Automobile and Transportation Segment Expected to
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NEW YORK, April 19, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global high temperature elastomers market is expected to cross $10.2 billion by 2022, growing at a CAGR of over 7.6% between 2016-2022. The rapidly growing automotive industry especially in emerging economies of Asia-Pacific, Africa and Latin America is generating significant demand for high temperature elastomers.
Based on application, the global high temperature elastomers market has been segmented into automobile and transportation, electrical and electronics, industrial machinery, consumer products, and healthcare. The automobile and transportation segment is projected to witness the fastest growth between 2016-2022. The segment is also expected to hold more than 40% of the overall market in 2025.
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The growing application of high temperature elastomers in automotive, consumer goods and electrical and electronics industry are promoting the growth of high temperature elastomers market in the developing economies. Demand for high temperature is attributed to growing economies and industrialization in developing economies. The growth of the Asia-Pacific high temperature elastomers industry is driven by presence of various end-use industries, increase in construction activities and rapid economic growth. Additionally, the growing economies of China and India are anticipated to drive the growth of the Asia-Pacific market due to the increasing industrial base in these countries. Middle East and Africa (MEA) is expected to witness similar growth as compared with other regions, especially in the growing economies including Brazil, South Africa, and GCC countries. These markets offer various opportunities for high temperature elastomers market to grow at a significant rate.
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In terms of volume or value, Europe was the largest consumer of high temperature elastomers in 2015, The European consumption of high temperature elastomers is expected to reach 330.5 kilotons by 2022. Europe being one of the largest markets for automobile industry is expected to drive the demand for high temperature elastomers during the forecast period. Additionally, the health care industry, in the developed economies such as the U.K., Germany, France and Italy, is expected to fuel the demand of high temperature elastomers market during the forecast period.
Some of the key players in the global high temperature elastomers market include E.I. du Pont de Nemours and Company, The Dow Chemical Company, Momentive Performance Materials Inc., Solvay S.A., 3M, Wacker Chemie A.G., Bluestar Silicones, Daikin Industries, Shin-Etsu Chemical Co. Ltd. and RTP Company.
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