Automotive Elastomers Market size was valued at USD 36.5 billion in 2024 and is likely to cross USD 84.81 billion by 2037, expanding at more than 6.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of automotive elastomers is assessed at USD 38.46 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
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
6.7% |
Base Year Market Size (2024) |
USD 36.5 billion |
Forecast Year Market Size (2037) |
USD 84.81 billion |
Regional Scope |
|
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 |
|
By Application |
|
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 2037. 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.
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: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?