The Society of Industrial Automobile Manufacturers (SIAM) reveals that a total of 22,652,108 vehicles will be produced in India in the financial year 2020–2021. Furthermore, the International Organization of Motor Vehicle Manufacturers (OICA) states that China, Indonesia, and Brazil will produce 19,994,081 units, 551,400 units, and 1,608,870 units of cars, respectively, in 2020. The surging automobile production in these emerging economies is creating a huge requirement for high temperature elastomers, due to their surging use in hoses, boots, gaskets, boots, and dampers. This is due to the high flexibility, durability, and resistance to heat offered by such elastomers.
Additionally, the expanding applications of such elastomers in the healthcare, aerospace, transport, electrical, and oil and gas industries will aid the high temperature elastomers market to progress at a CAGR of 7% during forecast period. The market was valued at $9,991.7 million in 2017 and it is projected to generate $14,951.4 million revenue by 2023. For instance, the transportation sector uses high temperature elastomers in the production of tires, rubber, and seat covers. Whereas, the healthcare, consumer goods, and electronics industries use these elastomers as additives.
Currently, the aforementioned high temperature elastomers are being manufactured by Dow Corning Corporation, Daikin Industries Ltd., The Chemours Company, KCC Corporation, RTP Company, Solvay S.A., Shin-Etsu Chemical Co. Ltd., Momentive Performance Materials Inc., 3M Company, and Wacker Chemie AG. These companies are focusing on promoting the use of such elastomers in end-use industries through advertisements and campaign programs, owing to the accelerating urbanization rate and strengthening economy in developing countries, such as India, China, Brazil, and Indonesia.
According to P&S Intelligence, the Asia-Pacific high temperature elastomers market is expected to accelerate at the highest rate in the upcoming years. This can be credited to the presence of a large number of electrical and electronics manufacturers, surge in construction activities, and rapid economic growth, in the region. Moreover, the expanding manufacturing sector in India and China will also create a huge requirement for high temperature elastomers in APAC.
Thus, the booming automobile industry and the widening application base of high temperature elastomers in the healthcare, aerospace, oil and gas, and transport industries will augment the market growth in the coming years.
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