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HIGH TEMPERATURE ELASTOMERS MARKET REPORT OVERVIEW
The global high temperature elastomers market size was USD 9187.4 million in 2019 and will touch USD 12550 million by 2026, exhibiting a CAGR of 4.5% during the forecast period.
High temperature elastomers are materials that can be used in applications where high temperatures are present. These elastomers can withstand higher temperatures than traditional elastomers, making them ideal for a variety of industrial and commercial applications. These elastomers are usually made from a combination of synthetic rubbers and fillers such as silica, carbon black and glass beads.
The growing use of thermoplastic elastomers in the automotive industry is a key driver of market revenue growth. Thermoplastic elastomers are now more commonly used in the automotive industry because of their excellent properties, including flexibility, durability, and resistance to heat and chemicals. In addition, the automotive industry has a growing need for lightweight materials to improve fuel efficiency and reduce carbon dioxide emissions.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The business segment and industry have been significantly affected by the COVID-19 pandemic. Manufacturers are devising strategies to recover from the current situation by revamping their sales channels and product innovations. The duration of the viral outbreak remains a key factor in assessing the overall effects of the pandemic.
LATEST TRENDS
"Increase The Demand For Heat Resistant Materials In Industries Leading Market Expansion"
The high temperature elastomer market is driven by several factors that increase the demand for heat resistant materials in industries operating under extreme conditions. The main drivers are the growing aerospace and automotive industries, where these elastomers can be used in critical components. The market is further stimulated by technological advances in manufacturing and materials science, which lead to the development of high-performance elastomers with better temperature tolerance. Stringent regulatory standards in certain industries increase the demand for elastomers that meet these requirements. In addition, the focus on energy efficiency is driving the industry to look for materials that can withstand higher temperatures without degradation. The oil and gas sector, characterized by extreme temperatures and pressure conditions, is another important consumer of high temperature elastomers. As global industrialization continues, the need for reliable and durable materials increases, leading to high temperature elastomers market growth as it meets the demands of various high-temperature applications around the world.
HIGH TEMPERATURE ELASTOMERS MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Fluorocarbon Elastomers, Fluorsilicone Elastomers, Perfluorocarbon Elastomers, Silicone Elastomers, Others.
Fluorocarbon elastomers are copolymers of various combinations of monomers. The composition can be chosen to obtain the desired combination of properties. The main properties affected by the composition are fluid resistance, stability at high temperatures and flexibility at low temperatures.
Fluorosilicone, a hybrid of silicone and FKM, is a widely used synthetic elastomer with excellent resistance to petroleum oils, solvents, hydrocarbon fuels, ozone and weathering.
Perfluorocarbons have a fully fluorinated polymer body with a fluorine content of more than 71%. Because all body bonds are carbon-fluorine, FFKM materials offer extreme thermochemical resistance, which is reflected in good long-term high-temperature compression resistance.
Silicone elastomers are made from a combination of linear polymers, reinforcing agents, cross-linking agents and catalysts.
- By Application
Based on application the global market can be categorized into Automotive and Transportation, Industrial Machinery, Electrical & Electronics, Consumer Goods, Petrochemical Industry, Others.
Automotive and transportation is the most dominant end-user industry in the global elastomer market, accounting for more than half of the total market. The product easily withstands the high temperatures of engine cylinders and can replace metal parts to help reduce overall vehicle weight. These specialty products are used to manufacture a variety of critical OEM equipment and automotive and aircraft parts.
In Electrical & Electronics, Small elastomers used in electronics ensure safe connection of sensitive parts due to their small size and electrical insulation.
The industry machinery sector of the industry made up the largest part of the elastomer industry. These products are used in the manufacture of various equipment and machinery in harsh environmental conditions such as oil rigs, metallurgy and smelting, foundry applications, etc.
Consumer goods are products that the average consumer buys for consumption. Consumables, also called final products, are the end result of production and manufacturing.
The petrochemical industry obtains raw materials from refining and gas processing and transforms these raw materials into valuable products using various chemical process technologies.
DRIVING FACTORS
"Increasing Demand For Elastomers in Various Sectors to Boost The Market"
The demand for elastomers is growing in the heating, ventilation and air conditioning industry. The demand for elastomers is increasing as the market grows in the production of construction industry materials such as coatings, pipes, adhesives and all other materials. Advances in the automotive industry and the increase in the number of cars increase the consumption of elastomers. Thermoset rubber is a type of elastomer used in car tires. Due to properties such as ease of use, greater freedom of design, versatility, reusability and lightness, thermoplastic elastomers are widely used in the transportation and automotive industries. The use of high-performance thermoplastic elastomers provides a design and strength advantage comparable to steel, helping to reduce overall weight and greenhouse gas emissions. The development of electric vehicles is also expected to contribute to the growth of the market. In countries like China and Europe, thanks to various government programs that encourage the abandonment of fossil fuels for various environmental reasons, automotive segment designers are finding new opportunities. All these factors are driving the elastomer market globally. Recent government guidelines which mentioned scrapping old cars more than 20 years old to reduce pollution are increasing the demand for new vehicles in the country. The demand for new vehicles in the market has increased, manufacturers are creating a high demand for elastomers. This government policy is expected to stimulate high temperature elastomers market growth during the forecast period.
"Growing Demand In Key Application Areas to Expand The Market"
Growing demand in key application areas along with advancement in processing technologies is likely to fuel market growth during the forecast period. Elastomers are witnessing a high demand in the automotive industry due to the need for high-quality and lightweight materials in vehicle manufacturing. Key properties such as high durability, strength and flexibility make it an ideal material for various automotive applications. High temperature elastomers are also in high demand in the construction industry due to their excellent weather resistance, UV resistance and durability. The demand for thermoplastic elastomers in the construction industry will further increase due to the increase in construction activity worldwide, especially in developing economies.
RESTRAINING FACTORS
"Fluctuating Raw Material Prices to Hinder Market Growth"
Fluctuating raw material prices affect elastomer prices. Elastomers are usually much more expensive compared to other plastics and polymer materials. The inability of elastomers to withstand high loads also limits its use. Elastomers are also subject to various rules and regulations restricting the growth of the market.
HIGH TEMPERATURE ELASTOMERS MARKET REGIONAL INSIGHTS
"Asia Pacific to Dominate the Market due to Increasing Demand For Automated Manufacturing "
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific is estimated to dominate the high temperature elastomers market share due to the growing construction industry. The market in this region is expected to grow at the fastest CAGR during the forecast period. As the demand for automated manufacturing increases in various countries, the market is expected to grow. Increased production in the automotive industry in Thailand, China, India and Indonesia is driving the growth period of the market. Rapid industrialization and rapid urbanization in these developing countries are driving both manufacturing and construction industries in the region. Growing construction and manufacturing industries are creating demand for elastomers. Many OEMs are shifting their base to markets with low operating costs. Reducing their production costs and also increasing the demand for various passenger cars. This creates demand for elastomers.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The high temperature elastomers market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- DuPont (U.S.)
- Dow Corning (U.S.)
- KCC (South Korea)
- Solvay (Italy)
- Momentive Performance Materials (U.K.)
- Wacker Chemie (Germany)
- 3M Company (U.S.)
- Daikin Industries (Japan)
- RTP Company (U.S.)
- Shin-Etsu Chemical (Japan)
INDUSTRIAL DEVELOPMENT
June 2019: Wacker Chemie AG has opened its new silicone elastomer production facility at its Zhangjiagang plant in China. The company announced that the production capacity of the new production line will be several thousand tons.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 9187.4 Million in 2019 |
Market Size Value By |
US$ 12550 Million by 2026 |
Growth Rate |
CAGR of 4.5% from 2019 to 2026 |
Forecast Period |
2022-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the high temperature elastomers market expected to touch by 2026?
The global high temperature elastomers market is expected to reach USD 12550 million by 2026.
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What CAGR is the high temperature elastomers market expected to exhibit by 2026?
The high temperature elastomers market is expected to exhibit a CAGR of 4.5% by 2026.
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Which are the driving factors of the high temperature elastomers market?
Increasing demand for elastomers is growing in the heating, ventilation and air conditioning industry and Growing demand in key application areas along with advancement in processing technologies are some of the driving factors of the market.
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What are the key high temperature elastomers market segments?
The key market segmentation that you should be aware of, which include, Based on type the high temperature elastomers market is classified as Fluorocarbon Elastomers, Fluorsilicone Elastomers, Perfluorocarbon Elastomers, Silicone Elastomers, Others. Based on application the high temperature elastomers market is classified as Automotive and Transportation, Industrial Machinery, Electrical & Electronics, Consumer Goods, Petrochemical Industry, Others.