Growing consumer preferences and rising stringent government legislation on fuel consumption is resulting in several automotive weight reduction initiatives.
Sellbyville, DE -- (SBWIRE) -- 06/17/2019 -- Global Market Insights recently introduced new report on global Performance Elastomers market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2023. It also provides complete overview of Performance Elastomers industry considering all the major industry trends, market dynamics and competitive scenario.
Performance Elastomers Market in Asia Pacific holds a major share in the total market and will surpass 55% by the end of the forecast span. Presence of a significantly developing and mature automobile industry is said to augment the market in coming years. The market will surpass USD 14 billion by 2024; according to a new research report.
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Performance elastomers market is said to witness exceptional growth owing to extensive product application in the transportation and automotive industry. These products find usage in the manufacturing of gaskets, seals, hoses, belts which replaces the conventional metal parts leading to weight reduction. The automotive & transportation segment is said to surpass USD 8 billion by 2024 and subjugate the entire market during the forecast span.
Growing consumer preferences and rising stringent government legislation on fuel consumption is resulting in several automotive weight reduction initiatives. Automakers are designing and manufacturing vehicles that are more efficient, lightweight, and compact to improve their operational features by using superior materials such as performance elastomers. Rise in the overall automotive sales, especially in the developing countries of Asia Pacific region, will foster the performance elastomers market demand in the forthcoming years.
Superior properties of performance elastomers provide them with an upper hand over the normal elastomers as they help in developing the overall product competence, thereby occupying a stronger position in the industry. These properties such as the temperature resistance and strong molecular bonds lead to the product usage in various critical end-user industries related to emission controls and fuel systems. These factors will propel the performance elastomers market in the next seven years.
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The silicone elastomers segment will surpass USD 6.5 billion by the end of the forecast period with a CAGR of over 8%. Fluoroelastomers being the fastest growing product segment is said to cross USD 1.5 billion by the end of the forecast timeframe due to its superior properties of high resistance to chemicals and temperature.
Based on end-user, the performance elastomers market is segmented into seven major segments mainly, automotive and transportation, building and construction, industrial machinery, electrical and electronics food and beverages, consumer goods and others.
The Performance Elastomers market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Performance Elastomers market based on product, technology, end user and region.
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Prominent players operating in the performance elastomers market include:
- Dow Corning
- Dow Dupont
- Mitsui Chemical
- Zeon Chemicals
- Tosoh Corporation
- Momentive Performance Materials
- Shin-Etsu Chemical
- Wacker Chemie
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