Home » Reports » Automotive Elastomers Market Analysis » Automotive Elastomers Market by Type (Natural Rubber, SBR, Nitrile Elastomer, EPDM, Silicone Rubber, Fluoroelastomer, Styrene Block Copolymers, TPU, TPO, TPV, TPC), by Application (Tire, Non-Tire) and Region, Global Trends and Forecast from 2022 to 2029.
Automotive Elastomers Market by Type (Natural Rubber, SBR, Nitrile Elastomer, EPDM, Silicone Rubber, Fluoroelastomer, Styrene Block Copolymers, TPU, TPO, TPV, TPC), by Application (Tire, Non-Tire) and Region, Global Trends and Forecast from 2022 to 2029.
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REPORT OUTLOOK
Market Size
CAGR
Dominating Region
USD 51.69 Billion by 2029
at 5.31 % CAGR
Asia Pacific
by Type
by Application
by Region
Natural Rubber
SBR
Nitrile Elastomer
EPDM
Silicone Rubber
Fluoroelastomer
Styrene Block Copolymers
TPU
TPO
TPV
TPC
Tire
Non-Tire
North America
Asia Pacific
Europe
South America
Middle East and Africa
SCOPE OF THE REPORT
4.3/5 - (6 votes)
Automotive Elastomers Market Overview
The automotive elastomers market is expected to grow at 5.31 % CAGR from 2022 to 2029. It is expected to reach above USD 51.69 Billion by 2029 from USD 32.45 Billion in 2020.
Automotive elastomers are specialized elastic materials used in the automotive industry for various applications. These materials, including natural rubber, synthetic rubber, thermoplastic elastomers, and thermosetting elastomers, possess unique properties such as elasticity, durability, and resistance to environmental factors. Automotive elastomers are utilized in components such as seals, gaskets, hoses, belts, bushings, engine mounts, suspension systems, and tires. They offer benefits such as temperature resistance, chemical resistance, noise and vibration reduction, sealing capabilities, and improved vehicle performance and safety. The automotive elastomers market is driven by factors like increased vehicle production, emission regulations, and technological advancements.
The growing automotive industry is a significant driver for the automotive elastomers market. As the automotive sector expands globally, there is an increased demand for elastomeric materials in various automotive applications. The rising production and sales of vehicles contribute to the growing need for automotive elastomers. This driver is fueled by factors such as urbanization, increasing disposable incomes, and changing consumer preferences. Additionally, emerging markets and the development of advanced technologies in the automotive industry further stimulate the demand for automotive elastomers. As the automotive industry continues to evolve and expand, the requirement for elastomeric materials will persist, creating opportunities for growth in the automotive elastomers market.
Volatility in raw material prices is a significant restraint for the automotive elastomers market. Fluctuations in the prices of raw materials used in elastomer production can impact the profitability and cost-effectiveness of manufacturers. Factors such as supply-demand imbalances, geopolitical events, and natural disasters can lead to price volatility. The unpredictability of raw material prices makes it challenging for manufacturers to plan and budget effectively, affecting their margins and overall business performance. To mitigate this restraint, companies may need to explore alternative sourcing strategies, enter into long-term contracts with suppliers, or invest in research and development to develop elastomers with lower reliance on volatile raw materials.
The growing demand for electric vehicles (EVs) represents a significant opportunity for the automotive elastomers market. As the adoption of EVs increases, there is a corresponding need for specialized elastomeric materials in various components. EVs require elastomers for battery sealing, electrical insulation, thermal management, and other critical applications. The shift towards electric mobility presents a unique opportunity for elastomer manufacturers to develop and supply materials that meet the specific requirements of electric vehicle technologies. This includes elastomers with enhanced electrical conductivity, resistance to high temperatures, improved sealing capabilities, and durability in the challenging operating conditions of electric vehicles. Meeting the demands of the expanding EV market can drive growth and innovation in the automotive elastomers industry.
The COVID-19 pandemic had a significant negative impact on the automotive elastomers market. The global automotive industry experienced disruptions in production and supply chain activities due to lockdowns, travel restrictions, and reduced consumer demand. Automakers faced challenges in maintaining operations and meeting their production targets, leading to a decline in vehicle sales. This decrease in vehicle production directly affected the demand for automotive elastomers. The financial constraints faced by consumers during the pandemic also led to a decline in vehicle purchases, further impacting the market. Additionally, the uncertain economic environment resulted in cautious spending by automotive companies, affecting investments in new projects and research and development activities. Overall, the COVID-19 pandemic had a detrimental effect on the automotive elastomers market, slowing down growth and presenting challenges for industry players.
ATTRIBUTE
DETAILS
Study period
2020-2029
Base year
2021
Estimated year
2022
Forecasted year
2022-2029
Historical period
2018-2020
Unit
Value (USD Billion), (Kilotons)
Segmentation
By Type, By Application, By Region.
By Type
Â
Natural Rubber
SBR
Nitrile Elastomer
EPDM
Silicone Rubber
Fluoroelastomer
Styrene Block Copolymers
TPU
TPO
TPV
TPC
By Application
Tire
Non-Tire
By Region
Â
North America
Asia Pacific
Europe
South America
Middle East Asia & Africa
Automotive Elastomers Market Segment Analysis
The NR (Natural Rubber) segment led the automotive elastomers market, holding the largest market share. Natural rubber is widely used in various automotive applications due to its superior properties, including high elasticity, tear resistance, and excellent adhesion to metals. It is extensively used in tire manufacturing, as well as in other automotive components such as seals and gaskets. The versatility and performance of natural rubber have contributed to its dominance in the automotive elastomers market.
The tire segment accounted for the largest revenue share in the automotive elastomers market. Tires are a vital component of vehicles, and they require elastomeric materials with specific properties to ensure optimal performance, durability, and safety. Elastomers used in tire manufacturing, such as natural rubber and synthetic rubber blends, provide excellent traction, wear resistance, and grip on different road surfaces. The high demand for tires worldwide, driven by the growing automotive industry and replacement market, has propelled the tire segment to hold the largest revenue share in the automotive elastomers market.
The automotive elastomers market key players include Dow, LANXESS, DuPont, ExxonMobil Corporation, BASF SE, SABIC, Huntsman International LLC, Continental AG, INEOS, Mitsui Chemicals Inc.
May, 2023: Huntsman Announced Development of New Materials Designed to Boost Battery Performance and Protection.
The Automotive Elastomers market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
North America: includes the US, Canada, Mexico
Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
South America: includes Brazil, Argentina and Rest of South America
Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA
Asia Pacific accounted for the largest revenue share in the automotive elastomers market. The region’s dominance can be attributed to several factors. Firstly, Asia Pacific is a major hub for automotive manufacturing, with countries like China, Japan, and South Korea being significant contributors to the global automotive industry. The region’s robust automotive production and consumption create a substantial demand for elastomeric materials. Additionally, the increasing disposable income, urbanization, and infrastructure development in the region drive the demand for vehicles, further boosting the market for automotive elastomers. The presence of a well-established supply chain and a growing emphasis on lightweighting and sustainable materials in the automotive sector also contribute to the region’s leadership in the market.
North America is a prominent region in the automotive elastomers market. It is characterized by a strong automotive industry and a significant demand for elastomeric materials. The region has a well-established manufacturing infrastructure and a high level of technological advancement, driving the need for high-performance elastomers in automotive applications. North America is home to major automotive OEMs and tire manufacturers, contributing to the demand for elastomers in the region. Additionally, the region’s focus on energy efficiency, emission regulations, and safety standards creates opportunities for elastomers that can enhance vehicle performance, fuel efficiency, and safety. The North American market for automotive elastomers continues to evolve with advancements in technology and growing customer demands.
The automotive elastomers market is expected to grow at 5.31 % CAGR from 2022 to 2029. It is expected to reach above USD 51.69 Billion by 2029 from USD 32.45 Billion in 2020.
The automotive sector is witnessing steady growth globally, leading to increased demand for elastomeric materials. Rising vehicle production and sales contribute to the demand for automotive elastomers.
The automotive elastomers market key players include Dow, LANXESS, DuPont, ExxonMobil Corporation, BASF SE, SABIC, Huntsman International LLC, Continental AG, INEOS, Mitsui Chemicals Inc.
Microencapsulation Market Overview
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A sugar substitute refers
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Self-leveling concrete, also referred
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Market Overview
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The increasing adoption of Electric
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Super absorbent polymers,
Published on:
Mar 2022
From:USD
$3499.00
Number Of Pages:139
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