 2025 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to automotive and transportation industry demand, growth in construction and infrastructure, advancements in material science, manufacturing and industrial expansion, oil and gas industry applications.
The performance elastomers market size is expected to see rapid growth in the next few years. It will grow to $28.66 billion in 2029 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to sustainable and eco-friendly elastomers, increased demand for electric vehicles, adoption of elastomers in medical devices, 3D printing with elastomeric materials, infrastructure development in emerging markets. Major trends in the forecast period include bio-based and recyclable elastomers, hyperplastic materials for diverse applications, smart elastomers for IoT devices, nanomaterial-enhanced elastomers, green building materials with elastomers.
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Which major companies dominate the performance elastomers market?
Major companies operating in the performance elastomers market include Du Pont de Nemours, Arlanxeo, Zeon Chemicals LP, Solvay S.A, Dow Corning Corporation, Momentive Performance Materials Inc, Shin-Etsu Chemical Co, LANXESS AG, Huntsman Corporation, Covestro AG, ExxonMobil Chemical, BASF SE, LG Chem Ltd, Kuraray Co, Sumitomo Chemical Co, Mitsubishi Chemical Corporation, Tosoh Corporation, Asahi Kasei Corporation, JSR Corporation, Arkema S, Evonik Industries AG, Cabot Corporation, Trinseo LLC, KRAIBURG TPE GmbH & Co, Teknor Apex Company, RTP Company, PolyOne Corporation
What trends will shape the future of the perforating gun market?
The development of eco-friendly high-performance elastomers is a key trend gaining popularity in the performance elastomer market. Due to the increased environmental concern, the elastomers market is witnessing the need for eco-friendly elastomer products. Sustainable and bio-based elastomers products are a critical component for achieving these objectives. Many companies operating in performance elastomers are developing eco-friendly and safe elastomers for their clients to strengthen their market position. For instance, in May 2022, Dow, a US-based chemical and plastics manufacturer, developed ENGAGE REN, plant-based high-performance polyolefin elastomers used in sustainable footwear. This advancement ENGAGE REN polyolefin elastomers (POEs) are made from renewable energy and plant-based feedstock such as used cooking oil, allowing the footwear industry to reduce its carbon footprint while producing more sustainable products with the same outstanding quality, such as lightweight foams with equivalent hardness, improved abrasion resistance, and polymer consistency.
Which region dominates the performance elastomers market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the performance elastomers market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the performance elastomers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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How is the performance elastomers market segmented, and which segment holds the largest share?
The performance elastomers market covered in this report is segmented –
1) By Type: Nitrile-Based Elastomers, Fluoroelastomer, Silicone Elastomers, Other Types
2) By End-Use Industry: Automotive And Transportation, Healthcare, Industrial Machinery, Building And Construction, Electrical And Electronics, Other End-Use Industry
Subsegments:
1) By Nitrile-Based Elastomers: Acrylonitrile Butadiene Rubber (NBR), Hydrogenated Nitrile Butadiene Rubber (HNBR)
2) By Fluoroelastomer: Fluorocarbon Elastomers (FKM), Perfluoroelastomers (FFKM)
3) By Silicone Elastomers: Room Temperature Vulcanizing (RTV) Silicone, High-Temperature Vulcanizing (HTV) Silicone, Liquid Silicone Rubber (LSR)
4) By Other Types: Thermoplastic Elastomers (TPE), Polyurethane Elastomers (PU), Styrene-Butadiene Rubber (SBR)
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How is the performance elastomers market defined?
Performance elastomer refers to polymers composed of repeated units of a single monomer or multiple monomers constructed with the help of long chains of atoms, mainly carbon, hydrogen, and oxygen. These performance elastomers are used in manufacturing industrial products, lubricants, molds, tires, vehicle parts, prosthetics, and others. Performance elastomers have a unique combination of high-temperature performance, durability, superior electrical insulating capabilities, and transparency.
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