Rising Vehicle Demand Fuels Automotive Elastomers Market Growth : Strengthening the Growth Trajectory of the Automotive Elastomers Market

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What Is the Expected CAGR for the Automotive Elastomers Market Through 2025?
In recent times, the automotive elastomers market has experienced significant expansion. The market is projected to increase from a market size of $34.5 billion in 2024 to a value of $36.72 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. Factors contributing to this growth during the historic period include heightened automobile manufacturing, the introduction of new elastomer formulas, enactment of strict global emission standards, an uptick in the production and use of electric vehicles, and a focus on weight reduction by automotive manufacturers.

What's the Projected Size of the Global Automotive Elastomers Market by 2029?
A promising upsurge is expected in the automotive elastomers market size in the ensuing years. An elevation to $46.7 billion is projected by 2029, growing at a compound annual growth rate (CAGR) of 6.2%. This growth during the forecast period is a result of factors such as burgeoning adoption of autonomous and electric vehicles, escalating concerns around environment and regulatory demands, ongoing technological advancements, and rising interest in materials that are sensitive to environmental alterations, along with an increase in the usage of hybrid vehicles. The forecast period will also witness trends including embedded sensor smart elastomers, self-repairing elastomers, breakthroughs in bio-based elastomer technology, introduction of nanomaterials, and emergence of elastomers possessing electrical conductivity.

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Top Growth Drivers in the Automotive Elastomers Industry: What's Accelerating the Market?
The automotive elastomers market is projected to expand, fueled by the growing need for new vehicles. This surge in requests for new vehicles can be attributed to improved consumer assurance, economic resurgence, and novel automobile technology developments. Automotive elastomers serve various purposes in vehicles, including sealing, vibration isolation, and providing flexibility in several parts like seals, gaskets, tyres, and suspension systems. For example, as noted by the France-based autonomous intergovernmental organization, the Internal Energy Agency, in July 2023, the first quarter of 2023 saw over 2.3 million electric cars sold - a 25% rise from the corresponding period in 2022. They predict that by the close of 2023, sales will touch 14 million, marking a 35% annual increase, with the growth rate expected to speed up during the year's latter half. Consequently, the upswing in new vehicle demand is propelling the automotive elastomers market's growth.

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What Trends Will Shape the Automotive Elastomers Market Through 2029 and Beyond?
Prominent entities in the automotive elastomers market are concentrating on the creation of cutting-edge solutions, such as electrically conductive thermoplastic elastomers, to improve functionality and satisfy the emerging demands of the industry. Electricity-conductive thermoplastic elastomers are substances that integrate the flexibility of elastomers with the electrical conductivity usually seen in metals or conductive polymers. These are used in situations that require both mechanical flexibility and electrical conductivity. For instance, KRAIBURG TPE, a thermoplastic elastomer producer based in Germany, unveiled THERMOLAST R RC/UV/AP in November 2023, a TPE compound range for vehicle exteriors that contain recycled materials and delivers enhanced weather resistance for increased durability. This product has been developed for varied exterior uses in vehicles like cowl gaskets, window seals, underbody components, handles, and functional design aspects.

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)

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Which Top Companies are Driving Growth in the Automotive Elastomers Market?
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.

Which Regions Will Dominate the Automotive Elastomers Market Through 2029?
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.

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