Automotive elastomers Market 2020 growth latest application share recent trends and better investment opportunities by forecast to 2027
Research Reports
Mar 25, 2022
Automotive elastomers market
In an exclusive report published by Market Research Future (MRFR), the global automotive elastomers market value is expected to reach USD 45,618.21 million by 2023, massively jumping from its 2020 valuation of USD 31,763.25 million. The proliferating growth of the Automotive Elastomers Market can be attributed to a host of factors; however, the fast-paced urbanization and industrialization across developing economies like India, China, Brazil, Mexico, and Indonesia can be deemed as the major drivers. Additionally, the growing demand of the automotive and transportation industry and an increasing need for high-efficiency vehicles are also driving the market growth for automotive elastomers. The increase in purchasing power and improved standard of living across the developing nations has also augmented the market’s proliferation rate. With the rising percentage of passenger car sales in emerging markets, it has created a huge growth opportunity for automotive elastomers.
Elastomers are majorly used as sealants, adhesives, and flexible molded parts in automotive manufacturing. It is worth noting that the automotive industry covers more than one-third of the global elastomer production. Automotive elastomers boast superior properties which make it the preferred choice over traditional rubbers. Properties such as weathering and ozone resistance, resistance to heat, durability, flexibility, chemical resistance, oil & gas resistance, and aging resistance make automotive elastomers the primal choice among consumers, thereby driving the demand for the market.
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Market Segmentation
The global automotive elastomers market segmentation is analyzed on the basis of vehicle type, application, and type.
By type, the market divides into thermoplastic elastomers (TPE) and thermoset elastomers (TSE).
The TSE segment is narrowed down into ethylene propylene diene monomer (EPDM), nitrile butadiene rubber (NBR), silicone rubber (Q), polybutadiene rubber (BR), styrene butadiene rubber (SBR), butyl rubber (IIR), natural rubber, acrylic rubber (ACM), chlorinated elastomers, and fluoroelastomers.
Whereas, the TPE segment narrows down into styrene block copolymer (SBC), thermoplastic vulcanizates (TPV), thermoplastic olefins (TPO), thermoplastic polyurethane (TPU), copolyamides (COPA), copolyesters (COPE), and polyether block amide (PEBA).
By application, the market includes exterior, tire, and interior. Herein, the tire segment holds 61.4% of the market share to its name.
The interior application is sub-segmented into breaks & suspensions, hoses & seals, airbags, door panels, dashboards, instrument & soft touch panels, transmission & conveyor belts, and seatings.
The exterior segment comprises bumper fascia, roof molds & window shields, front end body panel, and rocker panel.
By vehicle type, the market includes light commercial vehicle (LCV), passenger cars, and medium & heavy commercial vehicle (M/HCV).
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Regional Analysis
The geographical segmentation of the automo0tive elastomers market includes the following regions: North America, Asia-Pacific, the Middle East and Africa, Europe, and Latin America.
The geographical market segmentation identifies Asia-Pacific as the largest market player with the highest share percentage to its name. Factors such as the improving living standards and growing disposable income of individuals in countries like China, South Korea, India, and Indonesia.
Europe stands top as the second largest market for automotive elastomers. Following Europe, North America is the third-biggest regional market for automotive elastomers. Lastly, the market is concluded by Latin America and the Middle East & Africa who hold the least percentage of the lot.
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Competitive Landscape
The global automotive elastomers market comprises a number of noteworthy players including Sumitomo Chemical Co Ltd., LG Chem Ltd., Exxon Mobil Corp., BASF SE, JSR Corporation, ARLANXEO, Kuraray Co., Mitsui Chemicals, Inc., Ltd., Solvay, Teknor Apex Company, Inc., The Dow Chemical Company, and Kraiburg TEP GmbH & Co. Kg.
February 2019, Kent Elastomer Products Inc. is planning to expand its headquarters in order to accommodate its growing employee strength. This will allow the company to grow as a business with more profound opportunities. The firm aims to invest millions during the next couple of years in expanding infrastructure and capabilities.
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2 Market Introduction
2.1 Market Definition 26
2.2 Scope Of The Study 26
2.2.1 Research Objectives 26
2.3 List Of Assumptions 27
2.4 Market Structure 27
3 Market Insights
3.1 Key Takeaways 29
4 Research Methodology
4.1 Research Process 33
4.2 Primary Research 34
4.3 Secondary Research 34
4.4 Market Size Estimation 35
4.5 Forecast Model 36
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