New York, NY -- (SBWire) -- 04/26/2019 --Better properties of high-temperature elastomers compared to other types, coupled with their growing use in automotive and other industries, are driving the growth of the high temperature elastomers market. Globally, the domain accounted for a revenue of $9,991.7 million in 2017 and is predicted to grow to $14,951.4 million by 2023, advancing at a CAGR of 7.0% during the analysis period (2018–2023). Elastomers are made up of long chains of atoms, possessing elastic properties. These have important uses in the rubber, automotive, and chemical industries.
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On the basis of type, the high temperature elastomers market is classified into perfluorocarbon, fluorocarbon, silicone, fluorosilicone, and others. Among these, in 2017, silicone was the largest category with a revenue contribution of more than 65.0% in the market. Due to its possession of elastic properties which are unaffected by extreme conditions, the requirement for silicone elastomers from the automotive and construction industries increased. In the construction industry, these are used as a structural glazing material and sealant, while the automotive industry uses elastomers for vibration dampers and cure -place gaskets.
Based on the application, automobile and transportation, industrial machinery, healthcare, consumer products, and others are the categories of the high temperature elastomers market. In 2017, automobile and transportation held the largest sales volume share of more than 40.0% in the market. Automotive, transportation, and aerospace industries are increasingly using these elastomers, as these can survive extreme temperatures and have fine solvent and chemical resistance.
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High-temperature elastomers offer better heat-resistance of up to 200°C, enhanced seal integrity, high temperature stability, improved mechanical properties, extremely high performance, good chemical resistance, and excellent thermal resistance, compared to normal elastomers. These are used in many industries, such as transport, oil and gas, electrical, healthcare, and consumer goods, either independently or as an additive. For instance, in the transport sector, it is mainly used in the manufacturing of tires, specialty rubber, and seat covers. Thus, owing to the increasing demand for elastomers, which can withstand high temperatures, from these industries, the high temperature elastomers market is predicting to grow in the near future.
Further, due to rapid urbanization and industrialization in developing countries, such as China and India, the high temperature elastomers market is expected to progress. These countries are expected to create various opportunities for the market players due to the growing industrial base. The growing construction activities and expanding automotive industry in these countries are escalating the demand for high-temperature elastomers, thereby resulting in growth opportunities for the market players in the present as well as future times.
Hence, owing to the various applications of elastomers in different industries, the high temperature elastomers market is projected to flourish in the near future.
Good Chemical Properties Driving the High Temperature Elastomers Market
The market growth is driven by the growing adoption of these elastomers in the automotive, healthcare, consumer goods, and electronics industries