Such properties make the materials suitable for use in critical applications such as aerospace fuel systems and automotive fuel-emission controls.
However, volatility in the raw material prices may adversely affect the market in coming years, warned the GMI report.
Many manufacturers, it added, will find it difficult to maintain a regular supply.
Also restraining the market in coming years will be the demand-supply dynamics, crude oil price fluctuations and its impact synthetic substitutes’ prices, as well as currency rates.
The report foresees silicone elastomers generating revenue worth more than $6.5 billion in 2024, with a growth of over 8% CAGR in the forecast years.
Fluoroelastomers are the fastest developing product segment and likely to be worth more than $1.5 billion by the end of the forecast years. Demand for such materials is driven by its high resistance to temperature and chemical reactions.
High performance elastomers such as fluoroelastomers, fluoro-silicone rubber, and hydrogenated nitrile rubber (HNBR) are among the costliest product segments, having strong influence on the market revenue in spite of low volumetric demand.
The automotive and transport segments will drive the use of such materials, with their under-the-hood application. The sector is forecast to reach $8 billion by the end of 2024, according to GMI.
Geographically, Asia Pacific will be the largest performance elastomers market over the forecast years with more than 55% of the overall industry by 2024.