The global high temperature elastomers market is expected to generate revenue of USD 16.8 billion by 2024 and is further anticipated to witness CAGR of 7.2% during the forecast period. Elastomers posses elastic and viscosity properties and are considered to be a bundle of polymers. The high temperature elastomers that comprises of properties such as chemical, corrosion and thermal resistance among others are known as thermosetting elastomers. These thermosetting elastomers are extensively being used in many industries such as electronics, transportation, building & construction, oil& gas and electrical.
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Rapid increase of automotive industry along with extensive utilization of high temperature elastomers is majorly driving the growth of global high temperature elastomers market. The automotive industry in developing economies such as Latin America and Asia-Pacific are observing significant growth due to rapid growth in high temperature elastomers market. These elastomers serve various beneficial properties such as flexibility, durability and resistance to automotive lubricants and excessive heat.
Geographically, Asia Pacific is expected to witness fastest growth in the global high temperature elastomers market due to rampant economic development and fuelling growth in construction industry. The high temperature elastomers market in Asia-Pacific is further anticipated to generate largest revenue of USD 6.6 billion by 2024 owing to large number of organizations in automobile domain.
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Moreover, increasing investment avenues in technological advancements along with utilization of these elastomers in oil & gas and other industries in several countries such as Saudi Arabia, Morocco, UAE, and Dubai and in Middle East and Africa have further bolstered the growth of global high temperature elastomers market. Additionally, rampant growth of these elastomers in the consumer goods, healthcare, automobile and manufacturing domain in South American countries are pertaining towards the growth of this market.
Some of the major players operating in the global high temperature elastomers market include KCC Corporation, Dow Corning Corporation, Momentive Performance Materials Inc., Wacker Chemie AG, Solvay S.A., Daikin Industries, Ltd., 3M Company, RTP Company, The Chemours Company, and Shin-Etsu Chemical Co., Ltd.