According to a new research report by Global Market Insights, Inc. Performance Elastomers Market will likely cross USD 14 billion by 2024. Superior characteristics of performance elastomers provide the niche sector an additional edge over regular elastomers as it helps in increasing the overall efficiency of the product where it is applied. Several research & development works along with patent filings by different corporate giants shows the enormous capacities of the performance elastomers market in the future.
These products have very strong molecular bonds, providing resistance to extreme temperature, highly reactive chemicals, potentially dangerous gases such as ozone, as well as fuel and other aliphatic and aromatic hydrocarbons. These properties make it ideal for use in critical application sectors such as aerospace fuel systems, auto fuel emission controls, etc. giving a significant boost to the global performance elastomers market.
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Over the last few years, performance elastomers market share has been depicting a rather profitable growth trajectory owing to the rising preference for these elastomers across a diverse set of end-user verticals. Given the fact that performance elastomers possess very strong molecular bonds, these products are primarily deployed in components that require high levels of resistance toward tolerating highly reactive chemicals, aromatic and aliphatic hydrocarbons, exhaust systems, and extreme heat in engine blocks.
Apparently, the aforementioned characteristics of plastic elastomers have predominantly led to its wide-scale utilization across a range of business domains including building and construction, food and beverages, automotive and transportation, aerospace, industrial machinery, consumer goods, and electrical & electronics.
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As a consequence, it would be fair to mention that the prospective growth of the end-use spectrum would invariably prove advantageous to the overall performance elastomers industry share augmentation over the estimated time frame. In fact, taking into account the latest research report of Global Market Insights, Inc., performance elastomers market is forecast to exhibit an impressive CAGR of 7.5 percent from 2017 to 2024.
While elaborating on the future growth potential of the global performance elastomers market, it would be rather imperative to take note of the substantial contribution of one of the major products of this industry. Apparently, thermoplastic elastomers have gained immense significance over the past few years which has consequentially led this segment to dominate the overall product spectrum of the performance elastomers industry space.
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Key performance elastomers market participants include 3M Company, Arlanxeo, Dow Corning, Momentive Performance Materials, Daikin, Exxon Mobil, Dow Dupont, Solvay, Shin-Etsu Chemical, Tosoh Corporation, Zeon Chemicals, Mitsui Chemical, and Wacker Chemie. High entry barriers restrict small and medium enterprises from entering the industry, but the presence of several multinational companies characterizes the overall competitive landscape.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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