Performance Elastomers Market is expected to reach USD 22.93 Billion by 2026 from USD 11.23 Billion in 2016 at a CAGR of 7.4%.
Performance Elastomers Market is expected to reach USD 22.93 Billion by 2026 from USD 11.23 Billion in 2016 at a CAGR of 7.4%. Innovation in the industrial sector around the globe in order to increase the efficiency of different machines such as power generators, motors, oilfield exploration machineries, mining equipment, etc. will augment the growth throughout the forecast span. Restraining factors for the global performance elastomers market growth is the high cost associated with the product manufacturing. Processing of these products to provide the required toughness and heat and chemical resistance tends to increase the cost of these products. Performance elastomers market based on type has been segmented into nitrile-based elastomers, silicone elastomers and fluoroelastomers. Silicone elastomers segment is expected to be one of the major contributors for the market owing to its property and rising adoption of in various end-use industries including building and construction, automotive and transportation and medical. Performance elastomers market based on end-use industry has been segmented into automotive and transportation, industrial machinery, building and construction, healthcare, electrical and electronics. Automotive and transportation industry is expected to hold one of the largest shares of the market attributed to stringent environmental regulations and improvements in vehicles designs such as lightweight, compact and more efficient. Geographically, performance elastomers market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Asia-Pacific is expected to be one of the largest markets for the performance elastomers followed by Europe. This is due to the increasing demand for performance elastomers from the automotive and transportation industry.