Automotive elastomers Market Size 2021 Growth Statistics, Industry Demand, Top Players Data, Future Innovation Sales, Consumption Status, Global Share, Upcoming Trends, Business Boosting Strategies, Revenue and Forecast 2027

(Heraldkeepers via Comtex)

Report Ocean publicize new report on the Automotive elastomers market. The Automotive elastomers market report contains numerous information about factors, such as market restraints, drivers, and opportunities. In addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the Automotive elastomers market growth. Additionally, the database analyzes and estimates the Automotive elastomers market both globally and regionally.

The global market for automotive elastomers is projected to reach USD 45,618.2 million by 2023 and is anticipated to grow at a healthy CAGR of 5.41% during the forecast period.

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Elastomers are unstructured elastic polymers possessing viscoelasticity, i.e., they exhibit both viscosity and elasticity at the same time. It is an amorphous polymer which has a glass transition temperature below ambient temperature, which means it is soft and rubbery and helps in considerable movement. They exhibit low intermolecular strength, high strain of failure, and lower Young’s modulus when compared to other materials.

Global automotive elastomers market is projected to grow at a significant CAGR during the forecast period. Increasing demand for both passenger and commercial vehicles is expected to drive the global market growth. Stringent emission regulations and resulting demand for light-weight materials is expected to drive the market growth. The global automotive elastomers market has been classified on the basis of type, application, and vehicle type.

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By type, the thermoset elastomers (TSE) segment was the largest and was valued at USD 18,776.8 million in 2017, owing to TSE’s versatility and growing demand for highly durable and thermally resistant automotive rubber. However, the thermoplastic elastomers (TPE) segment is estimated to grow at the highest CAGR of 5.51% in the following years due to its increasing application in interior components for aesthetic appeal.

Based on application, the tire segment accounted for the largest market share of 61.39% in 2017 due to the growing consumption of natural and synthetic elastomers for tire manufacturing. The interior components segment is projected to register the highest CAGR of 5.61% during the forecast period owing to the growing demand for airbags, hoses, and seals, among others.

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On the basis of vehicle type, the passenger vehicles segment held the largest market share in 2017. Additionally, it is projected to grow at the highest CAGR of 5.46% in the following years due to the growing demand for the product from passenger cars to increase fuel efficiency by reducing weight. Ongoing research to innovate different grades of automotive elastomers is expected to provide lucrative opportunities to the market players.

However, fluctuating raw material prices is expected to hamper the automotive elastomers market growth.

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COVID-19 Impact

The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Automotive elastomers market also experienced a slowdown. Statista estimates that the Automotive elastomers industry’s total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Automotive elastomers industry generated revenues of US$ 5.4 trillion at a record high.

The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Automotive elastomers market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.

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Regional Analysis

The global automotive elastomers market has been analyzed across five key regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific dominated the automotive elastomers market in 2017 and is projected to grow at the highest CAGR of 5.60% during the review period, owing to the proliferating automobile industry, consumer preference for passenger vehicles, and rapid urbanization. China held the largest market share of nearly 50% in 2017 due to favorable government initiatives, rising purchasing power, and increasing standards of living.

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The European market accounted for a significant share which was valued at USD 6,639.9 million in 2017 owing to the strong automotive hub and stringent emission regulations. Germany is the major contributor and is expected to grow at a robust CAGR of 5.70% during the assessment period, owing to the rising focus on research and development facilities in the field of natural rubber. In addition to this, large automobile companies, such as Audi, BMW, Mercedes-Benz, and Volkswagen, register a surging demand for automotive elastomers in Germany.

The North American market accounted for a considerable share in 2017 due to the increasing demand for lightweight vehicles and growing research to develop different advanced grades of elastomers. The US is the leading country in the region and the US market was valued at USD 3,981.3 million in 2017 owing to the presence of major automobile manufacturing companies, such as General Motors, Toyota Motor Corporation, and Nissan Motor Company. The Latin America and the Middle East & Africa markets held a small market share in 2017 and are projected to grow at healthy CAGRs during the forecast period.

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Segmentation

The global automotive elastomers market has been segmented on the basis of type, application, vehicle type, and region.
Based on type, the global automotive elastomers market has been bifurcated into thermoset elastomers (TSE) and thermoplastic elastomers (TPE). The thermoset elastomers segment has been further categorized into natural rubber, styrene butadiene rubber, polybutadiene rubber, and others.

The thermoplastic elastomers segment has been classified into styrene block copolymer, thermoplastic olefins, thermoplastic vulcanizates, and others.
By application, the global automotive elastomers market has been divided into tire, interior components, and exterior components. The interior components segment has been segmented into airbags, hoses & seals, breaks & suspensions, and others. The exterior components segment has been divided into front end body panel, bumper fascia, and others.

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On the basis of vehicle type, the global automotive elastomers market has been segmented into passenger vehicles, light commercial vehicles (LCV), medium and heavy commercial vehicles (M/HCV), and others.
The global automotive elastomers market has been studied across five key regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Key Players
Some of the key players operating in the global automotive elastomers market are BASF SE (Germany), DowDuPont, Inc. (US), Exxon Mobil Corporation. (US), LG Chem (South Korea), JSR Corporation (Japan), ARLANXEO (The Netherlands), Teknor Apex (US), SABIC (Saudi Arabia), Mitsui Chemicals, Inc (Japan), Versalis S.p.A. (Italy), KURARAY CO., LTD. (Japan), PJSC “Nizhnekamskneftekhim” (Russia), Sumitomo Chemical Co., Ltd (Japan), Solvay (Belgium), and KRAIBURG TPE GmbH & Co. KG (Germany).

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Geographic Analysis
The report covers a brief analysis of geographical region such as:
> North America
o US
o Canada
> Europe
o Germany
o UK
o Russia
o France
o Spain
o Italy
o Poland
o Rest of Europe

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> Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
> Latin America
o Brazil
o Mexico
o Argentina
o Rest of Latin America
> Middle East & Africa
o Turkey
o UAE
o Saudi Arabia
o Rest of the Middle East & Africa

Key questions answered in the Automotive elastomers market report are:

How does a global company acquire markets? What are its core strategies and policies?What factors will influence the Automotive elastomers market over the forecast period?What are the factors driving and restraining the market for Automotive elastomers?What are the leading competitors in the global market?Which region is growing at a higher pace in the global market?

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Key Findings
> Global automotive elastomers market was valued at USD 33,259.7 million in 2017 and is projected to reach USD 45,618.2 million by 2023 at a CAGR of 5.41%.
> Asia-Pacific was the largest market and was valued at USD 18,327.3 million in 2017, expanding at a robust CAGR of 5.60%.
> As per the analysis, China was the leading market and was valued at USD 9,179.2 million in 2017 and is projected to grow at a remarkable CAGR of 5.78% during the forecast period.
> Based on type, the thermoset elastomers segment dominated the global automotive elastomers market with a robust CAGR of 5.32%.
> On the basis of the application, the tire segment dominated the global market in 2017, with significant market shares and grew at a moderate CAGR of 5.39%.
> By vehicle type, the passenger vehicles held the largest market share and are projected to register the highest CAGR of 5.46% during the assessment period.
> Asia-Pacific is to be the highly focused market for key industry participants over the coming years. Favorable government policies, increasing industrial investment, industrial automation, and expansion have increased the importance of automotive elastomers in this region among the industry players.

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Intended Audience
> Automotive elastomers manufacturers
> Raw material suppliers
> Traders and distributors of natural rubber
> Potential investors
> Government bodies
> Research organizations

DC -Description
> lightweight automobiles
> hoses & gaskets
> natural rubber
> elastomers
> styrene butadiene rubber
> sealants
> styrene block copolymer
> thermoplastic vulcanizates

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