Growing Emphasis on Lightweight Materials Driving Automotive Elastomers Market

The global automotive elastomers market is predicted to grow significantly in the coming years, which is ascribed to the expanding automotive industry, strict emission regulations, surging emphasis on lightweight materials, and rising requirement for high-efficiency vehicles. Elastomer are materials that are made of polymers which are joined by chemical bonds, acquiring a final slightly cross-linked structure. In terms of type, the market is bifurcated into synthetic elastomers and thermoplastic elastomers, among which, the synthetic elastomers accounted for the major share of the market, in terms of volume,in the past.

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The different types of synthetic elastomers are silicone rubber, styrene butadiene rubber, chloroprene rubber, ethylene propylene diene monomer, fluoroelastomers, and nitrile butadiene rubber. The thermoplastic elastomers are expected to advance at a faster pace in the coming years, in terms of volume, in the automotive elastomers market. The various types of thermoplastic elastomers are polyether block amide, styrene block co-polymer, co-polyester ether, thermoplastic polyolefin (TPO), thermoplastic vulcanizers, and thermoplastic polyurethanes, among which, the TPO type is projected to hold the largest share of the market in the near future.

One of the major driving factors of the automotive elastomers market is the growing demand for high-efficiency vehicles. Automotive emissions, which comprise Sulphur dioxide and carbon monoxide, are contributing significantly to the surging environmental pollution. Ascribed to this, the requirement for vehicles with enhanced fuel efficiency and lower emissions is rising. The government of different countries have imposed strict emission control regulations for reducing the greenhouse gas emissions from the vehicles. This is predicted to result in rising demand for fuel-efficient vehicles, which will further drive the growth of the market.

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Among the different regions, namely Asia-Pacific (APAC), Europe, North America, and Rest of the World, the APAC region accounted for the major volume share of the automotive elastomers market in the past and the situation is projected to remain the same in the coming years as well. The region is further predicted to advance at the fastest pace in the near future, which is ascribed to the rising buying power of individuals, swift industrialization, availability of raw materials, and increasing investments in the automotive manufacturing industry.

Key players are increasing their capacity to manufacture high-performance elastomers

Key players in the automotive elastomers market are focusing on increasing their manufacturing capacity for high-performance elastomers. In April 2015, the new ethylene propylene diene rubber (EPDM) plant of LANXESS AG successfully started operations in Changzhou (Jiangsu Province) in China to produce a total of ten premium grades of EPDM, especially for Asian customers. Similarly, in July 2016, Exxon Mobil Corporation announced its plans of expanding its specialty elastomers plant in Newport, Wales, to increase its manufacturing capacity for Santoprene thermoplastic vulcanizate by 25.0%.

E. I. du Pont de Nemours and Company, The Dow Chemical Company, BASF SE, The Dow Chemical Company, Huntsman International LLC, LyondellBasell Industries N.V., China Petrochemical Corporation, Kuraray Co. Ltd., and 3M Company are some other important players operating in the global automotive elastomers market.

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This release was published on openPR.