Performance Elastomer Market Expected to Reach $31.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Performance Elastomer Market," The performance elastomer market was valued at $15.8 billion in 2021, and is estimated to reach $31.6 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.

A performance elastomer is a polymer having viscoelasticity (i.e., both viscosity and elasticity) and weak intermolecular forces, often a low Young's modulus, and a high failure strain in comparison to other materials.

Performance elastomers have high elongation, superior resilience, abrasion resistance, impact strength, and tear resistance. Due to their properties, performance elastomers are in great demand in the construction sector. These properties make performance elastomers useful for key applications in the construction industry. Window & weather seals, artificial grass, wall coverings, carpets, expansion joints, bitumen modification, road markings, window & door frames, waterproofing, weather stripping, and roofing membranes are the principal applications in the construction industry. Utilizing TPE and TPU elastomers in the building and construction industry boosts the space's longevity, and UV protection improves aesthetics and gives a superior mechanical performance. This will fuel the market for performance elastomers.

However, the primary factor constraining the growth of the global performance elastomers market is the product's expensive production. The processing of these materials to offer the appropriate tensile strength, heat resistance, and chemical resistance tends to increase the price of these specialist products in comparison to those of commodity elastomers. Specific and crucial application areas of certain products require their utilization, hence increasing the product's price. In the approaching years, this aspect will have a negative impact on the performance elastomers industry.

The global market for performance elastomers is undergoing substantial R&D activities by performance elastomer producers in an effort to strengthen their competitive presence, which provides a lucrative opportunity to the market. In March 2018, Elastocon TPE Technologies introduced the Elastocon 8068N and 8028N medical-grade elastomers. These materials are suitable for extrusion molding, over-molding, and injection molding. The products are resistant to ultraviolet light, have a fine surface finish, and are odorless & flexible.

The global performance elastomers market is segmented into type, end-use industry, and region. Depending on the type, the market is bifurcated into nitrile-based elastomers {nitrile butadiene rubber (NBR) and hydrogenated nitrile-based rubber (HNBR)}, silicone elastomers (high temperature vulcanized, liquid silicone rubber, and room temperature vulcanized), fluoroelastomers (fluorocarbon elastomers, perfluoroelastomers, and fluorosilicone elastomers) and others. On the basis of end-use industry, it is categorized into automotive & transportation, healthcare, industrial machinery, building & construction, electrical & electronics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major players operating in the global performance elastomers market are 3M Company, BASF SE, Daikin Industries Ltd., Dow, DuPont de Nemours, Inc., Exxon Mobil Corporation, Mitsui Chemicals Inc, Solvay S.A., Wacker Chemie AG, and Zeon Chemicals L.P. Other players operating in the market are Arlanxeo, Momentive, Tosoh Corporation, Avient Corporation, and Denka Performance Elastomer.

COVID-19 impact analysis on the performance elastomers market

• The pandemic of COVID-19 has had a swift and severe impact on the global automotive industry.
• Chinese component supplies were halted, large-scale production disruptions occurred across Europe, and American assembly plants were shut down.
• This has exerted considerable pressure on the industry. In addition, automobile manufacturing was halted, resulting in a significant drop in the overall automotive market.
• According to the European Automobile Manufacturers Association, demand for new commercial vehicles remained sluggish in the EU in June 2020 (-20.3%), although the rate of fall reduced from April and May. Germany (-30.5%), Spain (-24.2%), and Italy (-24.2%) were the three of the region's four largest markets to experience double-digit percentage drops in May (-12.8%).
• Due to the decline in automobile manufacturing, demand for performance elastomers such as nitrile-based elastomers, fluoroelastomers, silicone elastomers, and others decreased dramatically, which had a significant effect on the performance elastomers market.

Key findings of the study

• On the basis of type, the fluoroelastomers segment is expected to grow at a CAGR of 7.5%, in terms of revenue, during the forecast period.
• Depending on the end-use industry, the automotive and transportation segment is expected to grow at a CAGR of 7.7%, in terms of revenue, during the forecast period.
• Region-wise, Asia-Pacific garnered highest share in 2021 in terms of revenue.