Global Automotive Elastomers Market Projected to Surpass $46.7 Billion by 2029 with 6.2% Annual Growth

What Are the Market Size and Growth Forecast for the Automotive Elastomers Market?
In recent times, the market size for automotive elastomers has seen a significant increase. The market value is expected to rise from $34.5 billion in 2024 to $36.72 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. This growth during the historical period can be credited to several factors such as the surge in automotive production, the introduction of new elastomer formulations, strict enforcement of emission norms on a worldwide scale, an increase in electric vehicle production and use, as well as the automobile manufacturers' drive to lower the weight of vehicles.

Strong expansion is anticipated in the automotive elastomers market size over the next few years, with a projection to reach $46.7 billion in 2029, witnessing a 6.2% compound annual growth rate (CAGR). The growth during the forecasted period is due to factors such as the increased adoption of electric and self-driving cars, heightened environmental concerns and regulatory pressures, continuous innovation and development, increasing interest in smart materials that can respond to environmental variations, and the rising popularity of hybrid vehicles. Notable trends predicted for the forecast period include the development of smart elastomers featuring inset sensors, self-repairing elastomers, enhancements in bio-based elastomer technology, the inclusion of nanomaterials, and the creation of elastomers with electrical conductivity.

What Key Elements Are Boosting Growth in the Automotive Elastomers Market?
The automotive elastomers market is anticipated to flourish on the back of growing demand for new vehicles. Factors such as heightened consumer confidence, economic resurgence, and advancements in auto technology are fuelling this upsurge in demand for new vehicles. Various components of vehicles, including seals, gaskets, tires, and suspension systems, require automotive elastomers for sealing, flexibility, and vibration insulation. To illustrate, Internal Energy Agency, an autonomous intergovernmental organization based in France, reported that over 2.3 million electric cars were sold in the first quarter of 2023, translating into a 25% rise compared to the same timeframe in 2022. Sales are predicted to hit 14 million by 2023's end, marking a 35% jump year-on-year, with the latter half of the year seeing more escalated growth. Thus, the surging demand for new vehicles is significantly contributing to the expansion of the automotive elastomers market.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17075&type=smp

Which Key Market Leaders Are Driving Automotive Elastomers Industry Growth?
Major companies operating in the automotive elastomers market are BASF SE, ExxonMobil Chemical Company, Saudi Basic Industries Corporation (SABIC), Continental AG, LG Chem Ltd., Covestro AG, Asahi Kasei Corporation, Evonik Industries AG, DuPont de Nemours Inc., Arkema Group, Mitsui Chemicals Crop & Life Solutions Inc., Celanese Us Holdings LLC, Lanxess AG, Huntsman International LLC, Solvay S.A., Kuraray Co. Ltd., Trelleborg AB, Japan Synthetic Rubber Co. Ltd., Zeon Chemicals Asia Co. Ltd., Teknor Apex Elastomers Inc., Kraton Polymers LLC, Momentive Performance Materials Inc.

What Are the Emerging Trends in the Automotive Elastomers Industry?
Key players in the automotive elastomers industry are concentrating their efforts on creating innovative options, such as electrically conductive thermoplastic elastomers, to bolster performance and address the changing requirements of the sector. In essence, electrically conductive thermoplastic elastomers are materials which merge the elastic properties of elastomers with the typical electrical conductivity found in metals or conductive polymers. These materials are employed in applications that necessitate both mechanical suppleness and electrical conductivity. For example, KRAIBURG TPE, a thermoplastic elastomer producer based in Germany, introduced its THERMOLAST R RC/UV/AP in November 2023. This TPE compound series, tailored for automotive exteriors, incorporates recycled materials and offers superior weather resistance to ensure increased durability. The series is specifically designed for various external applications in vehicles, encompassing components such as cowl gaskets, window seals, underbody components, handles, and functional design elements.

What Are the Main Segments in the Automotive Elastomers Market?
The automotive elastomers market covered in this report is segmented -

1) By Type: Natural Rubbers (NR), Butyl Elastomers (IIR), Butadiene (BR) (Polybutadiene) Elastomers, Ethylene-Propylene (EPM Or EPDM) Elastomers, Polyisoprene (IR) Elastomers, Nitrile (NBR) Elastomers, Silicones (Q), Polychloroprene (CR) (Neoprene) Elastomers, Acrylic (ACM) Elastomers, Other Types
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Medium And Heavy Commercial Vehicles
3) By Application: Tire, Interior, Exterior, Under The Hood

Subsegments:
1) By Natural Rubbers (NR): Solid Natural Rubber, Liquid Natural Rubber
2) By Butyl Elastomers (IIR): High-Cis Butyl Elastomers, Bromobutyl Elastomers
3) By Butadiene (BR) (Polybutadiene) Elastomers: High-Polymer Polybutadiene, Low-Polymer Polybutadiene
4) By Ethylene-Propylene (EPM or EPDM) Elastomers: EPM Elastomers, EPDM Elastomers
5) By Polyisoprene (IR) Elastomers: Synthetic Polyisoprene Elastomers, Natural Polyisoprene Elastomers
6) By Nitrile (NBR) Elastomers: Carboxylated Nitrile Elastomers, Hydrogenated Nitrile Elastomers
7) By Silicones (Q): Solid Silicones, Liquid Silicones
8) By Polychloroprene (CR) (Neoprene) Elastomers: Chloroprene Rubber (CR), Neoprene Rubber (CR)
9) By Acrylic (ACM) Elastomers: Acrylic-Modified Elastomers, Cross-Linked ACM Elastomers
10) By Other Types: Fluoroelastomers, Thermoplastic Elastomers (TPEs)

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/automotive-elastomers-global-market-report

Which Geographic Area Leads the Automotive Elastomers Market?
Asia-Pacific was the largest region in the automotive elastomers market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive elastomers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Automotive Elastomers Global Market Report?

- Market Size Analysis: Analyze the Automotive Elastomers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Elastomers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Elastomers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Elastomers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17075

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.