The global high temperature elastomers market is projected to reach $1,725.4 million by 2022, growing at a CAGR of 7.2% during 2016 - 2022.
As per the research, the global high temperature elastomers market is likely to grow from $1,062.3 million in 2015 to $1,725.4 million by 2022. The rapidly growing automotive industry especially in emerging economies of Asia-Pacific, Africa and Latin America is generating significant demand for high temperature elastomers.
High temperature elastomers are used across various industries including automobile, transportation, oil and gas, aerospace, electrical and electronics and healthcare. In the transportation industry, the high temperature elastomers are used for the manufacturing process of specialty rubber, tires and seat covers.
Additionally, they are used as additives in industries such as healthcare, manufacturing of industrial machinery, electronics and consumer goods. Major applications of high temperature elastomers include under-the-hood, automobile, progressive cavity pumps (PCP), oil and gas sector and sterilization of medicines.
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As per the findings of research, the global high temperature elastomers market has been segmented into Fluorocarbon Elastomer, Perfluorocarbon Elastomer, Silicone Elastomer, Fluorosilicone Elastomers and Others. The silicone elastomers segment held the largest share in the global high temperature elastomers market in 2015.
The major factor driving the growth of the silicone elastomers segment is its increasing application in electronics market owing to superior properties.
In 2015, North American region dominated the global high temperature elastomers market, in terms of volume. The growing application of high temperature elastomers in automotive and consumer goods industry are promoting the growth of the high temperature elastomers market in the region.
Large investments and existing projects across major industries such as construction and building, health care and lifestyle are the major factors fueling demand for high temperature elastomers in North America. Further, growth of Automotive and consumer goods industry is expected to drive the market for high temperature elastomers in the region.
In terms of volume, the silicone elastomers were the largest market in the North American high temperature elastomers market in 2015, and it is expected to dominate the market during the forecast period.
The major factors driving the growth of the market include growing demand and usage in automotive and transportation industry, increasing uses of high temperature elastomers in wide range of application and different end-user industry. In automobile and transportation sectors, these elastomers are predominately used for the manufacturing process of specialty rubber, tires, seat covers, and other materials.
The companies in the high temperature elastomers market are investing in the development of new and innovative products to expand the applicability areas and target new industries, which is expected to create significant growth opportunities for the global market.
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The research states that the global high temperature elastomers market had a consolidated structure in 2015, where the top three competitors accounted for a major share of the market. Some of the key players in the global market include The Dow Chemical Company, E.I.
du Pont de Nemours and Company, Solvay S.A., Momentive Performance Materials Inc., Wacker Chemie A.G., 3M, Daikin Industries, Bluestar Silicones, RTP Company and Shin-Etsu Chemical Co. Ltd.
Product launches and strategic partnerships have been the major recent developments in the High Temperature Elastomers Market. For instance, Wacker Chemie AG established its new polysilicon production site in the U.S.
State of Tennessee with an investment of $2.5 billion. The company is expected to have increased its production and expected to have reached Charleston’s full capacity of over 20,000 metric tons per year by the third quarter of 2016.
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