The global high temperature elastomers market is expected to generate revenue of USD 16.8 billion by 2024 and is further anticipated to witness CAGR of 7.2% during the forecast period. Elastomers possess elastic and viscosity properties and are considered to be a bundle of polymers.
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The rapid increase of automotive industry along with extensive utilization of high-temperature elastomers is majorly driving the growth of global high temperature elastomers market. The automotive industry in developing economies such as Latin America and Asia-Pacific are observing a significant growth due to rapid growth in high temperature elastomers market. These elastomers serve various beneficial properties such as flexibility, durability and resistance to automotive lubricants and excessive heat.
On the basis of application, 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. The automobile industry is constantly utilizing high temperature elastomers in their business operations as it helps the manufacturers in producing other machinery parts of this domain along with under the hood modules.
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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