The vehicle production around the world is increasing primarily due to the rising disposable income of people. As per the European Automobile Manufacturers Association, over 80 million passenger cars were produced across the globe in 2017. Furthermore, approximately 18.4 million commercial vehicles were manufactured in 2016 globally. The automotive industry in regions including Latin America and Asia-Pacific is particularly witnessing significant growth. This rising production of vehicles is generating increasing demand for high temperature elastomers, as they are preferred for dampers, gaskets, hoses, boots, and seats, which in turn, is attributed to their flexibility and resistivity to heat and automotive lubricants.
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Synthetic and natural polymers which possess elastic properties are referred to as elastomers. High temperature elastomers are polymers that are made from long chain of atoms possessing elastic property and have the ability to withstand high range of temperatures. According to a report by P&S Intelligence, in 2017, the global high temperature elastomers market generated a revenue of $9,9991.7 million and is projected to attain a value of $14,951.4 million in 2023, witnessing a 7.0% CAGR during the forecast period (2018–2023). Geographically, Asia-Pacific created the largest demand for high temperature elastomers during 2013–2017 due to the rising construction activities, swift economic growth, and presence of large number of electric and electronics manufacturing companies.
The rising investment for the development of advanced elastomers is a key trend in the high temperature elastomers market. Different companies in the domain have started investing in research & development activities foe expanding their application areas and targeting new industries. In addition to this, the rising requirement for new and advanced polymers with unique properties are further resulting in increasing investments by the manufacturers. There is a growing need for improving the control of molecular structure, formulating existing polymer types, and copolymerization. Attributed to this, the manufacturers are focusing on new polymerization techniques and catalysts for controlling tacticity, molar mass distribution, molar mass, and comonomer composition.
High Temperature Elastomers Market Competitive Landscape
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.
GLOBAL HIGH TEMPERATURE ELASTOMERS MARKET SEGMENTATION
By Type
Fluorocarbon
Perfluorocarbon
Silicone
Fluorosilicone
Others
By Application
Automobile and Transportation
Semiconductor and Electronics
Healthcare
Consumer Products
Industrial Machinery
Others