Global Performance Elastomer Market, By Type (Nitrile-Based Elastomers, Fluoroelastomers, Silicone Elastomers, Others), End-Use Industry (Automotive & Transportation, Healthcare, Industrial Machinery, Building & Construction, Electrical & Electronics, Others) - Industry Trends and Forecast to 2029.
Performance Elastomer Market Analysis and Size
The performance elastomers market has witnessed significant growth in last few years, due to their superior properties, such as weathering and ozone resistance, flexibility, heat resistance, durability, huge variety, aging resistance, chemical resistance, and oil & gas resistance. The “silicon elastomer” is the highest growing type segment due to their distinct varieties and excellent properties. Therefore, rising demand for light weight vehicles is one of the major factor which is expected to drive the growth of the global performance elastomer market during the forecast period of 2022-2029.
Data Bridge Market Research analyses that the performance elastomer market was valued at USD 15.73 billion in 2021 is expected to reach USD 59.56 billion by 2029, registering a CAGR of 7.70% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Performance Elastomer Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Nitrile-Based Elastomers, Fluoroelastomers, Silicone Elastomers, Others), End-Use Industry (Automotive & Transportation, Healthcare, Industrial Machinery, Building & Construction, Electrical & Electronics, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Arkema (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), Dow (U.S), Covestro AG (Germany), Huntsman International LLC. (U.S.), Teknor Apex (U.S.), The Lubrizol Corporation (U.S.), Tosh Corporation (Japan), Kraton Corporation (U.S.), China Petroleum Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (U.S.), SIBUR (Russia), Evonik (Germany), Dynasol Group (Spain)
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Market Opportunities
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Market Definition
Performance elastomers are those polymers which made up of long chains of atoms, particularly oxygen, carbon and hydrogen and contain repeated units of a single monomer or multiple monomers. Elastomer has high stress of failure, low intermolecular strength and modulus of elasticity over other materials. They are potentially the most versatile material and having the capacity to return and deform to the original shape as the forces are removed which is causing the deformation.
Global Performance Elastomer Market Dynamics
Drivers
- Increasing adoption in automotive industry
Performance elastomer is widely used in the manufacturing of automotive parts. The growing production of vehicles both in emerging as well as developed economies is one of the major factors which is recognised to the growth of the performance elastomer market globally. For instance, according to the production of International Organization of Motor Vehicle, the total number of vehicles which has produced in 2016 was 95 million units, which augmented to 97 million units in 2017, globally. Therefore, the growing number of vehicles on road is leading the demand for performance elastomer, which is anticipated to increase the market growth rate during the forecast period of 2022-2029.
- Increasing awareness regarding benefits of performance elastomers
Increasing awareness about several benefits of performance elastomers such as flexibility, durability, aging resistance, huge variety, as heat resistance, weathering and ozone resistance, chemical resistance, and oil & gas resistance. The excellent properties of performance elastomers over the standard elastomers is expected to boost the demand for the performance elastomers and drive the market growth rate.
Furthermore, rising application from automotive and transportation industry, growing demand of product because of their superior and excellent properties, rising disposable income and purchasing power of consumers are some of the other factors which is expected to boost the growth of the performance elastomer market during the forecast period of 2022-2029.
Opportunities
- Growing stringent government rules
The rising awareness regarding the use of performance elastomer and strict government rules and regulations associated with the use of rubber will increase the demand for performance elastomer in several end user industries, creating immense opportunities for the performance elastomer market players during the forecast period of 2022 to 2029.
Furthermore, the widespread adoption of elastomers in the automotive sector and the ongoing research and development activities and technological developments in the field of performance elastomers will further provide lucrative opportunities for the growth of the performance elastomer market in upcoming years.
Restraints/ Challenges
- High cost of raw materials
The high cost of product manufacturing is one of the main factors limiting the growth of the performance elastomer market globally. These materials typically cost more than regular commodity elastomers because the processing gives them the necessary hardness, heat resistance, and chemical resistance. These products have specialized and crucial application areas that make their use necessary and hence increase the cost of the product. In the upcoming years, this aspect will have a detrimental impact on the market for performance elastomer.
This performance elastomer market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the performance elastomer market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Performance Elastomer Market
The outbreak of COVID-19 pandemic has continued to impact the growth of the automotive and many other sector across the globe. This pandemic has hampered a majority of businesses overall the globe due to imposed lockdown, which caused the people to stay at home. The imposed lockdown led to a decrease in the sales of vehicle, consequently, contracting the global performance elastomer market. The market for performance elastomers was heavily impacted by the decline in vehicle production, which also decreased demand for silicone, fluoroelastomers, and silicone-based elastomers. However, the market is anticipated to recover rapidly and reach pre-COVID levels over the forecast period.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Performance Elastomer Market Scope
The performance elastomer market is segmented on the basis of type and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Nitrile-Based Elastomers
- Fluoroelastomers
- Silicone Elastomers
- Others
End-Use Industry
- Automotive & Transportation
- Healthcare, Industrial Machinery
- Building & Construction
- Electrical & Electronics
- Others
Performance Elastomer Market Regional Analysis/Insights
The performance elastomer market is analysed and market size insights and trends are provided by country, type and end-use industry as referenced above.
The countries covered in the performance elastomer market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
Asia Pacific dominates the performance elastomer market in terms of market share and revenue growth. This is due to the growing number of applications from automotive and transportation industry in this region.
Europe is expected to fastest growing region during the forecast period of 2022-2029 due to the growing disposable income of the people along with prevalence of large consumer and growing usages in several applications in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Performance Elastomer Market Share Analysis
The performance elastomer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to performance elastomer market.
Some of the major players operating in the performance elastomer market are:
- Arkema (France)
- Asahi Kasei Corporation (Japan)
- BASF SE (Germany)
- Dow (U.S)
- Covestro AG (Germany)
- Huntsman International LLC. (U.S.)
- Teknor Apex (U.S.)
- The Lubrizol Corporation (U.S.)
- Tosh Corporation (Japan)
- Kraton Corporation (U.S.)
- China Petroleum Corporation (China)
- Mitsubishi Chemical Company (Japan)
- DuPont (U.S.)
- SIBUR (Russia)
- Evonik (Germany)
- Dynasol Group (Spain)
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