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Automotive Elastomers Market Analysis by Type (Synthetic Elastomers, Thermoplastic Elastomers); and by Application (Tire, Exterior Application, Interior Application, Under the Hood, Weather Seal Application, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  •  Continental AG has strengthened its position in China as one of the top tire original equipment manufacturers. For the first half of 2022, Continental tires were ranked first in terms of OE fitments by "China Tire Dealer"

  •  Huntsman International LLC has announced the acquisition of Gabriel Performance Products from Audax Private Equity funds, a manufacturer of specialty additives and epoxy curing agents for coatings, adhesives, sealants, and composites in North America.

Global Automotive Elastomers Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 32 Billion

Forecast Year Market Size (2033)

~ USD 70 Billion

 

The global automotive elastomers market is estimated to garner a revenue of USD 32 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 70 Billion in the year 2022. The growth of the market can primarily be attributed to the rapidly growing and expanding automobile industry. For instance, during April 2021 to March 2022, automobile manufacturers produced nearly 22,930,200 units, including cars, trucks, three-wheelers, and quadricycles. That's an increase of 22,600,600 units since April 2020.

automotive elastomer market share image

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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. Furthermore, increased demand and adoption of fuel-efficient vehicles, ongoing trend of electrification of vehicle along with increasing disposable income is anticipated to be the dynamic factor behind the growth of automotive elastomer market over the forecast period. Based on Bureau of Economic Analysis data, personal income increased by USD 47.0 billion (0.2%) and disposable personal income (DPI) rose by USD 37.6 billion (0.2%) in July 2022. 

Global Automotive Elastomers Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Adoption Of Lightweight Materials For Vehicles - By 2030, 25% of the U.S. vehicles is expected to reduce fuel consumption by using lightweight components and high-performance engines enabled by advanced materials, saving more than 5 billion gallons of fuel annually.

Modern automobiles require advanced materials to maximize fuel efficiency while maintaining safety and performance. Lightweight materials have the potential to increase vehicle efficiency. A 10% reduction in vehicle weight can improve fuel economy by 5%-7%. In the automotive field, thermoplastic elastomers and high-performance fiber composite materials have become key materials for lightweight design. These factors are estimated to propel the demand for automotive elastomers over the forecast period.

  • Increase In The Production Of Motor Vehicles Globally - According to data from the International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles rose by 583,74,162 vehicles in 2000 to 917,86,861 vehicles in 2019. 

  • Growing Demand For Autonomous Vehicles And Autopilot Technology- For instance, industry analysts project an annual growth rate of 15% for self-driving vehicles. As many as 65% of all Chinese passenger vehicles will be automated by 2040. Also, 34% of Americans say self-driving vehicles are safer than traditional vehicles. 

  • Luxury Car Sales Increased Worldwide – It was observed that, in the period January-May 2022, 16,500 luxury vehicles were sold in India, a 53% increase from 10,500 units sold in the previous year.

  • Increasing Investment And Development In Electric Vehicles - For instance, a line-up of five electric vehicles will be produced by Mahindra & Mahindra in the next five years with an investment of USD 1 billion. With a goal to sell 2 lakh electric vehicles by FY-2027, they are taking a new approach to electric vehicles.

Challenges

  • High Cost Of The Elastomer
  • Fluctuating Price Of Raw Material For Thermoplastic Elastomers
  • Strict Government Regulations

The global automotive elastomers market is segmented and analyzed for demand and supply by application into the tire, exterior application, interior application, under the hood, weather seal application, and others. Among these segments, the tire segment is anticipated to capture the largest market size in the global automotive elastomers market owing to the rapid manufacturing of high-end vehicles and the increasing production volume of tires worldwide. It was observed that approximately 168 million tires were produced in India in 2021. A large portion of this volume was comprised of tires manufactured for trucks, buses, two-wheelers, three-wheelers, passenger cars, and light commercial vehicles. In order to improve vehicle performance, elastomers are used in the manufacture of tires. There are several intermediates that contribute to the chemical system in tire rubber which gives it the ability to seal reliably, be flexible, and be durable.

Global Automotive Elastomers Market Regional Synopsis

Regionally, the global automotive elastomers market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 owing to the increasing auto components industry in the region. For instance, in March 2022, the automobile component industry had a turnover of USD 56 billion, an increase of 22% over the previous year. To a total of USD 18 billion, exports of auto components increased by 42% in FY22. Moreover, the rapid growth of the automotive industry, the largest vehicle production in emerging economies such as India and China, and the affordability of raw materials and labor are expected to drive the regional market over the forecast period.

automotive elastomer market overview image

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

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • 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, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

             By Type

  • Synthetic Elastomers
  • Thermoplastic Elastomers

            By Application

  • Tire, Exterior Application
  • Interior Application
  • Under the Hood
  • Weather Seal Application
  • Others

Top Featured Companies Dominating the Global Automotive Elastomers Market

  • Huntsman International LLC

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 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
  • Continental AG

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