Performance elastomers market growth to be pushed by rising efforts to develop lightweight vehicle parts
Date: 2018-07-02   Author: Sunil Hebbalkar  Category: #market

Performance elastomers market growth to be pushed by rising efforts to develop lightweight vehicle parts

The growing awareness among the automakers about the performance benefits of vehicular weight reduction will drive performance elastomers market share in the ensuing years. With increasing automobile sales across the globe, the demand for materials that can combat hydrocarbon exposure and extreme temperature ranges is reportedly depicting an upsurge, fueling the industry growth.

Five trends notably influencing performance elastomers market:

  • According to reliable sources, automotive & transportation sector was the dominant end-use sphere of performance elastomers market in 2016. The increasing use of these elastomers to manufacture several engine parts to reduce overall weight is poised to push the product adoption over 2017-2024.
  • In 2016, performance elastomers industry size from industrial machinery was reportedly pegged at USD 800 million. Driven by the surging use of elastomers across smelting applications and metalworking & foundry industries, the market share from this end-use segment is slated to upsurge commendably by 2024.
  • As per reports, Europe and North America accounted for approximately 40% of performance elastomers industry share in 2016. However, these regions have been forecast to lose their business to the developing regions owing to the growing facility expansions.
  • Powered by excellent temperature resistance capability, silicon-based products would contribute significantly to the industry growth over 2017-2024. The cost-effectiveness of these products will majorly account for their growing popularity.
  • Reportedly, the advent of new manufacturing facilities across APAC will help impel the regional performance elastomers industry share. As per estimates, Asia Pacific will account for over 55% of performance elastomers market share by the end of 2024. The growth can be credited to the expansive presence of the automotive industry across this region.

The competitive scenario of performance elastomers market is quite fragmented and is inclusive of a large number of well-known corporate giants. Some of the big shots in performance elastomers industry are Exxon Mobil, Dow Dupont Inc., Wacker Chemie, Arlanxeo, Shin-Etsu Chemical, Momentive Performance Materials, Tosoh Corporation, Solvay, Mitsui Chemicals, and Dow Corning.

About Author

Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

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