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

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 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. '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)'

The growing automotive industry is one of the major drivers of the 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.

Growing Demand for Lightweight and Fuel-efficient Vehicles: The growing demand for lightweight and fuel-efficient vehicles is a major driver of the 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.

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.