Performance Elastomers Market Forecasts to 2028 – Global Analysis By ElastomersType (Silicone Elastomers, Nitrile-Based Elastomers, Fluoroelastomers), End User (Industrial Machinery, Healthcare, Electrical & Electronics) and By Geography
According to Stratistics MRC, the Global Performance Elastomers Market is accounted for $17.94 billion in 2022 and is expected to reach $30.92 billion by 2028 growing at a CAGR of 9.5% during the forecast period. Performance elastomers are polymers made of long chains of atoms, particularly carbon, hydrogen, and oxygen, composed of repeated units of a single monomer or multiple monomers. Elastomers are considered by a high level of elasticity and viscosity. They are potentially the most versatile material, exhibiting the particular combination of elasticity and resilience, having the capacity to deform and return to the original shape as the forces causing the deformation are removed.
Elastomers are used in the manufacturing of numerous construction materials such as adhesives, sealants, and caulking. According to deliberations on the 14th five-year plan (2021-26), China has intended to increase the permanent urban residents to 65% by 2025, which is expected to stimulate the demand for the market. Increased Public-Private Partnership (PPP) initiatives have further led to the growth of the Chinese construction industry. For instance, according to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, estimated to be completed by 2023. However, being the epicenter of the pandemic, China's priorities have changed drastically in 2020, leading to a compromise in its infrastructure development growth
Market Dynamics:
Driver:
Riding demand from end-use industries
The demand for the market is increasing due to rapid industrialization in several regions. They are expansively being used as modifiers for plastic and adhesive raw materials in the gas & oil sectors for exploration and production. Performance elastomers such as neoprene and silicone are being widely used in electronic and food & beverage sectors as they offer good dielectric properties, excellent abrasion, impact, water, flame resistance, and Outstanding UV, ozone, and weather resistance properties.
Restraint:
High Production Cost
During the manufacturing process, expensive components are needed. Performance elastomers such as silicone elastomers cost more owing to the high energy costs associated with their manufacturing process i.e. transformation of sand to high purity silica, then further refinement of silica to polymerize it. The prices of elastomers may also vary extensively owing to differences in compounding, filings, raw material, and processing costs. High production costs may act as a restraint on market growth.
Opportunity:
Upsurge usage in medical industry
Applications for high-performance elastomers in the medical sector are diverse. They include anaesthetic tubing, body contact electrodes, prosthetic or surgical implants, and even pressure-sensitive adhesives for transdermal drug delivery. Medical devices and components are required to be produced under the ISO 13845 standard if they are to be made for medical use. Many applications require a high level of transparency, which favours use of silicone elastomers. Therefore, they are the most used elastomers in this end-user category. Silicone elastomers benefit further in this segment because of other properties such as purity, heat and gamma radiation resistance; as well as being very patient-friendly.
Threat:
Compatibility
The disadvantage of using elastomers is chemical compatibility. Despite the superior versatility of elastomers, there are certain environments and applications in which they will perform poorly or react negatively. Exposure to latex, sulfur and certain other materials will inhibit curing. Careful consideration of the chemical environment present in processes will be required before determining whether elastomers are right. This is one of the factors threatening the market growth during the forecast year.
The Silicone Elastomers segment is expected to be the largest during the forecast period
The Silicone Elastomers segment is expected to be the largest during the forecast period, accredited to the growing usage of silicone elastomers in a variety of industries including medical, Building & Construction. Silicone elastomers are mostly presented in numerous forms, such as closed cell sponges, solids, and thermally conductive and open cell foams. It offers enriched levels of low extract and purity, which makes it ideal for different applications such as food and drink, biomedical, and pharmaceuticals.
The Automotive & Transportation segment is expected to have the highest CAGR during the forecast period
Automotive & Transportation segment commanded the highest market share during the forecast period, owing to the implementation of stringent environmental regulations regarding emission levels, the design of vehicles has changed drastically over the past few decades. The product can easily withstand high temperatures inside the engine cylinders and can replace metal parts to assist in the overall vehicular weight reduction. These specialty products are used to make various critical OEM as well as replacement parts for automobiles as well as airplanes.
Region with highest share:
North America is projected to hold the largest market share during the forecast period, due to easy adaptability of elastomers in numerous applications is predicted to positively drive market. The industry players are implementing wide research & development activities to develop effective processing methodologies to produce newer elastomer blends and gain competitive strength. The U.S. is a significant contributor to the demand for the overall market in North America. Companies in the country, such as Midwest Elastomers, Inc. and Advanced Elastomer Systems, are developing new products by investing heavily in R&D activities to cater to the growing product demand.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rising automotive and transportation sectors in the province. China is expected to be the largest market, whereas India is expected to grow at the fastest CAGR in the Asia-Pacific. Additionally, low production costs and a huge population with enhanced middle-class lifestyles are driving the market growth in this province.
Key players in the market
Some of the key players profiled in the Performance Elastomers Market include Zeon Chemicals L.P., Wacker Chemie AG, Tosoh Corporation, Solvay S.A., Showa Denko K.K. , Shin-Etsu Chemical Co., Ltd., Polycomp, Momentive Performance Materials Inc. , Mitsui Chemicals, Inc., JSR Corporation, Exxon Mobil Corporation, E. I. Du Pont De Nemours and Company, DOW Chemical Company, Daikin Industries, Ltd., 3M Company, Ace Midwest LLC.
Key Developments:
In August 11, 2021: Denka Company Limited developed its third high-performance elastomer, Evolmer, which follows DENKA Chloroprene and DENKA ER onto the market. Evolver has excellent mechanical strength, abrasion resistance and oil resistance. In addition, it has excellent flex fatigue resistance in dynamic environments.
In March 2019: JSR Corporation launched new styrene-butadiene copolymer rubber (SBR) for automotive tires. The new SBR features significantly improved durability, wear resistance, and mechanical strength.
In September 2020: Ace Midwest LLC, a subsidiary of Ace Elastomer, announced to acquire all the operating assets of the Elastomer Processing Group rubber manufacturing business of RotaDyne, in turn enhancing the company's product portfolio and its elastomers business.
Elastomers Types Covered:
• Silicone Elastomers
• Nitrile-Based Elastomers
• Fluoroelastomers
• Other Elastomers Types
End Users Covered:
• Industrial Machinery
• Healthcare
• Electrical & Electronics (Wires & Cables)
• Building & Construction
• Automotive & Transportation
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook