Automotive Elastomers Market Size & Share, by Type (Synthetic Elastomers, Thermoplastic Elastomers); Application (Tire, Exterior Application, Interior Application, Under the Hood, Weather Seal Application) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 311
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Automotive Elastomers Market size is expected to cross USD 70 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive elastomers was over USD 32 Billion.The growth of the market can primarily be attributed to the rapidly growing and expanding automobile industry, increasing manufacturers of automotive elastomers, and rising preference for light weight vehicles. For instance, from 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.

Furthermore, increased demand and adoption of fuel-efficient vehicles, the ongoing trend of electrification of the vehicle along with increasing disposable income is anticipated to be the dynamic factor behind the growth of the automotive elastomers market size 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


Automotive Elastomers Market
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Automotive Elastomers Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Adoption of Lightweight Materials for Vehicles - By 2030, 25% of U.S. vehicles are 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 from 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 The changing price of raw materials that are made from petrol is estimated to restrain the market growth. Also, the change in the import and export cost has a great impact on the market prices. The shortage of raw materials and shipping delays can lead to a rise in prices.
  • Strict Government Regulations

Automotive Elastomers Market: Key Insights

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

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Automotive Elastomers Segmentation

Application (Tire, Exterior Application, Interior Application, Under the Hood, Weather Seal Application)

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 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.

Our in-depth analysis of the global 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

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Automotive Elastomers Industry - Regional Synopsis

The Asia Pacific region automotive elastomers market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. 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.

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Companies Dominating the Automotive Elastomers Landscape

top-features-companies
    • ·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

In-the-news

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.

Author Credits:  Harshita Srivastava, Saima Khursheed


  • Report ID: 311
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Rapid expansion of automobile industry, increased demand and adoption of fuel-efficient vehicles, and ongoing trend of electrification of vehicle are the major factors driving the growth of the automotive elastomers market.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2033.

High cost of the elastomer and fluctuating price of raw material for thermoplastic elastomers are the challenges affecting the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are 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, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application, and, by region.

The tire segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Automotive Elastomers Market Report Scope
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