Automotive Elastomers Market

Automotive Elastomers Market Size (2023-2028)

The automotive elastomers market size was USD 77.15 Billion in 2022 and is expected to increase by USD 96.60 Billion by 2028 at a CAGR of about 4.6%.

Market Driver and Restraints:   

The increasing number of lightweight vehicles, stringent regulatory environment, and rising demand in emerging nations. The properties such as deficient intermolecular strength, low modulus of elasticity, and high strain of failure when compared to other materials propel the Automotive Elastomers Market growth. There are two significant elastomers currently in use these days synthetic and thermoplastic. Automotive elastomers are used in the manufacture of components that withstand extreme temperatures as insulators, seals, bushes, engine mounts, hoses, and gaskets. The automotive industry grows at a decent pace, as the production of automobiles has increased to fulfill the demand of a growing population with rising income levels. Increasing passenger and commercial vehicle demand and applications for sealants, adhesives, and flexible molded parts for industries other than automotive as consumer goods, sports, and building and construction fuels the supply chain of manufacturers.

The rising expendable incomes of consumers and high living standards push growth for better cars and prompt the need for elastomers — increasing demand from the automotive industry and the rising thermoplastic elastomer processing industry. The introduction of stringent emission norms and growing preferences toward high-efficiency automobiles boost the market for automotive elastomers.

High constantly changing prices of raw materials and high cost of production of high-temperature elastomers tend to restrain the market of automotive elastomers market.

Recent Developments in the Automotive Elastomers Market:

Many new products and applications are manufactured by SABIC, Houston which provides its new metallocene-based polyolefin specialty elastomer and elastomer copolymer. The major result of this formation is happening in a joint venture with Korea's SK Global Chemical. This has made SABIC the newest entrant in any business in the field of plastic modification and film application.

AUTOMOTIVE ELASTOMERS MARKET REPORT COVERAGE:

Automotive Elastomers Market Segmentation:

• By Type

• By Application

• By End-user

Type, the segment has multiple forms as natural rubbers, butyl elastomers, butadiene elastomers, ethylene-propylene elastomers, polyisoprene elastomers, nitrile elastomers, silicones, polychloroprene elastomers, acrylic elastomers, fluoroelastomers, styrene block copolymers, thermoplastic polyolefins, thermoplastic polyurethanes, thermoplastic vulcanizates, thermoplastic copolyesters, and thermoplastic polyether block amides.

The application segments have formed as tire and non-tire. Tire application is projected to lead the market for automotive elastomers. The various forms of automotive elastomers are NR, SR that has further sub-segments as SBR, IIR, BR, CR, NBR, ACM, EPDM, IR, Silicone, and fluoro-elastomer and TPE (SBC, TPU, TPO, TPV, TPC, and PEBA). The demand for general-purpose NR is valued high in all regions because of the superior properties and the growing automotive industry worldwide.

Automotive Elastomers Market Geographical Segmentation:

• North America

• Europe

• Asia Pacific

• Latin America

• The Middle East and Africa

Market Regional Condition:

India forms the Asia-Pacific region and tends to provide high values for the market as the demand for automobiles is rising at a fast pace. The availability of cheap labor and other resources contributes to the growth of automotive manufacturing contributes toward the growth of the market.

Competitor’s Analysis in the Marketplace:

Dow Chemical Company is a leading producer of plastics, chemicals, hydrocarbons, and agrochemicals. Whereas, Dow makes performance plastics including engineering plastics, polyurethanes, and materials for Dow Automotive. Other products include packaging material such as its Styrofoam brand insulation and films. The company manufactures chemicals like acrylic acid, commodity chemicals, and agrochemicals.

Prominent Key Players Mentioned in the Market:

1. Arlanxeo (The Netherlands)

2. Dow (US)

3. ExxonMobil (US)

4. JSR Corporation (Japan)

5. DuPont (US)

6. BASF (Germany)

7. LG Chem (South Korea)

8. SABIC (Saudi Arabia)

9. Teknor Apex (US)

10. Zeon Corporation (Japan)

Research key highlights:

• This Automotive Elastomers Market report provides detailed information about the market in the upcoming forecast period 2022 - 2027, how major key market players are facing different challenges and keeping up their pace in pulling up the market sector.

• This report description provides a rough estimate of what the complete report contains and the final report can be customized according to the client's needs and specifications.

• The report is of potential use for manufacturers of automotive elastomer material, original equipment manufacturers, automotive and transportation manufacturers, traders, distributors, and suppliers of automotive elastomers.