New Product Launches, Expansions, and Agreements as their Key Growth Strategies in the Global Performance Elastomers Market.
Performance elastomers are the upgraded version of standard elastomers, primarily used for outstanding overall performance and to increase the life cycle of the products in which they are used. They are widely used in both automotive and transportation and industrial machinery (o-rings, gaskets, performance seals, turbocharger hoses, oil-filter gaskets, air filters, fan couplings, and radiator hoses). The global performance elastomers market is projected to reach USD 16.75 Billion by 2022, registering a CAGR of 7.5% between 2017 and 2022. The increasing demand in automotive and transportation segment, superior properties than standard elastomers, and rising disposable income of consumers are the key factors fueling the demand for performance elastomers around the world. However, high manufacturing costs and a price-sensitive market are the key challenges faced by the manufacturers of performance elastomers.
The key companies profiled in this report are E. I. du Pont de Nemours and Company (U.S.), Arlanxeo (Netherlands), Zeon Chemicals L.P. (U.S.), Solvay S.A. (Belgium), Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (U.S.), 3M Company (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), Daikin Industries Ltd. (Japan), and The Dow Chemical Company (U.S.). Rapid technological upgradation in the automotive and transportation industry, coupled with improving standard of living of consumers in developing regions, encouraged the companies to adopt several business strategies to stay competitive in the global market between 2014 and 2017. Therefore, leading companies have adopted new product launches, expansions, and agreements as their key growth strategies in the global performance elastomers market.
E. I. du Pont de Nemours and Company (U.S.), one of the biggest performance elastomer manufacturers in the world, has adopted new product launches as its key strategy. For instance, in November 2016, the company launched Kalrez Spectrum 7275. This development offers outstanding sealing performance in aggressive manufacturing environments and chemical processing. This development has also helped the company to increase its product portfolio and competitiveness.
Momentive Performance Materials Inc. (U.S.) has considered expansion as one of its key strategies to stay competitive in the global performance elastomers market. For instance, in June 2015, the company started operations at its Liquid Silicone Rubber (LSR) plant in Leverkusen (Germany). Momentive’s LSR is used in manufacturing seals for the healthcare industry. This development is in response to cater to the growing global healthcare industry.
Related Reports:
Performance Elastomers Market by Type (Nitrile-Based Elastomers, Silicone Elastomers, and Fluoroelastomers), End-Use Industry (Automotive and Transportation, Healthcare, Industrial Machinery, Building and Construction, and Electrical and Electronics), and Region - Global Forecast to 2022
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