Global High Temperature Elastomers Market Highlights 2019-2028
The global high-temperature elastomers market attained revenue of USD 8760.5 Million in 2019 and is estimated to garner USD 14220.7 Million in 2028 by growing at a CAGR of 6.84% over the forecast period 2021-2028. The global elastomers industry is steadily increasing on account of the increased adoption and application of elastomers in various end-use sectors such as automotive, medical, consumer goods, and others.
Elastomers are classified into diene, non-diene, and thermoplastic elastomers. Diene elastomers are derived from monomers containing two sequential double bonds. Polyisoprene, polychloroprene, and polybutadiene are typical examples of diene elastomers. Contrarily, non-diene elastomers do not have any double bonds in the structure. Therefore, cross-linking in these requires other methods than vulcanization, such as divinyl monomers and trifunctional monomers or copolymerization with small diene monomers such as butadiene. Non-diene elastomers include polysiloxanes, polyurethane, butyl rubber, and fluoro-elastomers.
Another major category for elastomers is a thermoplastic elastomer (TPE), which exhibits dual characteristics, including high elasticity of thermoset vulcanized rubber at room temperature and processability of thermoplastics at high temperature. In addition, TPEs can be repeatedly deformed, melted, and cooled without affecting the standard product quality and thus can be recycled easily.
The major driving factor for the elastomers industry is the rapidly growing demand for lightweight, high-performance materials in the automotive industry. Concurrently, regulations pertaining to replaceable PVC with a comparatively eco-friendly alternative such as TPEs in the automotive and construction industries have also strengthened the market growth.
Global High Temperature Elastomers Market Segmentation Regional Synopsis
Regionally, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among the markets in these regions, the Asia Pacific high-temperature elastomers market held the largest market revenue of USD 3946.6 Million in 2019 and is further estimated to reach USD 7335.8 Million by the end of 2028 by growing with a CAGR of 8.71% during the forecast period. The Asia-Pacific high-temperature elastomer market accounted for one of the largest regional markets globally. Asia-Pacific has a significantly large industry for automobile parts, pharmaceuticals, and aerospace, and the industry uses high-temperature elastomers as their raw material. These factors can be considered as the driving factors for the growth of the high-temperature elastomers market in the region.
China has the second-largest pharmaceutical industry globally and is witnessing healthy growth in the coming years. Demand for high-temperature elastomers, an essential component of the pharmaceutical industry, will remain high in the country as per the current scenario. The automotive industry in the country is also the largest in the world in terms of automobile production since 2008. These factors can be considered as driving factors for the country's high-temperature elastomers market growth.
Japan has a high potential market for high-temperature elastomers market. Japan is rapidly developing its medical devices market because of its increasing healthcare expenditure and growing geriatric population, with over 25% of the Japanese population older than 65. Due to the highly developed pharmaceuticals and automotive industry, demand for high-temperature elastomers will remain high in the country during the forecasted period. In India, the high-temperature elastomers market extensively depends on the pharmaceutical industry. CLICK TO DOWNLOAD SAMPLE REPORT
According to the Department of Commerce, India's pharmaceutical sector reached USD 20.03 billion in 2019 and witnessed a CAGR of 9.8%; this will subsequently drive the country's high-temperature elastomers market. South Korea, one of the leading automobile manufacturers, is considered a lucrative market for high-temperature elastomers. Many leading automobile companies such as Hyundai Motors, Kia Motors, Renault Samsung, and others are South Korean based. Australia has a very advanced industrial machinery market, and this country uses high-temperature elastomers as raw materials.
Australia's healthcare expenditure also accounted for an estimated 9.28% of the country's total GDP, and the country's pharmaceutical sector accounted for more than USD 25 billion, which is estimated to aid the high-temperature elastomers market growth in the future. Vietnam is presently undergoing various demographic and economic reforms that are further expected to create multiple healthcare and pharmaceutical advancements, which will further positively impact high-temperature elastomers' demand. The country is also one of the four largest automobile manufacturers in Southeast Asia. These factors will be considered the driving factors for the growth of the country's high-temperature elastomers market.
Growth Drivers and Challenges Impacting the Growth of the Global High Temperature Elastomers Market
Growth Drivers
- Increasing Adoption of High Temperature Elastomers
- Growing Application of Elastomers
Challenges
- High Manufacturing Cost
- Material-based Disadvantages
Global High Temperature Elastomers Market Segmentation Synopsis
The high-temperature elastomers market is segmented by type into silicone, fluorocarbon, perfluorocarbon, fluorosilicone, and others, and by application, the market is segmented into pharmaceuticals, chromatography, industrial machinery, automotive, aerospace & defense, electrical & electronics, others. Under filter type, the perfluorocarbon segment is expected to account for the highest share throughout 2019-2028.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global high temperature elastomers market that are included in our report are Wacker Chemie AG, Dow Silicone Corporation, 3M Company, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd. and others.
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