Status : Published | Published On : Dec, 2023 | Report Code : VRCH2008 | Industry : Chemicals & Materials | Available Format : | Page : 148 |
Industry Overview
The global High-Temperature Elastomers Market is expected to generate revenue of USD 8.6 billion by 2030 and is further anticipated to witness a CAGR of 7.2% during the forecast period. Elastomers possess elastic and viscosity properties and are considered to be a bundle of polymers. The high-temperature elastomers that comprise properties such as chemical, corrosion, and thermal resistance among others are known as thermosetting elastomers. These thermosetting elastomers are extensively being used in many industries such as electronics, transportation, building & construction, oil & gas, and electrical.
Moreover, increasing urbanization and industrialization in emerging economies are expected to further bolster the growth of the global high-temperature elastomers market. The rampant demand from transportation mainly pertaining to aircraft and the automobile industry is further anticipated to contribute effectively towards the growth of the global high-temperature elastomers market.
Market Segmentation
Insight by Type
On the basis of type, the global high-temperature elastomers market is segmented into fluorocarbon, silicone, perfluoro elastomers, fluorosilicone, and others. Other segments can be further sub-segmented as polyacrylate and nitrile. Among all these segments silicone elastomers are projected to generate the largest revenue of USD 11.5 billion by 2024. The increasing market revenue of this segment is attributed to huge demand for silicone elastomers from the automobile and construction industries which are particularly driving the growth of the global high-temperature elastomers market. For instance, in the automotive industry, silicone elastomers are used as vibration dampers, and in the construction domain, these elastomers are used as a sealant material.
GLOBAL HIGH-TEMPERATURE ELASTOMERS MARKET SHARE, BY TYPE (2017)
Insight by Application
On the basis of application, global high temperature elastomers market is segmented into semiconductor & electronics, automobile & transportation, industrial machinery, consumer products, healthcare, and others. Automobile and transportation was the largest application area in the market, contributing more than 50.0% revenue in 2017. The automobile industry is constantly utilizing high-temperature elastomers in their business operations as it helps the manufacturers in producing other machinery parts of this domain along with under the hood modules.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. XX Billion |
Revenue Forecast in 2030 |
U.S.D. 8.6 Billion |
Growth Rate |
7.2% |
Segments Covered in the Report |
By Type, and By Application |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Rapid increase of automotive industry along with extensive utilization of high temperature elastomers is majorly driving the growth of global high temperature elastomers market. The automotive industry in developing economies such as Latin America and Asia-Pacific are observing a significant growth due to rapid growth in high temperature elastomers market. These elastomers serve various beneficial properties such as flexibility, durability and resistance to automotive lubricants and excessive heat.
Moreover, high temperature elastomers are extensively being used in various other industries as well such as oil & gas, electrical, transport, aerospace and healthcare. For instance, these elastomers are excessively being utilized in manufacturing of seat covers, specialty rubber and tires in the automobile domain. Along with this these elastomers are expansively being used as additives in other industries such as consumer goods, electronics and healthcare. As a result, due to all these additive properties of these elastomers the global high temperature elastomers market is expanding at rapid pace.
Challenges
The installation of high capital oriented manufacturing unit along with higher production cost of the elastomers as compared to that of ordinary elastomers is the major factor hindering the growth of global high temperature elastomers market. Ordinary elastomers are comparatively more cost effective, although they do not perform preferably in high temperature and performs functions in an effective manner. Moreover, the cost associated with components developed from high performance modules is higher than another elastomer as result high temperature elastomer market is expected to observe hindrance in its growth in the near future.
Industry Ecosystem
Globally industry players of global high temperature elastomers market are leveraging market growth through increasing investment in research and development in advanced elastomers. Technological upgradation and advancements are thereby enabling the key industry players in automobile industries and other industries to perform functioning in a more effective and efficient manner.
Geographic Overview
Geographically, Asia Pacific is expected to witness fastest growth in the global high temperature elastomers market due to rampant economic development and fuelling growth in construction industry. The high temperature elastomers market in Asia-Pacific is further anticipated to generate largest revenue of USD 6.6 billion by 2024 owing to large number of organizations in automobile domain.
Moreover, increasing investment avenues in technological advancements along with utilization of these elastomers in oil & gas and other industries in several countries such as Saudi Arabia, Morocco, UAE, and Dubai and in Middle East and Africa have further bolstered the growth of global high temperature elastomers market. Additionally, rampant growth of these elastomers in the consumer goods, healthcare, automobile and manufacturing domain in South American countries are pertaining towards the growth of this market.
Competitive Insight
Some of the major players operating in the global high temperature elastomers market include KCC Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Wacker Chemie AG, Solvay S.A., Daikin Industries, Ltd., 3M Company, RTP Company, The Chemours Company, and Shin-Etsu Chemical Co., Ltd.
The High Temperature Elastomers Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
High Temperature Elastomers Market