Elastomers possess elastic and viscosity properties and are considered to be a bundle of polymers. The high-temperature elastomers that comprise properties such as chemical, corrosion, and thermal resistance among others are known as thermosetting elastomers. These thermosetting elastomers are extensively being used in many industries such as electronics, transportation, building & construction, oil & gas, and electrical.

Moreover, increasing urbanization and industrialization in emerging economies is expected to further bolster the growth of the global high-temperature elastomers market. The rampant demand from transportation mainly pertaining to the aircraft and automobile industry is further anticipated to contribute effectively towards the growth of the global high-temperature elastomers market.

The increasing market revenue of this segment is attributed to the huge demand for silicone elastomers from the automobile and construction industries that are particularly driving the growth of the global high-temperature elastomers market. For instance, in the automotive industry, silicone elastomers are used as vibration dampers and in the construction domain, these elastomers are used as a sealant material.

On the basis of application, the global high-temperature elastomers market is segmented into semiconductor & electronics, automobile & transportation, industrial machinery, consumer products, healthcare, and others. Automobile and transportation was the largest application area in the market, contributing more than 50.0% revenue in 2017.

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The rapid increase of the automotive industry along with extensive utilization of high-temperature elastomers is majorly driving the growth of the global high-temperature elastomers market. The automotive industry in developing economies such as Latin America and Asia-Pacific are observing significant growth due to rapid growth in the high-temperature elastomers market.

Moreover, high-temperature elastomers are extensively being used in various other industries as well such as oil & gas, electrical, transport, aerospace, and healthcare. For instance, these elastomers are excessively being utilized in manufacturing seat covers, specialty rubber, and tires in the automobile domain.

The installation of high capital-oriented manufacturing units along with higher production cost of the elastomers as compared to that of ordinary elastomers is the major factor hindering the growth of the global high-temperature elastomers market.

Globally industry players of the global high-temperature elastomers market are leveraging market growth through increasing investment in research and development in advanced elastomers. Technological up-gradation and advancements are thereby enabling the key industry players in automobile industries and other industries to perform functions in a more effective and efficient manner.

The Asia Pacific is expected to witness the fastest growth in the global high-temperature elastomers market due to rampant economic development and fuelling growth in the construction industry. The high-temperature elastomers market in Asia-Pacific is further anticipated to generate the largest revenue of USD 6.6 billion by 2024 owing to the large number of organizations in automobile domain.

Some of the major players operating in the global high-temperature elastomers market include KCC Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Wacker Chemie AG, Solvay S.A., Daikin Industries, Ltd., 3M Company, RTP Company, The Chemours Company, and Shin-Etsu Chemical Co., Ltd.

Source: VynZ Research