The automotive elastomers market has been segmented by type into synthetic elastomers and thermoplastic elastomers. Among these segments, the thermoplastic elastomers have dominated the automotive elastomers market in previous years and are expected to continue their dominance over the forecast period owing to their lightweight properties and flexibility of preferred customization.
The global market for automotive elastomers has accounted for USD 9.2 Billion in the year 2015 and is anticipated to reach a notable valuation by the end of 2024, expanding at a CAGR of 5.72% over the forecast period. Further, rising demand for lightweight vehicles is anticipated to intensify the growth of the global automotive elastomers market by noteworthy revenue by the end of 2024.
In the regional segment, Asia Pacific represented the largest market for automotive elastomers and is likely to showcase lucrative growth over the forecast period. This can be attributed to the increasing growth of the automotive industry in this region where China and Japan among others are the key suppliers of automotive elastomers in the near future. These countries are further anticipated to hold the largest market share in automotive elastomers owing to increasing vehicle production. Further, strict emission regulation and rising adoption of low-weight vehicles are anticipated to drive the market of automotive elastomers in Europe with moderate growth.
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Automotive Sector Reflects Significant Opportunities
The rapid growth of the automotive industry across the globe has fostered the growth of the elastomers in the automotive sector which is further expected to benefit the growth of the automotive elastomers market. Factors such as the ongoing trend of electrification of vehicles combined with increased demand and adoption of fuel-efficient vehicles are expected to supplement the growth of the automotive elastomers market in upcoming years.
However, factors such as fluctuating price of raw materials and the high cost of elastomers are likely to hamper the growth of the automotive elastomers market.
The report titled “Automotive Elastomers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers a detailed overview of the automotive elastomers market in terms of market segmentation by type, by application and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the automotive elastomers market which includes company profiling of Huntsman International LLC, The Dow Chemical Company, LANXESS, BASF SE, Exxon Mobil Corporation, E. I du Pont de Nemours and Company, Motherson Automotive Elastomer Technology Covestro AG, Kuraray Elastomer Division (a division of Kuraray Co. Ltd.), and Continental AG.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts a detailed overview of the automotive elastomers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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