Aerospace & defense elastomers are elastic materials that have the ability to regain their original shape after the applied force is completely released from them. They have low rigidity, high deformability, and high non-linear stress-strain curves. Specific combinations of these characteristic properties of elastomers make them suitable for use in the aerospace industry. The aerospace & defense elastomers market has been segmented based on type, application, and region in terms of value and volume. The aerospace & defense elastomers market is projected to grow from USD 54.3 million in 2017 to USD 70.8 million by 2022, at a CAGR of 5.5% from 2017 to 2022.
The growing aviation industry in emerging economies such as India and China, among others and increasing replacement of the existing aircraft with the new ones are the key factors expected to drive the growth of the aerospace & defense elastomers market across the globe. Companies operating in the aerospace & defense elastomers market are focused on the adoption of various growth strategies such as new product launches, expansions, agreements, acquisitions, and joint ventures to cater the rising demand for aerospace & defense elastomers across the globe. The key players in the aerospace & defense elastomers market include Trelleborg (Sweden), Shin-Etsu Chemical (Japan), Dow Corning (US), Greene, Tweed (US), Chemours (US), Wacker Chemie (Germany), Momentive (US), Saint-Gobain (France), and Solvay (Belgium), among others.
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Besides new product launches, companies have also adopted the strategy of expansions to increase their market shares and enhance their distribution networks. Expansions and new product launches accounted for a significant share of the overall growth strategies adopted by the key players operating in the aerospace & defense elastomers market between 2015 and 2017.
Active players in the aerospace & defense elastomers market
Shin-Etsu Chemical (Japan), which is one of the key players in the aerospace & defense elastomers market, is involved in developing and manufacturing new and advanced aerospace & defense elastomers. The company has adopted the strategy of expansions to enhance its market share and widen its customer base. Shin-Etsu Chemical maintains a strong brand image in the aerospace & defense elastomers market as it provides high-grade products for different applications. It manufactures and markets industrial chemicals across the globe. It operates through six segments, namely, Polyvinyl Chloride (PVC)/chlor-alkali, silicones, specialty chemicals, semiconductor silicon, electronics & functional materials, and diversified business. Through its silicones segment, the company provides silicones for coatings, adhesives, and derivative products. Shin-Etsu Chemical has its markets mainly in Japan, the US, China, rest of Asia, and Europe. In October 2016, the company expanded its silicones business by establishing a new plant for the production of silicones in Japan. At the same time, Shin-Etsu Chemical expanded its technical center in Japan to cater to the increasing requirements for silicone rubber molding and processing.
Chemours (US) was originally the performance chemicals business segment of DuPont (US). The company operates through three business segments, namely, titanium technologies, fluoro products, and chemical solutions. Through its fluoro products segment, the company sells its fluoroelastomer products under the brand name Viton. These fluoroelastomers are used in automotive, consumer electronics, chemical processing, oil & gas, petroleum refining, transportation, and aircraft and aerospace applications. In August 2015, Chemours launched a new grade of Viton, namely, VTR-9307. The launch of this new product improved the product portfolio of Chemours.