Leatherhead, UK – The high-performance elastomer market is set for "powerful growth" as product innovation and new end-use markets stimulate demand, according to the latest market research from Smithers Rapra.
The new market study, titled “The future of high-performance elastomers to 2024”, found that market expansion across the past decade will push global consumption to 1.63 million tonnes in 2019.
The report, published 14 June, also forecast that demand for the products would grow at CAGR of 6.1% over the next five years, to reach 2.19 million tonnes by 2024.
The transportation sector will remain the most important user of high-performance elastomers, accounting for 48% of worldwide demand in 2019.
IT and electronics & electrical (E&E) uses will also be major growth segments for the elastomers during the five-year period, the report found.
According to the study, high-performance grades remain an attractive option for manufacturers as they command a price premium compared to commodity grades that compete with natural rubber.
Improving the heat and chemical resistance of high-performance elastomers to allow their use in more demanding under-the-hood applications in automotive and engine construction is among the key trends identified by the report.
The industry is also targeting low cost high-performance elastomers for automotive parts and elastomer materials for applications in the battery systems of the next-generation electric vehicles.
Improving silicone elastomers’ heat resistance, developing dielectric elastomers for use in green energy generation and new applications in 3D printing are also among other key trends found by the report.