Delray Beach, FL, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The Global Advanced Elastomers Market size is expected to reach USD 7.8 billion by 2029 from USD 6.0 billion in 2024, at a CAGR of 5.3% from 2024 to 2029, as per the recent study by MarketsandMarkets™. The advanced elastomers market is driven by several key factors, including increasing global focus on sustainability, technological advancements, expanding applications, economic incentives, and growth in demand are the global trend towards lightweighting, most notably in the electrical & electronics and aerospace sectors.
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List of Key Players in Advanced Elastomers Market:
- BASF SE (Germany)
- Celanese Corporation (Switzerland)
- Elkem ASA (Waltham)
- DuPont (US)
- Wacker Chemie AG (Germany)
- AGC Inc. (Japan)
- Mitsui Chemicals, Inc. (Japan)
- DAIKIN INDUSTRIES,Ltd (Japan)
- Avient Corporation (US)
- Arkema (France)
- Dow (US)
Drivers, Restraints, and Opportunities in Advanced Elastomers Market:
- Driver: Increasing trend of automation in manufacturing sector
- Restraint: Lack of standardization in grades and specifications for adoption of advanced elastomers
- Opportunity: Incorporation of recycled advanced elastomers into manufacturing processes
- Challenge: Development of bio-based elastomers with performance characteristics equivalent to synthetic counterparts
Key Findings of the Study:
- Industrial, by end-use, is expected to be the most significant Advanced elastomers Market segment during the forecast period.
- Insulation is anticipated to be the fastest-growing Advanced elastomers Market segment, by application, during the forecast period.
- Thermoplastic elastomers is anticipated to be the fastest-growing Advanced elastomers Market segment, by type, during the forecast period.
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The industrial segment is the fastest-growing end-use segment in the advanced elastomers market because it has a wide range of various diverse demands, increasing automation, and a growing need for durable materials against rugged environments. The industrial sector shall be very diversified because of machinery, equipment, construction, and heavy-duty vehicles. These applications normally run in very harsh environments and require superior durability, flexibility, wear, chemical, and high or low temperature resistance. Advanced elastomers, with their sterling mechanical properties, are tailored to meet such demanding requirements and find favor in industrial applications.
The insulation segment is one of the fastest-growing applications in the advanced elastomers market due to the combined influences of increased need to improve energy efficiency, regulatory pressures, and technological advancements. Increasing emphasis on the reduction of energy consumption and increase in energy efficiency for all kinds of buildings and industrial applications are driving forces for the advanced elastomer market. These show excellent thermal insulation properties and afford insulation to avoid losses through the material, thus improving energy savings. Nowadays, with the growing consciousness of energy efficiency in the industry and by consumers equally as well, the demand for advanced elastomeric insulation solutions is in an exponential spiral.
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TPEs represent the fastest-growing segment in the advanced elastomers market because of their unique combination of properties, versatility, and manufacturing advantages. TPEs are literally the best of both worlds in terms of properties, giving flexibility and elasticity like traditional rubber and processability like plastics that make them so much in demand in a range of applications where flexibility and durability are required. Unlike traditional elastomers, TPEs can be easily molded and reshaped at high temperatures, allowing for intricate design and complex parts. Basically, TPEs are versatile materials, implying that they can be effectively applied in a very broad range of industries, from automotive and medical to consumer and industrial products. It is this ability to adapt to different formulations that helps to tailor the material to specific performance requirements necessary for a wide range of industries.
North America is the second-largest region in the advanced elastomers market, mainly due to a number of industrial activity, technological, and economic factors. In North America, the United States is an industrial and technology hub. The region has a well-established manufacturing base coupled with a strong research and development focus. It creates an enabling environment for innovation in, and adoption of, advanced elastomers that find high-performance applications in industries such as aerospace, and industrial. North America has a robust economy, along with high expenditure on infrastructure and technology. This forms the very bedrock of a strong economy, which fosters the growth of multiple industries reliant upon advanced elastomers and cements their place in the regional market.
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