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Automotive Elastomers Market Size Forecasted To Achieve $46.7 Billion By 2029 With Steady Growth
Automotive Elastomers Market
What Is the Automotive Elastomers Market Size and Projected Growth Rate?
The automotive elastomers market size has experienced strong growth in recent years. It will grow from $34.5 billion in 2024 to $36.72 billion in 2025, at a CAGR of 6.4%. The growth can be linked to higher automotive production, the development of new elastomer formulations, the implementation of stringent emission norms globally, the rise in electric vehicle production, and efforts by automotive manufacturers to reduce vehicle weight.
The automotive elastomers market is expected to grow steadily to $46.7 billion in 2029 at a CAGR of 6.2%, driven by EV/autonomous vehicle growth, environmental concerns, smart materials interest, hybrid popularity, and continued R&D. Trends include self-healing materials, bio-based elastomers, nanomaterial incorporation, and conductive elastomer development.
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What Are the Major 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)
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What Are The Driving Automotive Elastomers Market Evolution?
The growing demand for new vehicles is expected to support the automotive elastomers market. This demand is driven by increased consumer confidence, economic recovery, and advancements in automotive technology. Automotive elastomers are used for various components, including seals, tires, and suspension systems, providing flexibility and vibration isolation. In July 2023, the International Energy Agency reported that over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022, with projections to reach 14 million sales by the end of the year. Therefore, the increasing demand for new vehicles is contributing to the growth of the automotive elastomers market.
Which Firms Dominate The Automotive Elastomers Market Segments?
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 Trends Are Driving Growth in The Automotive Elastomers Market?
Companies in the automotive elastomers market are focusing on advanced solutions like electrically conductive thermoplastic elastomers to meet evolving industry demands. These materials combine elastomer flexibility with electrical conductivity, ideal for automotive applications requiring both. For example, in November 2023, KRAIBURG TPE, a German manufacturer, launched THERMOLAST R RC/UV/AP, a thermoplastic elastomer compound series designed for automotive exteriors. The material offers improved weather resistance and is suitable for applications like window seals and functional design elements.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Elastomers Market?
2. What is the CAGR expected in the Automotive Elastomers Market?
3. What Are the Key Innovations Transforming the Automotive Elastomers Industry?
4. Which Region Is Leading the Automotive Elastomers Market?
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