Elastomer refers to a type of polymer which inhibits the properties of elasticity. Elastomers deform when force is applied and return to their original shape after the removal of the force. It is composed of oxygen, hydrogen, carbon and silicon monomers. Rapid growth of automotive industry across the globe has fostered the growth of the elastomers in automotive sector. Automotive elastomers are used in the manufacturing of automobiles parts such as seals, hoses, insulators, engine mounts, gaskets and other parts. Factors such as high flexibility and desired customization and rising demand for lightweight automotive vehicles are driving the growth of the thermoplastic automotive elastomers segment. However, synthetic elastomers segment is anticipated to grow at a highest pace in overall automotive elastomers market. This can be attributed to the development of specialty grades synthetic elastomers by various major manufacturers.
Global automotive elastomers market is expected to flourish at a significant CAGR of 5.72% during the forecast period. Moreover, the global automotive elastomers market is expected to garner USD 9.2 Billion by the end of 2024. Asia-Pacific captures the largest market share in the global automotive elastomers and is likely to showcase a lucrative growth over the forecast period. Spiked growth of automotive industry in the region is likely to garner the growth of automotive elastomers market. Asian countries such as China, Japan and others have the potential to be the key suppliers of automotive elastomers in the near future. Moreover, China and India are anticipated to hold the largest market share in the automotive elastomers on the account of largest vehicle production countries in the Asia-Pacific region.
Europe region is anticipated to showcase modest growth in the next few years. This can be attributed to various factors such as strict emission regulation and rising adoption of low weight vehicles. Apart from this, well established automotive industry in the Europe region is envisioned to bolster the growth of automotive elastomers market in the region. Further, rising disposable income coupled with increasing living standard is expected to accelerate the growth of automotive market in the upcoming years. North America and Europe automotive elastomer market is anticipated to witness robust growth during the forecast period. Stringent emission and fuel efficiency regulations are resulting in substantial demand for lightweight automotive manufacturing products such as elastomers. Moreover, North America region is likely to provide a significant boost to the market of automotive elastomers market. This is primarily due to increased demand for lightweight and fuel-efficient automotive. Further, automotive elastomers market in the North America region is anticipated to showcase an expansion on the account of strict emission rules.
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Robust Growth of Automotive Industry
The automotive elastomers market in Middle East region is projected to grow owing to the rising presence of automotive companies. Further, rising disposable income of the population along with higher purchase of automobiles is expected to drive the automotive elastomer market in the Middle East region. Moreover, high emphasis on utilization of lightweight materials is expected to accelerate the growth of automotive elastomers market during the forecast period.
Stringent Government Regulations
Government regulatory bodies are focused toward creating awareness among consumers regarding the carbon emission generated from automotive. For instance, the government bodies based in Europe provide incentives such as tax reduction or exemption for electric vehicles. Further, these tax rates play an important role for the demand of product.
Although, volatility in the price of raw materials is likely to dampen the growth of automotive elastomers market during the forecast period.
The report titled “Automotive Elastomers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive elastomers market in terms of market segmentation by type, by application and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global automotive elastomers market which includes company profiling of Huntsman International LLC, The Dow Chemical Company, LANXESS, BASF SE, Exxon Mobil Corporation, E. I. du Pont de Nemours and Company, Motherson Automotive Elastomer Technology, Covestro AG, Kuraray Elastomer Division (division of Kuraray Co., Ltd.) and Continental AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive elastomers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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