MARKET OVERVIEW- NA PERFORMANCE ELASTOMERS MARKET
The Asia Pacific is shown exponential growth in the period. This growth is attributed to increasing automotive production in countries such as China, India, Thailand, and Indonesia. The demand is also increasing attributed to increasing consumer spending and disposable income. In addition, the superior properties associated with advanced elastomers and their adoption in the transportation and automotive industry will increase the market demand. The increasing use of elastomers in the construction, medical, footwear, and electronics industries will fuel the demand over the forecast period in the Asia Pacific region.
MARKET DRIVERS
The growing automotive and transportation sector in the Asia Pacific will drive the market demand. The increasing demand for high-performance SUVs and the growing demand for the production of seals & gaskets and under-the-hood applications are attributed to the growth of the performance elastomer market in the forecast period. The demand for elastomers is high owing to their properties such as heat resistance, weathering, and ozone resistance, aging resistance, huge variety, chemical resistance, flexibility, durability, and oil and gas resistance, making them a good substitute for traditional materials like PVC and rubber. These are factors that are attributed to market growth.
MARKET OPPORTUNITIES
The performance elastomers emerged as high additives materials that have been used in various end-user applications. The increasing research and development in advanced elastomer technology and its adoption by OEMs. Furthermore, the increasing demand for elastomers in advanced e-vehicles as well as its emergence in 3D printing technology and water cable technology will provide significant opportunities over the forecast period.
MARKET RESTRAINTS
The cost of raw materials impacts the cost of the advanced elastomers. The manufacturing process of advanced elastomers is expensive as compared to the traditional manufacturing process for instant transformation of sand to high purity silica, followed by further refinement of silica to polymerize it affects the final cost of elastomers, thereby this is hindering the market growth.
MARKET GROWTH CHALLENGES
The volatility of raw materials and environmental concerns that have been lingering in with the usage of advanced elastomers are represented as a key challenge to in the performance elastomer market. The prices of the performance elastomers vary according to compounding, filings, raw materials, and processing costs.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Asia Pacific Performance Elastomers market, including market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various Performance Elastomers in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
SEGMENTAL OVERVIEW OF THE PERFORMANCE ELASTOMERS MARKET
The Asia Pacific Performance Elastomers market comprises different market segments like By Type, End-Use Industry and Country.
MARKET FOR PERFORMANCE ELASTOMERS BY TYPE
Performance elastomers include key segments of:
- Nitrile Based Elastomers
- Fluoroelastomers
- Silicone Rubber Elastomers
- Thermoplastic Based Elastomers
Based on the type, the silicone elastomers segment led the performance elastomers market in 2016 due to the large application use of silicone in many end-user industries. These silicone-based elastomers are projected to grow at the highest CAGR, during the forecast period because of the increasing demand for low heat resistance in the under-the-hood applications in the automotive industry as well as the emerging production of E-vehicle and silicone batteries, which are the main key driving factors in the growth of silicone-based elastomers. The demand for general-purpose silicone elastomers is high in all regions because of their superior performance and the high disposable income of consumers.
PERFORMANCE ELASTOMERS MARKET BY END-USER INDUSTRY
The performance elastomers market has major end users like
- Automotive & Transportation
- Building & Construction
- Industrial Machinery
- Electrical and Electronics
- Food and Beverages
- Consumer Goods
- Others
Based on the end-use industry, the automotive and transportation industries are projected to lead the performance elastomers market during the forecast period. Because of the production of automobiles, and E-vehicles as well as the implementation of stringent environmental regulations regarding emission levels and sustainability by the government and major players. The designs of vehicles have changed over the past few decades. Manufacturers are looking to design vehicles to be compact, lightweight, and more efficient. These factors are driving the demand for performance elastomers in the automobile sector, which indeed drives the automotive and transportation sectors to grow at the highest CAGR in the forecast period.
PERFORMANCE ELASTOMERS MARKET BY COUNTRY
The Asia-Pacific performance elastomer market is studied for the following countries
- China
- India
- Japan
- Rest of APAC (Malaysia, Thailand, Vietnam, Australia, South Korea, Singapore, etc.)
China dominates the Asia-pacific performance elastomers market and the growth is attributed to numerous factors. The Chinese economy is the fastest developing in the world owing to its status as a manufacturing hub for many companies in the world, along with industrial output, import and export, consumer consumption, and capital investment. The increasing demand for elastomers in the automotive industry as well as the increasing and expanding construction sector in the country will also lead to market growth in China. Besides, China has the largest pharmaceutical sector in the world, and this will also lead to demand for elastomers in the medical industry. The great consumer demand from the electronics industry will lead to thermoplastic elastomers. These are the factors that contribute to market growth.
THE IMPACT OF COVID-19 ON THE ASIA PACIFIC PERFORMANCE ELASTOMERS MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Performance Elastomers market subjected to COVID-19. In addition, a complete analysis of changes in the global Performance Elastomers market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The outbreak of COVID-19 has negatively impacted the performance elastomers market. In the Asia-Pacific, China is the birthplace place of COVID-19 and the emergence of an unexpected pandemic will lead to the shutdown of many manufacturing plants, which will result in halting production. The shutting down of many plants also leads to supply chain disruptions. Production and demand from the automotive and construction sectors have declined, which negatively impacts the market growth and that indeed impacts the Asia-Pacific performance elastomers market.
ANALYSIS OF COMPETITIVE LANDSCAPE
The competitive landscape analysis of the Performance Elastomers market is majorly focused on expanding the growth of Asia Pacific Performance Elastomers with new product innovation, business expansion, and the increasing presence of manufacturers operating in Performance Elastomers has led to the growing demand for the Performance Elastomers market. Besides, the market offers a range of products in different applications to fulfill the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in the market are
- 3M Company
- The Dow Chemical Company
- Zeon Chemicals L.P
- Arkema Group
- Evonik Industries AG
- Momentive Performance Materials Inc
- Exxon Mobil
- Covestro AG
- Shin-Etsu Chemical Co., Ltd
- Wacker Chemie AG
- Tosoh Corporation
- Mitsui Chemical
- DuPont
- Solvay S.A
RECENT DEVELOPMENT:
June 2022: Mitsui Chemicals, a Japanese company has announced to increase investment in its Tafmer elastomers business as part of a new group-wide Vision 2030 plan to address the high value-added and sustainability-oriented applications and operating industries. Tafmer olefinic copolymers are used in applications, including automotive materials, packaging materials, engineering plastic modifiers and other applications.
