USD 33.10 Billion
Automotive Elastomers Market Size, Share, Growth Analysis, By Product Type(natural rubber, synthetic rubber, thermoplastic elastomers, and thermoplastic vulcanizates), By Application(tire, non-tire, and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2296 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Automotive Elastomers Market Insights
Automotive Elastomers Market size was valued at USD 33.10 Billion in 2021 and is poised to grow from USD 35.09 Billion in 2022 to USD 55.92 Billion by 2030, at a CAGR of 6.0% during the forecast period (2023-2030).
The global automotive elastomers market is driven by the automotive elastomers market is the increasing demand for lightweight and fuel-efficient vehicles. Elastomers can be used to reduce the weight of automotive components, which in turn can improve fuel efficiency. The growing adoption of electric vehicles is expected to drive the demand for elastomers, as they are used in the manufacturing of components such as battery seals and insulation. The automotive elastomers market also faces some restraining factors, such as the fluctuating prices of raw materials and the increasing availability of alternative materials. There are opportunities in the automotive elastomers market, such as the increasing focus on sustainability and the development of bio-based elastomers. The growing demand for advanced safety and comfort features in vehicles is expected to drive the need for high-performance elastomers. The global automotive elastomers market is expected to grow in the coming years due to the increasing demand for lightweight and fuel-efficient vehicles, the growing adoption of electric vehicles, and the need for high-performance materials in automotive applications.
US Automotive Elastomers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Tire
Fastest Growth
Tire
Growth Rate
6.0% CAGR
Global Automotive Elastomers Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Automotive Elastomers Market Segmental Analysis
The global automotive elastomers market is segmented on the product, application, and region. By product, the market is segmented into natural rubber, synthetic rubber, thermoplastic elastomers, and thermoplastic vulcanizates. By application, the market is segmented into tire, non-tire, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Elastomers Market Analysis by Product
In terms of classification by product, the global automotive elastomers market is categorized into natural rubber, synthetic rubber, thermoplastic elastomers, and thermoplastic vulcanizates. Among these, the thermoset elastomers segment held the dominant share in 2022. The increasing demand for and use of natural and synthetic rubber in the automotive industry is a key factor supporting growth of this segment. In addition, the rise in demand for tires is also adding a boost to the demand for thermoset elastomers, thereby helping this segment continue dominating the market in the forecast period. On the other side, the Thermoplastic Elastomers (TPE) segment is likely to register the fastest growing rate owing to its high tensile strength, among other properties such as high tear resistance, thermoplastic process-ability, slip resistance, compression resistance, and shock absorption. Tires made of these products are excellent for bumper stops, shock-absorbing seals, vibration dampeners, and other weather-stripping elements.
Automotive Elastomers Market Analysis by Application
The rise in demand from tire manufacturing industries is projected to help the tire segment earn the dominant share in 2022 and further continue dominating in the near future. The chemical system in tire rubber benefits from intermediates that offer reliable seals, durability, and flexibility. The interior segment is expected to expand at the fastest growth rate during the forecast period. This is owing to their lightweight, flexibility, safety, aesthetics, cost-effectiveness, agility, low emissions, and moldability features.
Global Automotive Elastomers Market Size By Application, 2022(%)
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Automotive Elastomers Market Regional Insights
Asia Pacific held the dominant share In 2022 owing to the presence of major players, and the availability of cost efficient raw materials and labor rates. This coupled with the increase in adoption of advanced technologies is also boosting growth. Moreover, countries such as India, South Korea, China, and Japan are amongst the top automobile manufacturers. The surge in demand for lightweight vehicles and the rising popularity and adoption of electric vehicles in the region is further expected to help this region continue dominating the market in the coming years.
North America is anticipated to expand at a faster growth rate of 4.5% during the forecast period. This is attributed to the technological developments in the country, coupled with significant disposable incomes,and the rise in demand for new vehicles along with strict environmental regulations in the developed nations. The presence of major automotive manufacturers and the increasing demand for lightweight and fuel-efficient vehicles will also help in regional growth of the market. The growing trend of electric vehicles may further create new growth opportunities for this market in the foreseeable future.
Global Automotive Elastomers Market Size By Geography, 2022-2030
- Largest
- Fastest
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Automotive Elastomers Market Dynamics
Automotive Elastomers Market Drivers
Growing Automotive Industry
- The growing automotive industry is one of the major drivers of the global automotive elastomers market. As the automotive industry continues to expand, the demand for automotive elastomers is also increasing. Automotive elastomers are widely used in various applications in the automotive industry, including sealing, vibration dampening, insulation, and others. The increasing demand for lightweight materials in the automotive industry is also driving the growth.
Advancements in Technology
- With the development of new and advanced elastomer materials, automotive manufacturers are able to enhance the performance and durability of automotive components such as tires, hoses, and seals. For example, the development of thermoplastic elastomers (TPEs) has led to the production of lightweight and fuel-efficient vehicles, which is a major trend in the automotive industry. The use of new elastomer materials in electric vehicles (EVs) can improve the lifespan of batteries and reduce the risk of fire hazards. As a result, the demand for automotive elastomers is expected to increase in the coming years.
Automotive Elastomers Market Restraints
Volatility in Raw Material Prices
- One of the major challenges in the global automotive elastomers market is the volatility in raw material prices. Elastomers are derived from petrochemicals and their prices are subject to fluctuations due to various factors such as supply-demand imbalances, geopolitical tensions, and changes in government regulations. As a result, manufacturers of automotive elastomers may face difficulty in predicting their input costs and may need to adjust their prices frequently to maintain their profit margins. Moreover, sudden spikes in raw material prices can have a significant impact on the overall profitability of the industry, leading to a decrease in production and investment. Companies in the global automotive elastomers market need to closely monitor raw material prices and have contingency plans in place to mitigate the impact of price fluctuations.
Limitations of Elastomers
- The limitations of elastomers in the automotive industry can be seen as a restraining factor for the growth of the global automotive elastomers market. Elastomers have limitations in terms of temperature resistance and durability, which can make them less suitable for certain automotive applications, such as engine components or high-temperature environments. Additionally, elastomers can degrade over time due to exposure to various environmental factors, such as UV light, heat, and chemicals, which can affect their performance and lifespan. These limitations can pose challenges for manufacturers and designers in the automotive industry and may lead them to consider alternative materials, which can impact the demand for automotive elastomers.
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Automotive Elastomers Market Competitive Landscape
The global automotive elastomers market is fragmented in nature with the presence of players at both regional as well as international level. Prominent players such as ExxonMobil Chemical Company, DowDuPont, and BASF SE dominate the industry with their extensive product portfolios and widespread geographical presence. Players are engaging in multiple strategies such as partnerships, collaborations, acquisitions & mergers, and agreements to gain a competitive edge in the overall market competition. Other vendors such as Zeon Corporation and LG Chem contribute to the market's competitiveness with their innovative elastomer solutions tailored for automotive applications. Moreover, manufacturers are also making heavy investments on research and development activities to develop advanced products and integrate new technologies and features into their offerings. The competitive dynamics are further intensified by the continuous research and development efforts, as well as strategic collaborations undertaken by these companies to meet the growing demand for automotive elastomers across various regions worldwide.
Automotive Elastomers Market Top Player’s Company Profiles
- ExxonMobil Chemical Company - (US)
- BASF SE - (Germany)
- DowDuPont Inc. - (US)
- LG Chem Ltd. - (South Korea)
- JSR Corporation - (Japan)
- Saudi Basic Industries Corporation (SABIC) - (Saudi Arabia)
- Mitsui Chemicals Inc. - (Japan)
- LANXESS AG - (Germany)
- Sumitomo Chemical Co., Ltd. - (Japan)
- Teknor Apex Company - (US)
- Zeon Corporation - (Japan)
- Arkema S.A. - (France)
- Kuraray Co., Ltd. - (Japan)
- The Goodyear Tire & Rubber Company - (US)
- ContiTech AG - (Germany)
- Trelleborg AB - (Sweden)
- Celanese Corporation - (US)
- Arlanxeo - (Netherlands)
- Momentive Performance Materials Inc. - (US)
- Wacker Chemie AG - (Germany)
Automotive Elastomers Market Recent Developments
- In January 2022, Huber Engineered Materials purchased a 50 percent ownership stake in the joint venture, Magnifin Magnesiaprodukte GmbH & Co. KG, previously held by RHI Magnesita, a supplier of refractory products, systems, and services.
- In January2022, Carlisle Polyurethane Systems, a leading developer, manufacturer, and marketer of high-performance spray-applied protective coatings, proudly announced the expansion and rebranding of its Intellathane product line. The new Intellathane protective elastomeric coatings are known for their robustness, resistance to abrasion, and capability to withstand impacts."
- In February 2021, Dow announced the launch of its new ENGAGE™ 75 Polyolefin Elastomer (POE) for automotive interiors. The material offers enhanced softness and flexibility, making it ideal for automotive applications such as instrument panels, door panels, and center consoles.
Automotive Elastomers Key Market Trends
- Growing Demand for Lightweight and Fuel-efficient Vehicles: The growing demand for lightweight and fuel-efficient vehicles is a major driver of the Global Automotive Elastomers Market. Automotive elastomers play a critical role in reducing vehicle weight while maintaining performance, safety, and durability. Elastomers are used in various automotive applications such as seals, gaskets, hoses, and suspension systems, which can contribute to weight reduction. elastomers can help improve fuel efficiency by reducing friction and improving aerodynamics. Elastomers are also used in weatherstripping and seals to reduce air leakage, which can improve fuel economy by reducing drag. EVs require specialized elastomers that can withstand high temperatures and resist degradation from exposure to chemicals and electrical components. Elastomers are used in EV battery packs and charging systems, which are key components of EVs. The demand for lightweight and fuel-efficient vehicles is expected to continue driving demand for automotive elastomers in the coming years.
- Increasing demand for electric vehicles: The increasing demand for electric vehicles (EVs) is another major driver of the Global Automotive Elastomers Market. EVs require specialized elastomers that can withstand high temperatures and resist degradation from exposure to chemicals and electrical components. Elastomers are used in various EV applications such as battery pack housings, charging ports, wiring harnesses, and powertrain components. Elastomers play a critical role in ensuring the performance, safety, and reliability of EVs. Elastomers are also used in charging ports and wiring harnesses to provide protection against harsh environments and chemical exposure. The demand for high-performance elastomers is expected to increase. Manufacturers are investing in research and development to develop new elastomer products that can meet the unique requirements of EV applications. This includes developing materials that can withstand high temperatures, resist degradation from exposure to chemicals and electrical components, and provide improved sealing and insulation performance. the shift towards sustainable materials is also driving the demand for bio-based and recycled elastomers for use in EVs. the increasing demand for electric vehicles is expected to continue driving growth in the Global Automotive Elastomers Market, as manufacturers seek high-performance and sustainable elastomer products to meet the unique requirements of EV applications.
Automotive Elastomers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive elastomers market analysis, the surging need for lightweight and fuel-efficient automobiles, are the key growth drivers. Additionally, the growing popularity of electric vehicles will also augment the demand for automotive elastomers for use in vehicle parts. Regionwise, Asia Pacific held the dominant share in the market on account of the presence of largest vehicle manufacturing companies in countries such as Japan, China, and India. On the other side, increase in investments on technological innovations in developed nations such as the US is likely to help North America stay in close competition with Asia Pacific for the automotive elastomers market. As per segmentation by product, thermoset elastomers segment earned the dominant share. Increase in efforts of players to improve overall performance and durability of automotive elastomers will help the market witness lucrative growth opportunities in the near future.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 33.10 Billion |
| Market size value in 2031 | USD 55.92 Billion |
| Growth Rate | 6.0% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Elastomers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Elastomers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Elastomers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Elastomers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Elastomers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Elastomers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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