The Performance Elastomers Market size is estimated to reach US$22.6 billion by 2027, after growing at a CAGR of 7.6% during the forecast period 2022-2027. The expansion of the automotive industry is fueling the demand for performance elastomers, which, in turn, is driving the growth of the performance elastomers market. According to the Organisation Internationale des Constructeurs d'Automobiles, in 2020, global automotive production was 77,711,725 units, which increased by 3% to reach 80,145,988 in 2021. Moreover, the growing construction industry is anticipated to fuel the demand for performance elastomers since it is utilized in machine parts, engines and other equipment. This, in turn, would drive the growth of the performance elastomers market size during the forecast period of 2022-2027. Increasing demand for performance elastomers such as nitrile butadiene rubber (NBR), hydrogenated nitrile-based rubber (HNBR), fluoroelastomers and more are ideal for designing lightweight products, soft actuating materials, mechanical coupling products and curved materials. Due to these reasons, there is a rise in the growth of the Performance Elastomers market.
Report Coverage
The “Performance Elastomers Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Performance Elastomers Market.
Key Takeaways
- Asia-Pacific region dominated the Performance Elastomers Market, owing to the increasing automotive manufacturing in the region. For instance, according to the China Association of Automobile Manufacturers (CAAM), in 2021, the total number of cars manufactured in China was 26,082,000, an increase of 2.4% over 2020.
- Technologies, such as the new aggressive fuel additives, the introduction of fuel injection systems and higher engine compartment temperatures and more have resulted in the growth of the Performance Elastomers Market.
- Moreover, the increasing demand for performance elastomers for the production of O-rings, gaskets, performance seals, turbocharger hoses, oil-filter gaskets, air filters, fan couplings, radiator hoses, spark plug boots and connector seals would enhance the growth of the Performance Elastomers Market during the forecast period.
- However, the high manufacturing cost of Performance Elastomers such as nitrile-based elastomers, silicone elastomers, fluoroelastomers and more due to the complex production process involved in different end-use industries is hampering the growth of the Performance Elastomers industry.
Performance Elastomers Market Segment Analysis – by Type
The silicone elastomers segment held the largest share (over 20%) of the Performance Elastomers Market in 2021. The growing demand for silicone elastomers can be attributed to their superior resistance to weathering and ozone, good compression set, high physiological inertness, resistance to bacteria and fungi and high-temperature stability. As a result of these properties, its demand is surging over high-performance elastomers such as hydrogenated acrylonitrile-butadiene rubber, acrylonitrile-butadiene rubber and more. Silicone elastomers exist in various forms, such as closed-cell sponges, solids and thermally conductive & open-cell foams, which increase their demand in the packaging, biomedical, industrial machinery, automobiles and pharmaceuticals industry. These factors have led to the rapid growth of silicone elastomers in the market during the forecast period.
Performance Elastomers Market Segment Analysis – by End-use Industry
The automotive segment held the largest Performance Elastomers Market share in 2021 and is estimated to grow at a CAGR of 5.9% during the forecast period 2022-2027. Performance elastomers such as nitrile butadiene rubber (NBR), hydrogenated nitrile-based rubber (HNBR) and more have key properties, including improved heat and chemical resistance, low intermolecular strength and low modulus elasticity. These properties enhance the strength of the automotive parts, which is the reason it is utilized in the automotive industry. The factors such as the increasing adoption of passenger cars, the booming transport production and other factors are accelerating the growth of the automotive industry. According to the European Automobile Manufacturers’ Association (ACEA), in 2021, 2.1 million commercial vehicles were produced in the European Union region, an increase of 1.0% over 2020. As a result, of this, there has been an increase in the demand for performance elastomers. This would lead to the growth of the Performance Elastomers market in the projected period.
Performance Elastomers Market Segment Analysis – by Geography
Asia-Pacific is the dominating region as it held up to 31.2% share of the Performance Elastomers Market in 2021. The surge in the sectoral growth of the Asia-Pacific countries is due to the expansion of various industries, including automotive, building & construction and more. The key variables such as the rapid phase of industrialization, increasing consumer income, surge in the demand for heavy commercial vehicles and others are the vital factors driving the growth of the automotive industry in Asia-Pacific. Moreover, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of light commercial vehicles in Asia-Pacific was 4,668,333 units and in 2021, it was 5,099,264 units with an increase of 9%. Therefore, the growth of the automotive industry in Asia-Pacific is fueling the demand for performance elastomers. This, in turn, would propel the growth of the Performance Elastomers market size during the forecast period.
Performance Elastomers Market Drivers
Increasing Demand from End-use Industries
Superior Properties than Standard Elastomers
Performance Elastomers Market Challenge
High Production Cost:
Performance Elastomers Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Performance Elastomers Market. The top 10 companies in the Performance Elastomers market are:
- E.I. du Pont de Nemours and Company
