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High Temperature Elastomers Market Overview
The global high temperature elastomers market was valued at $9,991.7 million in 2017 and is expected to reach $14,951.4 million by 2023, advancing at a CAGR of 7.0% during the forecast period. The market growth is driven by their increasing use in automotive and other industries, and superior properties of high temperature elastomers over other types.
GLOBAL HIGH TEMPERATURE ELASTOMERS MARKET, BY TYPE, KILO TONS (2013-2023)
High temperature elastomers refer to elastomers made of long chain of atoms possessing elastic property. These have applications in general rubber to high-performance chemical and automotive industries.
Based on type, the high temperature elastomers market is categorized into fluorocarbon elastomer, perfluorocarbon elastomer, silicone elastomer, fluorosilicone elastomer, and others; ‘others’ include nitrile and polyacrylate. Silicone elastomer was the largest type in the market, contributing more than 65.0% revenue in 2017. The high demand of silicone elastomer from the construction and automotive industries globally, is driving its market growth. For instance, in the construction industry, silicone elastomers are used as a sealant and structural glazing material, while in the automotive industry, these elastomers find application in cure place gasket and vibration dampers.
On the basis of application, the high temperature elastomers market is segmented into automobile and transportation, semiconductor and electronics, healthcare, consumer products, industrial machinery, and others; ‘others’ include construction and chemical processing. Automobile and transportation was the largest application area in the market, with its volume sales exceeding 40.0% in 2017. The demand for these elastomers are growing in the transportation, automotive, and aerospace industries as these can withstand extreme temperature and have good chemical and solvent-resistance. To meet this demand, these elastomers are being used to produce various under-the-hood components and other automotive machinery parts.
Globally, APAC is the fastest growing high temperature elastomers market, expected to register a CAGR of 7.4% in terms of value, during the forecast period. The growth of the market in the region is driven by the presence of various end use industries, increase in construction activities, presence of large number of electrical and electronics manufacturing companies, and rapid economic growth. Additionally, the growing economies of China and India are expected to further drive the growth of the market, due to increasing industrial base in these countries.
High Temperature Elastomers Market Dynamics
The major trend witnessed in the high temperature elastomers market is increasing investment for the development of advanced elastomers. Increasing use of these elastomers in the automotive and other industries, and the superior properties of these over other types, are the major factors driving the market growth.
Increasing investment by key manufacturers in the market for the development of advanced elastomers is the major trend witnessed in the high temperature elastomers market. Companies have started investing in R&D processes to expand the application areas of these elastomers and target new industries for the market growth. The increasing requirement of new and advanced polymers with unique properties are pushing the manufacturers to invest in the same. This can be achieved by improved control of molecular structure, copolymerization, and formulation of existing polymers types. Hence, elastomers manufacturers are trying new polymerization techniques and catalysts to control tacticity, comonomer composition, molar mass, and molar mass distribution.
The use of high temperature elastomers is rapidly increasing in various industries including automotive. Along with that, the growing automotive industry is further driving the market growth. The automotive industry in emerging economies is developing at a fast pace, particularly in APAC and Latin America, which is generating a significant demand of these elastomers. These elastomers are preferred for hoses, dampers, seals, boots, and gaskets due to their beneficial properties of durability, flexibility, and resistance to heat and automotive lubricants.
Along with that, high performance elastomers are also used in various other industries including transport, oil and gas, aerospace, electrical, and healthcare. For instance, in the transport sector, they are used in the manufacturing of specialty rubber, tyres, and seat covers. They are also used as additives in other industries including healthcare, electronics, and consumer good. Hence, owing to these properties of elastomers, their adoption is increasing in various industries, thus driving the high temperature elastomers market growth.
The major factor hindering the growth of the high temperature elastomers market is the installation of high capital-intensive manufacturing unit. The production cost of these elastomers is higher as compared to other ordinary elastomers. Using ordinary elastomers could be cost-effective in favorable conditions; however, as the temperature increases, ordinary elastomers do not work effectively and tend to fail. The cost of components made from high performance materials may be much greater than another elastomer, but the extra security procured is considered to economically justify the higher price.
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.