New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Performance Elastomers Global Market Report 2023" - https://www.reportlinker.com/p06424003/?utm_source=GNW
The global performance elastomers market grew from $13.79 billion in 2022 to $15.11 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The performance elastomers market is expected to grow to $22.18 billion in 2027 at a CAGR of 10.1%.
The performance elastomer market consists of sales of fluoroelastomers such as fluorocarbons, perfluoroelastomers and fluorosilicone elastomers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Performance elastomer refers to polymers composed of repeated units of a single monomer or multiple monomers constructed with the help of long chains of atoms, mainly carbon, hydrogen, and oxygen.These performance elastomers are used in manufacturing industrial products, lubricants, molds, tires, vehicle parts, prosthetics, and others.
Performance elastomers have a unique combination of high-temperature performance, durability, superior electrical insulating capabilities, and transparency.
Asia-Pacific was the largest region in the performance elastomers market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the performance elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of performance elastomers are nitrile-based elastomers, fluoroelastomers, and silicone elastomers.Nitrile-based elastomers refer to emulsion polymers produced by using rubber polymerization techniques.
It is used by automotive & transportation, healthcare, industrial machinery, building & construction, electrical & electronics and others.
Increasing demand in the automotive and transport industry is expected to propel the performance elastomers market.Economies worldwide have been steadily growing, which has increased the standard of living, further increasing the purchasing power.
The advent of the COVID-19 pandemic also resulted in individuals preferring a safer mode of transportation that promoted social distancing and thus boosted the growth of automobiles.With the increase in gas prices, there has also been wide adoption of EV vehicles that aim to reduce costs and increase efficiency.
This increasing demand for automotive has led to a surge in the uses of performance elastomers in automobiles as they are lightweight and provides enormous design freedom for interior and exterior components. For instance, in April 2022, in a report published by European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. Additionally, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, increasing vehicle production has led to a boost in performance elastomers’ use, thus driving the performance elastomers market.
The development of eco-friendly high-performance elastomers is a key trend gaining popularity in the performance elastomer market.Due to the increased environmental concern, the elastomers market is witnessing the need for eco-friendly elastomer products.
Sustainable and bio-based elastomers products are a critical component for achieving these objectives.Many companies operating in performance elastomers are developing eco-friendly and safe elastomers for their clients to strengthen their market position.
For instance, in May 2022, Dow, a US-based chemical and plastics manufacturer, developed ENGAGE REN, plant-based high-performance polyolefin elastomers used in sustainable footwear. This advancement ENGAGE REN polyolefin elastomers (POEs) are made from renewable energy and plant-based feedstock such as used cooking oil, allowing the footwear industry to reduce its carbon footprint while producing more sustainable products with the same outstanding quality, such as lightweight foams with equivalent hardness, improved abrasion resistance, and polymer consistency.
In December 2021, Pexco LLC, a US-based manufacturer of plastic pipes, tubing, and plastic extrusion services, acquired Performance Elastomers Corporation (PEC) for an undisclosed amount.With this acquisition, Pexco will expand its silicone and thermoplastic elastomer products and widen its capabilities to include other high-performing polymer solutions to provide even greater value to customers in mobility, recreational vehicle, and truck aftermarkets, as well as expand into other industries where these specialized products are required.
Performance Elastomers Corporation (PEC) is a US-based custom provider of rubber, silicone, and thermoplastic elastomer products.
The countries covered in the performance elastomers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The performance elastomers market research report is one of a series of new reports that provides performance elastomers market statistics, including performance elastomers industry global market size, regional shares, competitors with an performance elastomers market share, detailed performance elastomers market segments, market trends and opportunities, and any further data you may need to thrive in the performance elastomers industry. This performance elastomers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06424003/?utm_source=GNW
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