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The Performance Elastomers Market size is projected to grow at a CAGR of 7.6% during the forecast period 2022-2027 and reach US$22.6 billion by 2027. There is a surging demand for performance elastomers, including nitrile butadiene rubber (NBR), hydrogenated nitrile-based rubber (HNBR), high-performance elastomers and others, which are ideal for designing lightweight products, soft actuating materials and more. The increasing production of automotive and electronics is the major determinant spurring the growth of the performance elastomers market. According to Japan Electronics and Information Technology Industries Association (JEITA), in 2020, global computer & information terminal production was US$4,672 hundred million. In 2021, it was about US$5,024 hundred million, showing an increase of about 8%. Moreover, the booming food & beverage industry would also play a vital role in the growth of the Performance Elastomers market.
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Performance Elastomers Market: The Automotive Segment Leads the Market
On the basis of end-use industry, the Performance Elastomers Market can be segmented into automotive, electronics and others. The automotive industry is evaluated to be the leading segment in the performance elastomers market in 2021. During the forecast period 2021-2027, the automotive segment is expected to grow at a CAGR of 5.9%. The properties of performance elastomers, including improved heat resistance, low intermolecular strength and more, enhance the strength of automotive parts. This is why they are being increasingly utilized in the automotive industry. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the worldwide passenger cars production was 55,908,989 units and in 2021, it was 57,054,295 units, an increase of approximately 2% over 2020. Thus, the growth of the automotive industry is driving the demand for Performance Elastomers, which, in turn, is accelerating market growth.
Performance Elastomers Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Performance Elastomers Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 31.2% share of the total revenue earned by the market globally. The surge in Asia-Pacific sectoral growth is due to the expansion of various industries such as automotive, building and construction and others. According to the Organisation Internationale des Constructeurs d'Automobiles, in 2020, automotive production in China was 25,225,242 units. In 2021, it increased by 3% to reach 26,082,220 units. Therefore, it is anticipated that the booming automotive industry in the Asia-Pacific region would increase the demand for performance elastomers. This, in turn, would increase the size of the Performance Elastomers market in the upcoming years.
The Major Players in this Market
The major companies in the Performance Elastomers market include E.I. du Pont de Nemours and Company, Arlanxeo, Zeon Chemicals L.P., Solvay S.A., Mitsui & Co. Ltd., Dow Corning Corporation, Wacker Chemie AG, JSR Corporation, Momentive Performance Materials Inc. and Showa Denko K.K.
The key focus of the companies has shifted towards acquisition. For instance, in December 2021, Pexco LLC, a leading North American specialty plastics extruder, acquired Performance Elastomers Corporation (PEC). Performance Elastomers, based in the United States, manufactures performance elastomers for use in recreational vehicles, automotive aftermarkets and more.