What Has Been The Historical And Current Growth Of The Performance Elastomers Market?
The performance elastomers market has seen considerable growth due to a variety of factors.
• In recent times, the market size for performance elastomers has escalated swiftly. The market is projected to expand from $16.96 billion in 2024 to approximately $18.83 billion in 2025, with a compound annual growth rate (CAGR) of 11.1%.
The substantial growth during the historical period can be credited to the increasing demand from the automotive and transportation industries, expansion in the construction and infrastructure sectors, advancements in the field of material science, expansion in manufacturing and industry, and applications in the oil and gas industry.
What Is The Forecast For The Performance Elastomers Market By 2029?
The performance elastomers market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of performance elastomers is predicted to witness substantial growth. The market will expand to $28.66 billion in 2029, with a compound annual growth rate (CAGR) of 11.1%.
The projected growth during this period can be tied to factors like the utilization of sustainable and eco-friendly elastomers, growing demand for electric vehicles, use of elastomers in medical devices, application of elastomeric materials in 3D printing, and infrastructural advancement in emerging markets. Notable trends during this forecast period comprise bio-based and recyclable elastomers, the usage of hyperplastic materials in various applications, intelligent elastomers for IoT devices, nanomaterial-incorporated elastomers, and eco-friendly building materials involving elastomers.
Which Key Drivers Are Propelling The Performance Elastomers Market's Growth?
The surge in demand within the transport and automotive sectors is forecasted to stimulate the growth of the performance elastomers market. With consistent global economic growth, there has been a rise in living standards and hence bolstered buying power. Moreover, due to the emergence of the COVID-19 pandemic, people opted for safer means of transport that encouraged social distancing, thereby fuelling the expansion of the automobile industry. The spike in gasoline prices has prompted the broad acceptance of Electric Vehicles (EVs), which are designed to cut costs and enhance efficiency. This growth in automotive demand subsequently resulted in an escalated usage of performance elastomers in vehicles due to their lightweight nature and enormous design flexibility for both interiors and exteriors. For example, the European Automobile Manufacturers Association, a Belgium-based organization, stated in May 2023 that the worldwide auto production in 2022 hit 85.4 million units, witnessing a considerable jump of 5.7% in comparison to 2021. Additionally, Brand Finance plc, a British brand valuation firm, reported that the automobile sector saw around 78 million unit sales in 2022, recording a significant 10% rise. Thus, the mounting production of vehicles has heightened the utilization of performance elastomers, thereby bolstering the performance elastomers market.
What Are The Key Segments Within The Global Performance Elastomers Market?
The performance elastomers market covered in this report is segmented –
1) By Type: Nitrile-Based Elastomers, Fluoroelastomer, Silicone Elastomers, Other Types
2) By End-Use Industry: Automotive And Transportation, Healthcare, Industrial Machinery, Building And Construction, Electrical And Electronics, Other End-Use Industry
Subsegments:
1) By Nitrile-Based Elastomers: Acrylonitrile Butadiene Rubber (NBR), Hydrogenated Nitrile Butadiene Rubber (HNBR)
2) By Fluoroelastomer: Fluorocarbon Elastomers (FKM), Perfluoroelastomers (FFKM)
3) By Silicone Elastomers: Room Temperature Vulcanizing (RTV) Silicone, High-Temperature Vulcanizing (HTV) Silicone, Liquid Silicone Rubber (LSR)
4) By Other Types: Thermoplastic Elastomers (TPE), Polyurethane Elastomers (PU), Styrene-Butadiene Rubber (SBR)
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How Are New Trends Impacting The Size Of The Performance Elastomers Market?
The emergence of environment-friendly, high-quality elastomers is a significant trend attracting attention in the performance elastomer market. In response to growing environmental concerns, the elastomer market is seeing a demand for green elastomer products. Sustainable and bio-based elastomer products are key in fulfilling these requirements. Many businesses in the performance elastomer sector are creating safe, eco-friendly elastomers to consolidate their market standing. For example, in May 2022, Dow, a chemical and plastics manufacturer based in the United States, introduced ENGAGE REN, a high-performance polyolefin elastomer derived from plants for sustainable footwear. This new ENGAGE REN polyolefin elastomer (POEs) is generated from renewable energy sources and plant-based raw materials like used cooking oil, permitting the footwear sector to decrease its carbon emissions while manufacturing more eco-friendly products of excellent quality, such as lightweight foams with similar hardness, better abrasion resistance, and consistent polymers.
Who Are the Key Players in the Performance Elastomers Market?
Major companies operating in the performance elastomers market include:
• Du Pont de Nemours
• Arlanxeo
• Zeon Chemicals LP
• Solvay S.A
• Dow Corning Corporation
• Momentive Performance Materials Inc
• Shin-Etsu Chemical Co
• LANXESS AG
• Huntsman Corporation
• Covestro AG
• ExxonMobil Chemical
• BASF SE
• LG Chem Ltd
• Kuraray Co
• Sumitomo Chemical Co
• Mitsubishi Chemical Corporation
• Tosoh Corporation
• Asahi Kasei Corporation
• JSR Corporation
• Arkema S
• Evonik Industries AG
• Cabot Corporation
• Trinseo LLC
• KRAIBURG TPE GmbH & Co
• Teknor Apex Company
• RTP Company
• PolyOne Corporation
What are the Regional Insights into the Performance Elastomers Market?
Asia-Pacific was the largest region in the performance elastomers market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the performance elastomers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
