Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Performance Elastomers Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market for performance elastomers, known for their unparalleled durability and versatility in various industrial applications, is poised for significant growth. A new, comprehensive analysis outlines the market's expansion, forecasted trends, and the key factors propelling this advancement within the industry.
In detailing the vigorous developments within the performance elastomers sector, the report highlights the strong market trajectory, with the industry size from a notable $15.32 billion in 2023 to an expected $17.06 billion by 2024, escalating at a compound annual growth rate (CAGR) of 11.4%. This growth is anticipated to continue, with projections estimating a rise to $25.62 billion by 2028 at a CAGR of 10.7%.
Key Market Drivers and Trends
Several critical drivers and trends are shaping the future of performance elastomers:
- Technological advancements have led to the development of new, high-performance materials that cater to the rigorous demands of various industries.
- The automotive and transportation sector remains a significant consumer of performance elastomers, with the surge in demand for electric vehicles further boosting market growth.
- Oil and gas industry requirements continue to drive innovation, ensuring equipment safety and efficiency in challenging environments.
- There is a clear trend towards eco-friendly and sustainable elastomers, with industry participants responding to the global call for environmentally conscious manufacturing practices.
The amalgamation of properties such as high temperature and wear resistance, coupled with technological ingenuity, has led to the utilization of performance elastomers in cutting-edge applications across the automotive, electronics, and medical industries, among others.
Regional Insights and Major Players
Within the geographic landscape of the performance elastomers market, Asia-Pacific led the charge in 2023 as the dominant region, with North America trailing closely behind as the fastest-growing segment predicted for the forecast period. Key players within the market, encompassing a wide array of specialized elastomer solutions, include industry heavyweights adept at synchronizing with the latest material innovations and consumer demands.
In a strategic move to capitalize on the flourishing market demands, Pexco LLC expanded its outreach in 2021 by acquiring Performance Elastomers Corporation, illustrating the industry's dynamic and responsive nature to evolving market trends and consumer needs.
As the global economy pivots towards more sustainable practices and high-efficiency products, performance elastomers stand at the forefront, ready to deliver solutions that address the sophistication and ecological concerns of modern-day applications.
The detailed analysis is curated to offer stakeholders, investors, and industry aficianados a deep dive into the market dynamics, where resilience meets innovation in the burgeoning world of performance elastomers.
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/mt4gvh
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