Automotive Elastomers Market Size

Automotive Elastomers Market size is expected to grow from USD 36.5 billion to USD 84.81 billion, demonstrating a CAGR of more than 6.7% during the forecast period, between 2025 and 2037. In the year 2025, the industry size of automotive elastomers is assessed at USD 38.46 billion.

The market growth can be ascribed to 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 automotive elastomers market growth. 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.