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AUTOMOTIVE & TRANSPORTATION

Automotive Elastomers Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Automotive Elastomers Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Automotive Elastomers Market Overview

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.

Market Size and Forecast

Global automotive elastomers market is anticipated to grow at a CAGR of 5.72% over the forecast period. The automotive elastomers market accounted for USD 9.2 Billion in 2015. Rising demand for lightweight vehicles is anticipated to intensify the growth of global automotive elastomers market. Significant growth of automotive sector in the developing regions such as Asia-Pacific and Latin America is envisioned to bolster the demand for automotive elastomers in the region.

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.

Automotive elastomers

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.

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. 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. CLICK TO DOWNLOAD FREE SAMPLE REPORT

Market Segmentation

Our in-depth analysis segmented the global automotive elastomers market in the following segments:

By Type

  • Synthetic Elastomers
  • Thermoplastic Elastomers

By Application

  • Exterior Application
  • Interior Application
  • Under the Hood
  • Weather Seal Application
  • Molded Parts Application

By Region

Global automotive elastomers market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

The growth of automotive elastomers market is driven by increasing demand for lightweight vehicles and strict emission rules. Further, increased demand and adoption of fuel-efficient vehicles is expected to positively impact the growth of global automotive elastomer market. Moreover, spiked growth of automotive industry in the developing regions is expected to garner the growth of global automotive elastomer market. Ongoing trend of electrification of vehicle is anticipated to be the dynamic factor behind the growth of automotive elastomer market.

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. Apart from this, increasing demand for low weight automobiles has been witnessed in recent years. The automotive elastomers help the vehicle manufacturers to reduce the weight of the vehicle. Moreover, advantages offered by automotive elastomers such as customization and high performance is one of key factors driving the growth of the automotive elastomer market. However, high cost of the elastomer is projected to dampen the growth of global automotive elastomer market. Moreover, fluctuating price of raw material of elastomers is anticipated to further restrain the growth of the market.  

Key players

  • Huntsman International LLC
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • 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.)
  • Continental AG

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global automotive elastomers market is segmented as follows:

  • By Type Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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