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Use of High-Temperature Elastomers Increasing in Construction Sector
The high-temperature elastomers market will grow to $14,951.4 million by 2023 from $9,991.7 million in 2017, at a 7.0% CAGR between 2018 and 2023.
By: P&S Intelligence
Besides, these elastomers are also heavily used in the oil and gas, healthcare, electrical, transport, and aerospace industries. For example, they are used for producing seat covers, tyres, and specialty rubber in the transport industry. On the other hand, in the consumer goods, electronics, and healthcare industries, they are used as additives, on account of their beneficial traits. Additionally, these elastomers also have several applications in the construction industry. Furthermore, many manufacturing companies are launching campaign programs and advertisements for promoting the use of high temperature elastomers, thereby fueling the expansion of the high temperature elastomers market (https://www.psmarketresearch.com/
The use of high temperature elastomers is growing rapidly in the aerospace, automotive, and transportation industries, on account of the fact that these elastomers can withstand extreme temperatures and have good solvent and chemical resistance. Moreover, these elastomers are being increasingly used for manufacturing under-the-hood components and various automotive machinery parts. Geographically, the sales of these elastomers are predicted to rise at the highest rate in the Asia-Pacific (APAC) region in the forthcoming years.
This is ascribed to the existence of several end use industries and many electrical and electronics manufacturing firms, increasing construction activities, and rapid economic progress of the regional countries. In addition to this, the expanding industrial base in India and China, due to their economic growth, is also driving the demand for these elastomers in the region. KCC Corporation, Dow Corning Corporation, Wacker Chemie AG, Solvay S.A., 3M Company, and Momentive Performance Materials Inc., are some of the major high temperature elastomer producing companies across the world.
Hence, the expansion of the automotive industry and surging construction activities will drive the sales of high temperature elastomers all over the world in the upcoming years.