Performance Elastomers Market Size

Performance Elastomers Market Size

Performance Elastomers Market size was recorded at around USD 8 billion in 2016 and will witness growth at over 7.5% CAGR from 2017 to 2024.

Incessant efforts by the automobile and aerospace component manufacturers to reduce their vehicle weight while improving its operational characteristics will augment the global performance elastomers market in the coming years. These manufacturers face regular challenges of finding materials that can cope with extreme temperatures from sub-zero to engine block heat, exposure to hydrocarbons such as fuel, lubricants, and coolant, as well as various chemical reactions involving ozone, nitrous oxides, sulfides, and various other salts. Rising automobile sales around the globe, especially in the developing nations of Asia Pacific such as China, India, South Korea, and the Southeast Asian countries, will positively influence the overall performance elastomers market. Both China and the U.S. witnessed a shift towards high performance and relatively expensive sport-utility vehicles and crossovers from normal passenger cars in the past year and this trend will continue in the coming years as the per capita income of the population increases.

The performance elastomers market includes various specialty products such as hoses, seals, gaskets, timing belts, diaphragms, etc. and is extensively where a very high durability with minimal degradation over long time periods is required. Continuous development in the industrial sector around the globe in order to increase the efficiency of different machines such as power generators, motors, oilfield exploration machineries, mining equipment, etc. will have a significant influence on the industry growth throughout the forecast span. According to the world bank, value addition from manufacturing sector increased from USD 1.92 trillion in 2010 to USD 3.25 trillion in 2015 in China, paving ways for numerous industrial innovations in the region.

One of the major restraining factors for the global performance elastomers market growth is the high cost associated with the product manufacturing. Processing of these products to provide the required toughness and heat and chemical resistance tends to increase the cost of these specialty products over the standard commodity elastomers. Specific and critical application areas of these products make their use obligatory, thus increasing the product cost. This factor will have a negative influence on the performance elastomers market in the coming years.