The Advanced elastomers market size is projected to grow from USD 6.0 billion in 2024 to USD 7.8 billion by 2029, registering a CAGR of 5.3% during the forecast period. This market research report provides access to critical information such as advanced elastomers market growth drivers, market growth restraints, current market trends, the market’s economic and financial structure, and other key market details. The advanced elastomers market is driven by several key factors, including increasing global focus on sustainability, technological advancements, expanding applications, economic incentives, and growth in demand are the global trend towards lightweighting, most notably in the electrical & electronics and aerospace sectors.
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Industrial, by end-use, is expected to be the most significant Advanced elastomers Market segment during the forecast period.
The industrial segment is the fastest-growing end-use segment in the advanced elastomers market because it has a wide range of various diverse demands, increasing automation, and a growing need for durable materials against rugged environments. The industrial sector shall be very diversified because of machinery, equipment, construction, and heavy-duty vehicles. These applications normally run in very harsh environments and require superior durability, flexibility, wear, chemical, and high or low temperature resistance. Advanced elastomers, with their sterling mechanical properties, are tailored to meet such demanding requirements and find favor in industrial applications.
Insulation is anticipated to be the fastest-growing Advanced elastomers Market segment, by application, during the forecast period.
The insulation segment is one of the fastest-growing applications in the advanced elastomers market due to the combined influences of increased need to improve energy efficiency, regulatory pressures, and technological advancements. Increasing emphasis on the reduction of energy consumption and increase in energy efficiency for all kinds of buildings and industrial applications are driving forces for the advanced elastomer market. These show excellent thermal insulation properties and afford insulation to avoid losses through the material, thus improving energy savings. Nowadays, with the growing consciousness of energy efficiency in the industry and by consumers equally as well, the demand for advanced elastomeric insulation solutions is in an exponential spiral.
Thermoplastic elastomers is anticipated to be the fastest-growing Advanced elastomers Market segment, by type, during the forecast period.
TPEs represent the fastest-growing segment in the advanced elastomers market because of their unique combination of properties, versatility, and manufacturing advantages. TPEs are literally the best of both worlds in terms of properties, giving flexibility and elasticity like traditional rubber and processability like plastics that make them so much in demand in a range of applications where flexibility and durability are required. Unlike traditional elastomers, TPEs can be easily molded and reshaped at high temperatures, allowing for intricate design and complex parts. Basically, TPEs are versatile materials, implying that they can be effectively applied in a very broad range of industries, from automotive and medical to consumer and industrial products. It is this ability to adapt to different formulations that helps to tailor the material to specific performance requirements necessary for a wide range of industries.
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North America is expected to be the second largest region in the global Advanced elastomers Market, by region, during the forecast period.
North America is the second-largest region in the advanced elastomers market, mainly due to a number of industrial activity, technological, and economic factors. In North America, the United States is an industrial and technology hub. The region has a well-established manufacturing base coupled with a strong research and development focus. It creates an enabling environment for innovation in, and adoption of, advanced elastomers that find high-performance applications in industries such as aerospace, and industrial. North America has a robust economy, along with high expenditure on infrastructure and technology. This forms the very bedrock of a strong economy, which fosters the growth of multiple industries reliant upon advanced elastomers and cements their place in the regional market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Advanced elastomers Market. include BASF SE (Germany), Celanese Corporation (Switzerland), Elkem ASA (Waltham), DuPont (US), Wacker Chemie AG (Germany), AGC Inc. (Japan), Mitsui Chemicals, Inc. (Japan), DAIKIN INDUSTRIES,Ltd. (Japan), Avient Corporation (US), Arkema (France), and Dow (US).
Wacker Chemie AG, founded in 1914, is a renowned global chemical corporation headquartered in Munich, Germany. The company operates through four main business segments: Wacker Silicones, Wacker Polymers, Wacker Polysilicon, and Wacker Bio Solutions, along with other divisions. The Wacker Silicones segment offers a diverse range of approximately 2,800 silicone products, which include silicone fluids, emulsions, elastomers, sealants, resins, and pyrogenic silicas. These products find applications in various industries such as engineering, electronics, textiles, and paper. In 2023, Wacker Silicones generated revenue of USD 2966.5 million, representing approximately 43% of the company's total revenue. Wacker Chemie filed 53 new patent applications, bringing its overall patent portfolio to around 3,300 active patents worldwide, with another 1,200 applications pending. The corporation has a substantial presence in Europe, North America, South Americas, Asia-Pacific and Middle East, with 27 production sites and subsidiaries and sales offices in 31 countries. Wacker categorizes its revenue into four regions: Europe, The Americas, Asia, and other regions. In 2023, Asia accounted for the highest part of sales at 43%, followed by Europe at 36%, the Americas at 16%, and the remaining 5% from other regions.
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Celanese Corporation, founded in 1912, is a leading global chemical and specialty materials company headquartered in Irving, Texas. Celanese has established a considerable footprint in the Americas, Europe, and Asia, operating 61 manufacturing sites and 19 strategic affiliate production locations. The company operates primarily through two business segments: Engineered Materials and the Acetyl Chain. The Engineered Materials segment focuses on high-performance polymers and thermoplastic composites, such as Polyoxymethylene (POM), Ultra-High Molecular Weight Polyethylene (UHMW-PE), Polybutylene Terephthalate (PBT), and Thermoplastic elastomers (TPE), catering to demanding applications in industries such as automotive, healthcare, and electronics. In 2023, the engineered materials division generated a revenue of USD 6,149 million, accounting for 55.7 % of the total, while acetyl chain accounted for 44.3 % of the company’s revenue. The company's operations are divided into four geographic regions: North America, Europe and Africa, Asia-Pacific, and South America. Asia-Pacific accounted for 34.9% of the company's total revenue in 2023, followed by Europe and Africa (33.1%), North America (29.5%), and South America (2.5%).
BASF SE, established in 1865, is a leading global chemical company headquartered in Ludwigshafen, Germany. The company operates in over 93 countries and has 234 production sites globally, spanning Europe, North America, South America, Asia Pacific, Africa, and the Middle East. BASF's business portfolio comprises seven distinct segments: Chemicals, Industrial Solutions, Materials, Surface Technologies, Nutrition & Care, Agricultural Solutions, and Other. The company provides advanced elastomers under the materials segment which is divided into two divisions: Performance Materials and Monomers. The Performance Materials division specializes in thermoplastic polyurethanes and foam specialties tailored for various applications in construction, transportation, consumer goods, and industrial sectors. Its primary products include engineering plastics, biodegradable plastics, and polyurethanes. In 2023, the Materials segment reported revenue of USD 15312.8 million, which accounted for 20.5 % of the company's revenue. The company organizes its operations into five geographical regions: Europe, North America, Asia Pacific, South America, and Africa and the Middle East.
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