The growing automotive and transportation industry is leading to the increasing demand from the automotive elastomers market
The global automotive elastomers market is projected to reach USD 58.82 billion by 2022, at a CAGR of 5.0% from 2017 to 2022. The rapid growth of the automotive and transportation industry, coupled with the increasing demand for high efficiency vehicles, is the key factor driving the demand for automotive elastomers. Moreover, stringent emission regulations and the superior properties of automotive elastomers over traditional rubber, such as heat resistance, weathering and ozone resistance, flexibility, durability, aging resistance, variety, chemical resistance, and oil & gas resistance, are driving the demand for automotive elastomers. However, the high manufacturing cost of high temperature elastomers is the key challenge faced by manufacturers of automotive elastomers.
The silicone elastomers segment of the automotive elastomers market is expected to grow at the highest CAGR during the forecast period
Among various types of elastomers, the silicone elastomers segment of the automotive elastomers market is expected to grow at the highest CAGR, during the forecast period. Silicone elastomers are being rapidly adopted in various applications due to outstanding resistance to weathering and ozone, high compression set, high physiological inertness, resistance to bacteria and fungi, and high temperature stability. The main areas of application of silicone elastomers in the automotive industry are the under-the-hood components, exterior body parts such as headlamp gaskets, wiper blades, bellows, and brake protection caps, interior applications including viscous dampers, airbags, coolant and heater hoses.
The rising automotive industry in the Asia Pacific is expected to drive the automotive elastomers market in the region
The automotive industry and total vehicle production automotive industry is very high in the Asia Pacific region due to the availability of raw materials and efficient labor, along with the high demand for passenger cars, as the population and standard of living is growing rapidly in this region. As a result, the demand for automotive elastomers is expected to grow in this region. In addition, China and Japan, are significant manufacturers of automobiles and automotive parts in the world, which is leading to a high demand for automotive elastomers.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted.
The breakdown of primary interviews is given below:
- By Company Type- Tier 1- 58%, Tier 2- 25%, and Others- 17%
- By Designation- C-level - 25%, Director-level - 33%, and Others - 42%
- By Region- North America - 50%, Europe - 17%, Asia Pacific - 17%, South America - 8%, and the Middle East & Africa - 8%
Note 1: Others includes sales, marketing, and product managers.
Note 2: The tiers of the companies are determined on the basis of revenues and ownership of the companies.
Key companies profiled in this market research report are Arlenxeo (The Netherlands), Dow (US), ExxonMobil (US), JSR Corporation (Japan), DuPont (US), BASF (Germany), LG Chem (South Korea), SABIC (Saudi Arabia), Teknor Apex (US), and Zeon Corporation (Japan).
This report covers the automotive elastomers market, in terms of volume and value, and forecasts the market size till 2022. The report includes the market segmentation based on type [NR, SR (SBR, IIR, BR, CR, NBR, ACM, EPDM, IR, Silicone, and fluoroelastomer), and TPE (SBC, TPU, TPO, TPV, TPC, and PEBA)], application (tire and non-tire), and region (Asia Pacific, Europe, North America, Middle East & Africa, and South America). The regions have been further segmented based on key countries into the US, Canada, Mexico, Germany, the UK, France, Spain, China, Japan, India, South Korea, Turkey, South Africa, and Brazil. The report also provides company profiles and competitive strategies adopted by the key players in the automotive elastomers market.
The report will help market leaders/new entrants in the global automotive elastomers market in the following ways:
- This report segments the automotive elastomers market comprehensively and provides the closest approximations of the revenue numbers for the overall market, and the subsegments across different verticals and regions.
- It will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
- It will help stakeholders understand competitors and gain more insights, to improve their positions in the business. The competitive landscape section includes new product launches, expansions, joint ventures, and acquisitions.