NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- Global high temperature elastomers market is projected to reach $14,951.4 million by 2023, the market growth is driven by the growing adoption of these elastomers in the automotive, healthcare, consumer goods, and electronics industries.
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Based on type, the high temperature elastomers market is categorized into fluorocarbon elastomer, perfluorocarbon elastomer, silicone elastomer, fluorosilicone elastomers, and others; ‘others’ include nitrile and polyacrylate. Of these, silicone elastomer was the dominant category in the market, with volume sales of more than 60.0% in 2017. High demand of silicone elastomer, from the automotive industry, for automobile and its parts to meet the insulating, bonding, and sealing applications, is expected to boost the market growth.
On the basis of application, the high temperature elastomers market is bifurcated into automobile and transportation, semiconductor and electronics, healthcare, consumer products, industrial machinery, and others; ‘other’ applications include construction and chemical processing. Semiconductor and electronics is expected to be the fastest growing category in the market, advancing at respective volume and value CAGRs of 6.8% and 7.8% during the forecast period.
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The high temperature elastomers market in Asia-Pacific (APAC) is expected to register a CAGR of 7.4% during the forecast period, in terms of value. The growth of the APAC market is driven by the presence of various end-use industries, increase in construction activities, and rapid economic growth. Additionally, the growing economies of China and India are expected to further drive the growth of the market, due to increasing industrial base in these countries.
The demand of high temperature elastomers is increasing in developing countries, owing to their consumption in various industries including automotive, consumer goods, and electronics. Manufacturers are promoting the use of these elastomers for these industries, by advertisements and campaign programs, owing to the good economic growth, and rapid industrialization and urbanization in these countries. Along with that, the increasing construction activities and growing automotive industry in developing countries are also fueling the demand of these elastomers, creating growth opportunities in the high temperature elastomers market.
Elastomers (high temperature) possess superior properties as compared to normal elastomers such as they provide continuous heat resistance up to 180°C, with peaks to 200°C and improved mechanical properties; maintain seal integrity, high temperature stability, good chemical-resistance; very high performance; excellent thermal-resistance; and others. Owing to these properties, these elastomers are becoming the preferred choice in various industries, thus driving the high temperature elastomers market growth.
Some of the major players operating in the global high temperature elastomers market are Dow Corning Corporation, KCC Corporation, Solvay S.A., Momentive Performance Materials Inc., Wacker Chemie AG, 3M Company, Daikin Industries, Ltd., RTP Company, Shin-Etsu Chemical Co., Ltd., and The Chemours Company.
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