LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global performance elastomers market to grow at a CAGR of more than 7% during the period 2018-2022, according to their latest report.
This market research report segments the global performance elastomers market based on type (silicone, nitrile, and fluoroelastomers), end-user (automotive, electrical and electronics, construction, and medical), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increasing demand for performance elastomers in the automotive industry as a key factor contributing to the growth of the global market:
Increasing demand for performance elastomers in the automotive industry
The demand for automotive vehicles has been increasing in emerging economies such as China and India because of the improving purchasing power of consumers and substantial economic growth. The growth of the automotive industry in emerging markets coupled with the ongoing industrialization and global trade activities is expected to drive the demand for performance elastomers during the forecast period.
The economic growth in developing economies has propelled the growth rates in the automotive industry. Intense competition among vendors and saturated market conditions have urged the global vehicle manufacturers to shift their focus to these countries. This has also created opportunities for various automotive vehicle manufacturers to promote their products and solutions across emerging markets.
According to a senior analyst at Technavio for plastics, polymers, and elastomers, “In the past few years, Mexico has witnessed high levels of investment in the automotive sector from international OEMs and tire suppliers. Such investments were driven by the country's attractive domestic market and its free trade agreements with neighboring countries such as the US, Canada, and other South American countries. Brazil is also one of the fast-growing automotive markets in South America as it the most technologically advanced country in this region.”
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Global performance elastomers market segmentation
Of the four major end-users, the automotive segment held the largest market share in 2017, accounting for nearly 53% of the market. This segment is expected to witness steady growth during the forecast period.
APAC was the leading region for the global performance elastomers market in 2017, accounting for a market share of nearly 47%. The market share for this segment is anticipated to increase to some extent by 2022.
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